The global precision fermentation market size is estimated to be valued at USD 1.6 billion in 2022 and is projected to reach USD 36.3 billion by 2030, recording a CAGR of 48.1% in terms of value. Precision fermentation is a new technology that uses microbes such as yeast, algae, fungi, and bacteria to develop animal-free ingredients. The rising veganism trend among global consumers and the demand for animal-free food & beverage products have assisted the precision fermentation market is gaining momentum over the last couple of years.
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Precision fermentation is a new food technology quickly gaining traction in the market. Hundreds of millions of dollars are being invested in products like milk protein, animal fats, collagen, honey, lobster, egg whites, and others. They are rapidly commercialized for the mass market without using animals in the production process. These items are promoted for a younger demographic seeking sustainable, climate-friendly foods that challenge the status quo and promise a brighter future.
The Asia Pacific precision fermentation market is valued at USD 92.0 million in 2021 and is projected to reach USD 5,917.1 million by 2030, growing at a CAGR of 54.3% during the forecast period. Key markets in the Asia Pacific region include China, Japan, India, Australia & New Zealand, and the Rest of Asia Pacific. Growth in this region is attributed to the rapid economic growth, which drives the demand for better food & beverage products, especially in China and India, which, in turn, drives the demand for nutrition-fortified or functional food.
Among various applications of precision fermentation, the dairy alternatives segment accounted for the major market share in the overall precision fermentation market. Consumers constantly demand dairy alternatives that provide enhanced organoleptic characteristics and nutritional benefits. They are looking for specific functionalities in dairy alternatives that would aid them in boosting energy, fighting aging, reducing stress, and providing therapeutic effects.
The enzyme segment is projected to hold the largest market share during the forecast period based on ingredients. The demand for plant-based substitutes for meat, egg and dairy products has increased significantly over the past few years across different food types and applications. This trend has been propelled by many reasons, including sustainability, allergenicity, and consumer shifts toward flexitarian diets.
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Among various microbes, the yeast segment accounted for the major market share. Precision fermentation utilizes microbial hosts such as yeast or fungi as “cell factories” for creating a specific ingredient. It is particularly helpful for generating ingredients that need higher purity. Companies such as Change Foods, Melt&Marble, Perfect Day, and Imagindairy use yeast to develop dairy and meat-alternative ingredients.
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