Increasing protein demand worldwide, changing consumer preferences and tastes, the growing preference for the acceptance of meat-free and vegan lifestyles and rising innovation and investment drive the growth of the global precision fermentation market.
PORTLAND, Ore., March 21, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Precision Fermentation Market by Application (Meat, Seafood, Dairy, Egg, Others), by Microbe (Bacteria, Yeast, Algae, Fungi, Others), by Ingredient (Egg White, Whey and Casein Protein, Collagen Protein, Heme Protein), by End User (Food and Beverage, Pharmaceutical, Cosmetic, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global precision fermentation industry generated $1.3 billion in 2021, and is anticipated to generate $34.9 billion by 2031, witnessing a CAGR of 40.5% from 2022 to 2031.
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Prime determinants of growth
Increasing protein demand worldwide, changing consumer preferences and tastes, the growing preference for the acceptance of meat-free and vegan lifestyles and rising innovation and investment drive the growth of the global precision fermentation market. However, the high cost of producing protein ingredients by using precision fermentation technology restricts the market growth. Also, health risks associated with precision fermentation are expected to hinder the market growth. Moreover, significant financial support for the technological development of this technology is anticipated to present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global precision fermentation market, due to low demand from end-use industries during the lockdown.
- However, the market has recovered in the post-pandemic.
The egg white segment to maintain its leadership status throughout the forecast period
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