Precision Fermentation Global Market Report 2024: Unprecedented Growth and Emerging Trends As Per The Business Research Company’s Precision Fermentation Global Market Report 2024

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LONDON, Jan. 25, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Precision Fermentation Global Market Report 2024, the precision fermentation market has experienced exponential growth in recent years, and this trend is set to continue. According to the latest Global Market Report, the precision fermentation market size is anticipated to surge from $2.48 billion in 2023 to $3.62 billion in 2024, reflecting an extraordinary Compound Annual Growth Rate (CAGR) of 45.7%.

Anticipated Exponential Growth

Looking ahead, the precision fermentation market is poised for exponential growth, reaching $17.43 billion in 2028 at a CAGR of 48.1%. The forecasted growth can be attributed to diversification into various industries beyond food, the economic viability and scalability of precision fermentation, rising interest in fermented functional ingredients, global efforts to address food security challenges, and integration into circular economy practices.

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Emerging Trends and Industry Shifts

Major trends in the forecast period include the emergence of fermentation as a service (FaaS), investment and funding in precision fermentation startups, regulatory framework development, focus on carbon footprint reduction, and collaborations between industry players. Notably, precision fermentation is becoming a vital component in addressing food security challenges globally.

Driving Growth: Demand for Organic Cosmetic Products

The precision fermentation market is set to experience a surge in demand, driven by the growing popularity of organic cosmetic products. Precision fermentation plays a pivotal role in the organic cosmetics industry by offering a sustainable and innovative method for producing cosmetic ingredients. The technology involves the use of microorganisms to produce specific molecules, such as enzymes, proteins, and bioactive compounds, aligning with the increasing consumer demand for organic and natural cosmetic solutions.

For instance, in February 2022, sales of certified organic and natural beauty products grew by 15% to nearly $175 million (£138 million), reflecting a substantial rise in dietary consciousness among consumers. This trend underscores the significant role precision fermentation plays in meeting the demands of an increasingly health-conscious and environmentally aware consumer base.

Innovations and Industry Leaders

Major companies operating in the precision fermentation market, including Perfect Day Inc., Impossible Foods Inc., and Geltor Inc., are actively introducing innovative solutions through precision fermentation technology. In August 2022, TurtleTree launched LF+, the first sustainable bovine lactoferrin created using precision fermentation technology, marking a groundbreaking advancement in the functional protein sector.

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Regional Insights and Market Segmentation

In 2023, North America led the precision fermentation market, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The precision fermentation market is segmented by ingredient, microbe, application, and end-user, covering a diverse range of precision fermentation products.

  1. Ingredients: Whey And Casein Protein, Egg White, Collagen Protein, Heme Protein, Other Ingredients
  2. Microbes: Yeast, Fungi, Algae, Bacteria
  3. Applications: Meat And Seafood, Dairy Alternatives, Egg Alternatives
  4. End Users: Food And Beverage, Pharmaceutical, Cosmetic, Other End Users

Various stakeholders across industries can leverage this comprehensive precision fermentation market report for informed decision-making. From investors and policymakers to manufacturers and researchers, the detailed analysis of market trends, growth projections, and emerging opportunities provides valuable insights to navigate the dynamic landscape of precision fermentation.

Precision Fermentation Global Market Report 2024 by The Business Research Company provides insights on the precision fermentation market size, precision fermentation market segments, precision fermentation market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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