Precision Fermentation Market: New Report Offers Analysis Onthe Market 2023-2032

The Precision Fermentation Market size is projected to reach USD 36.3 billion by 2030, recording a CAGR of 48.1% in terms of value. It is estimated to be valued at USD 1.6 billion in 2022.

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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.

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. I

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Restraints: Higher manufacturing costs associated with the production of ingredients utilizing precision fermentation
Precision fermentation for the production of animal-free proteins or fats has been gaining momentum in the last few years due to the increasing demand for animal-free products by the rising vegan population.

Opportunities: Development of novel protein production systems
Challenges: Commercialization and scaling up of production
By application, the egg alternatives segment is projected to grow with the second-highest CAGR in the precision fermentation market during the forecast period.
By ingredient, the egg white segment accounts for around one-tenth of the global share.
By microbe, the algae segment constitutes around one-fourth of the global demand.

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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).

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This release was published on openPR.