The global precision fermentation ingredients market is estimated to be valued at USD 2.8 billion in 2023 and is projected to reach USD 36.3 billion by 2030, recording a CAGR of 44.0% in terms of value The demand for precision fermentation ingredients is increasing due to the increasing demand for plant-based alternative products worldwide.
What is precision fermentation ingredients?
Precision fermentation refers to a method of producing various ingredients, compounds, or materials through the use of microorganisms like bacteria, yeast, or fungi in a controlled and precise environment. It involves programming these microorganisms to create specific proteins, enzymes, flavors, or other substances through genetic engineering and fermentation processes.
This technique allows for the production of a wide range of substances that are identical to those found in nature, but without the need for traditional agriculture or extraction from plants or animals. Precision fermentation is gaining attention as it offers a more sustainable and efficient way to create various products, including alternative proteins, enzymes for food production, pharmaceuticals, flavors, and more.
Key Highlights the Precision Fermentation Ingredients Market
1. Rapid Growth: The precision fermentation ingredients market has been experiencing rapid growth due to increased demand for sustainable and alternative protein sources.
2. Alternative Proteins: Precision fermentation is being utilized to produce alternative proteins, such as single-cell proteins and other novel ingredients, as a sustainable solution to traditional agriculture.
3. Diverse Applications: Precision fermentation ingredients are being used in a variety of applications, including food and beverage, animal feed, pharmaceuticals, and other industrial processes.
4. Sustainability Focus: With growing concerns about environmental sustainability, precision fermentation offers a more resource-efficient and environmentally friendly method for ingredient production compared to traditional methods.
5. Investment and Partnerships: Many companies in the precision fermentation space have attracted significant investments and formed strategic partnerships to scale up production and bring innovative products to market.
6. Regulatory Landscape: The regulatory landscape for precision fermentation ingredients is evolving, and there has been increased attention from regulatory bodies to ensure safety and proper labeling of these novel ingredients.
7. Consumer Awareness: There is a gradual increase in consumer awareness regarding precision fermentation and its potential benefits, leading to a shift in consumer preferences toward sustainable and ethically produced products.
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North America holds the highest market share during the forecast period.
North America remained the largest market for precision fermentation ingredients due to the increasing consumer awareness, consumption of healthy food ingredients, and veganism trend etc. The landscape of North American precision fermentation ingredients market is poised for a transformative shift; around 40% of U.S. adults, over 90 million individuals, are ready to embrace precision fermentation products, projected to reach 132 million consumers by 2027 (The Hartman Group). Younger generations are receptive due to environmental concerns and sustainability, with the second most influential factor being the positive impact on the environment. This aligns with their preference for sustainable consumption. The link between precision fermentation ingredients and sustainability, including reduced greenhouse gas emissions, natural farming, and sustainable packaging, offers innovation potential. Millennials and Gen Z are willing to pay up to 10% more for such products. This technology serves as a catalyst for a more sustainable and technologically advanced market landscape shaped by evolving consumer preferences and environmental consciousness.
Key Market Players:
Key players in this market include Geltor (US), Perfect Day, Inc. (US), The Every Co. (US), Impossible Foods Inc. (US), Motif FoodWorks, INC. (US), Formo (Germany), Eden Brew (Australia), Mycorena (Sweden), Change Foods (US), and MycoTechnology (US).
Recent Developments:
1. In May 2023, The EVERY Company and Alpha Foods officially entered into a Joint Development Agreement with the shared objective of bringing next-generation alt-meat products to the market. This collaboration aims to leverage EVERY's trailblazing expertise in animal-free protein production and Alpha Foods' renowned chef-crafted plant-based foods to accelerate advancements in taste and texture for non-animal products.
2. In March 2023, the partnership between The Hartman Group, Perfect Day, and Cargill enabled Perfect Day to gain valuable insights into consumer attitudes and preferences related to precision fermentation ingredients. This data has helped Perfect Day strengthen its position in the market, spearhead the Precision fermentation Alliance.
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