The Precision Fermentation Market is Estimated to Reach USD 34.9 Billion by 2031, Growing at a CAGR of 40.5%: Valuates Reports
Valuates Reports has published an analysis under the Pharmaceuticals & Biotech Category, indicating that the global precision fermentation market, valued at USD 1.3 billion in 2021, is expected to reach USD 34.9 billion by 2031. This remarkable growth is projected to be driven by a compound annual growth rate (CAGR) of 40.5% from 2022 to 2031.
Key Factors Driving Precision Fermentation Market Growth:
The expansion of the Global Precision Fermentation Market is fueled by several factors, including increased innovation and investments, rising global protein demand, and evolving consumer preferences and tastes.
Furthermore, the growing acceptance of vegetarian and vegan lifestyles is boosting the demand for precision fermentation. This shift is attributed to the increasing number of vegans and heightened consumer awareness regarding animal welfare concerns in the food industry.
Trends Influencing Precision Fermentation Market Growth:
The Precision Fermentation Market is experiencing growth due to the global surge in protein demand, changing consumer preferences, increased innovation and investment, and the popularity of alternative proteins. In wealthier nations, alternative protein sources are gaining popularity, driven by factors such as concerns about animal welfare, environmental issues, and health.
Additionally, the adoption of vegetarian and vegan lifestyles is contributing to the demand for precision fermentation. The need for animal product-free options among the growing vegan population has led to the development of protein blends without animal proteins or lipids through genetically modified yeast or fungus. This approach helps address various global challenges such as climate change, environmental degradation, and land utilization.
Precision fermentation is also becoming increasingly significant in biopharmaceutical production, particularly for recombinant proteins and bioconjugates. While mammalian cell culture had become prominent for a period, microbial fermentation is making a resurgence in this context.
Other factors contributing to the growth of the global precision fermentation market include increased funding and investment in precision fermentation technologies, the rise of cultured meat consumption, growing interest in plant-based diets, rising instances of food allergies, heightened nutritional demands, and an emphasis on food safety.