New York, USA, May 10, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global precision fermentation market is expected to garner $34,868.1 million by 2031 and rise at a stunning CAGR of 40.5% in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the precision fermentation market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market:
Drivers: Growing global consumer preference for plant-based meat is predicted to be the primary growth driver of the precision fermentation market in the forecast period. Additionally, increasing use of precision fermentation technology in manufacturing of environmentally friendly cosmetic and personal care products is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Development of novel protein production systems is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising investment in precision fermentation technology is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, the high cost of production of protein ingredients using precision fermentation may become a restraint in the growth of the precision fermentation market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The precision fermentation market, too, faced tremendously negative impact of the pandemic. The food and beverages industry was one of the worst hit sectors during the pandemic which reduced the demand for precision fermentation. Moreover, the import-export restrictions further impacted the precision fermentation manufacturing. All these factors deeply impacted on the growth rate of the market.
Segments of the Market
The Research Dive report has fragmented the precision fermentation market across different segments such as application, microbe, ingredient, end user, and region.
Application: Dairy Sub-segment to be Highly Dominant
The dairy sub-segment is expected to be one of the most dominant sub-segments by 2031. Growing utilization of the precision fermentation technology by the dairy sector for producing plant-based cheese products is expected to push the growth of this sub-segment in the forecast period.
Microbe: Algae Sub-segment to Witness Immense Growth
The algae sub-segment of the precision fermentation market is predicted to be a hugely profitable one by 2031. Increasing research on algae for gaseous fermentations to produce high value chemicals is anticipated to help this sub-segment to grow in the forecast period.
Ingredient: Egg White Sub-segment to Flourish Significantly
The egg white sub-segment is anticipated to experience huge growth in the forecast timeframe. Increasing demand for plant-based egg and dairy alternatives across a variety of food types and applications is expected to push the growth of this sub-segment in the forecast period.
End User: Food and Beverage Sub-segment to be the Fastest Growing
The food and beverage segment sub-segment of the precision fermentation market is predicted to be highly lucrative by 2031. Fermented foods have become hugely popular in the last few decades due to the positive health effects associated with them including improved digestive health, higher immunity, and greater nutritional availability. This increase in popularity is anticipated to help this sub-segment to grow in the forecast period.
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Market in the North America Region to be the Most Profitable
The precision fermentation market in the North America region is predicted to be the most lucrative sub-segment in the forecast period. The rising demand for protein products derived from precision fermentation processes is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the precision fermentation market are
- geltor inc
- Impossible Foods Inc
- Shiru Inc
- Imagindairy Ltd
- Motif Foodworks Inc
- FUMI Ingredients
- Change Foods
- Nourish Ingredients
- Perfect Day Inc
- and Eden Brew
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
For instance, in February 2023, nine leading global precision fermentation companies announced that they had signed an agreement to form the Precision Fermentation Alliance to promote sustainable precision fermentation solutions. The nine companies which have signed the agreement include Change Foods, Remilk, Imagindairy, Onego Bio, The EVERY Co., New Culture, Helaina, Perfect Day, and Motif FoodWorks. The alliance is predicted to provide a major boost to the market in the near future.
Finally, this comprehensive report also summarizes many crucial facets of the precision fermentation market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Precision Fermentation Market:
- Could Precision Fermentation Play a Crucial Role in Saving the Food System?
- Global Precision Fermentation Market to Generate $34,868.1 Million by 2031, Owing to Development of Novel Protein Production Systems
