The global precision fermentation market in terms of revenue was estimated to be worth USD 1.6 billion in 2022 and is poised to reach USD 36.3 billion by 2030, growing at a CAGR of 48.1% from 2022 to 2030. Increasing demand for protein worldwide, changing consumer tastes and preferences, and rising investments and innovations are some factors that deepen the focus on the protein industry. In recent years, substantial breakthroughs in the science of genetic engineering have enabled the cost-effective and sustainable reprogramming of microorganisms (synthetic biology) to create a wide range of specialized food protein constituents.
Some of the Prominent Key Players are:
Perfect Day, Inc. (US)
Impossible Foods Inc. (US)
Geltor (US)
The Every Co. (US)
Motif FoodWorks, Inc. (US)
MycoTechnology (US)
Mycorena (Sweden)
Eden Brew (Australia)
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Drivers: Growing adoption of vegan as well as meat-free lifestyles
According to the Food Revolution Organization survey in 2018, 50% of respondents supported the slaughterhouse ban. Furthermore, respondents confessed that they are uncomfortable with the ways the animals are treated in the food industry; therefore, consumers are shifting toward animal-free products. To fulfill the requirements of vegan consumers, manufacturers introduce various plant-based products in the market, which incorporate animal-free ingredients from various sources such as plants and microbes, thereby boosting the precision fermentation market. In major countries like the US and UK, a substantial increase in the population adopting vegan and meat-free lifestyles has been seen. Also, in 2018, it has been observed that the number of vegans in the US increased by 600% in the last three years as per the Food Revolution Organization.
Opportunities: Development of novel protein production systems
Identifying novel techniques for generating protein through targeted R&D and infrastructure investments will remain critical in capturing value, optimizing resources, and developing precision fermentation competitive advantages. Many innovative protein production systems are being scaled up and commercialized to develop animal-free meat and microalgae and utilize new and uncommon feedstocks such as CO2. These novel production systems are expected to gain importance as traditional food systems.
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The Asia Pacific region is projected to grow at the highest CAGR in the precision fermentation market during the forecast period
The key factors driving the Asia Pacific precision fermentation market are the changing lifestyles of consumers, the rapid growth of the middle-class population, and rising consumer awareness about health & fitness. Also, investments and expansions in the region drive the growth of the Asia Pacific market.