Growing veganism and reduced reliance on animal-based food are driving the precision fermentation market.
According to TechSci Research report, “Precision Fermentation Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the Global Precision Fermentation market stood at USD 293.75 in 2021 and is anticipated to grow with a CAGR of 38.73% in the forecast period, 2024-2027. The major factors driving the growth of Precision Fermentation Market include decreasing dependency on animal-based food, growing adoption of being vegan, Cultured meat production.
Precision Fermentation is microorganisms’ genetic modification and fermentation to create organic molecules. The products produced through the process will be cheaper in the future than those produced from animals. Precision fermentation does not depend upon climatic changes. The food items produced from precision fermentation are regulated like any other food ingredient. As these products are animal-free, vegans still have some allergen capabilities due to their animal counterparts.
Many startups are investing in precision fermentation. These startups include Israel’s Remilk and Imagindairy, Estonia’s ProProtein, the UK-based Better Dairy, and German operation Formo. Berlin-based Formo invested USD50 million to form lab-grown dairy products in September 2021. Companies are investing in precision fermentation because this process can create many complex organic molecules without incorporating animals. The US Department of Agriculture was the first government to invest USD10 million in Tuft’s University to scale up cellular food production in October 2021. Between 2018 and 2020, the Good Food Institute, a non-profit institute in Washington DC, dispensed almost US$3 million in supporting fundamental research on scaling.
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The Global Precision Fermentation Market is segmented into Ingredient Produced, Microbes, End User Industry, Region, and By Company.
The market is segmented into Whey & Casein Protein, Egg White, Collagen Protein, Heme protein and Others based on ingredient produced. In 2021, Whey & Casein protein segment holds the major revenue share i.e., 42.68%. Whey & Casein protein is majorly used in the production of dairy products and this process is significantly involve in the production of dairy products. Heme Protein is the fastest growing in forecast years due to the growing adoption of being vegan.
The market is classified into three categories based on the microbe: Yeast, Algae, Bacteria. With a market share of 46.47% in 2021, the yeast is dominating the Global Precision Fermentation Market. The products made by the procedure of precision fermentation are mostly by the help of yeast because it doesn’t require specific environmental condition for its growth and yeast is anaerobic. Followed by algae, for some products algae is also used to produce by precision fermentation.
Based on regional analysis, in terms of revenue share in 2021, North America dominated the global precision fermentation market with the market share of 47.26%. Because the startups doing the process to produce dairy products and protein are mainly North America based. North America account major share also due to the highest investments in the region.
The leading companies operating in the Global Precision Fermentation Market are:
- New Culture Inc
- Perfect Day, Inc
- Triton Algae Innovations
- Change Foods, Inc
- Remilk
- Impossible Foods Inc.
- Motif FoodWorks, Inc
- Formo Bio Gmbh
- The Every Company
- Geltor, Inc
- Better Dairy
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“Global Precision Fermentation Market will see a robust growth during the forecast period of 2017-2027. The market of precision fermentation is expected to develop because people are more concerned regarding the treatment of animals in slaughterhouse, nowadays. Due to that people are focused on the production of food which doesn’t require the use of animals.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Precision Fermentation Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, Segmented By Ingredient Produced (Whey & Casein Protein, Egg White, Collagen Protein, Heme Protein, Others), By Microbe (Yeast, Algae, Bacteria, Others), By End User Industry (Food & Beverage, Pharmaceutical, Cosmetic, Others), By Region”, has evaluated the future growth potential of Global Precision Fermentation Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Precision Fermentation Market.
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