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. 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.
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Key players operating 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).
The key players are fixated upon improving their market shares, while newer start-ups are being established rapidly in the market. The precision fermentation market can be classified as a fragmented market as it has the presence of various regional players, accounting for a major part of the investments and funding. There are numerous existing and emerging companies, particularly in the Asian markets.
Geltor is a bio-design company developing technologically advanced designer proteins. The company amalgamates fermentation, biology, and protein optimization to develop sustainable and highly efficient consumer proteins with greater benefits and functionality. It creates 100% animal-free and GMO-free ingredients that are globally scalable and sustainably cultivated. The company utilizes microbes to manufacture products with plant-based and renewable inputs in a sustainable fermentation process.
Perfect Day, Inc. is a consumer biotechnology company and one of the foremost players and manufacturers of animal-free dairy products. The company manufactures free-from animal whey protein from microflora using safe and proven fermentation procedures. Compared to traditional whey production processes, the production of Perfect Day’s whey protein powder decreases water usage by 99%, reduces greenhouse gas emissions by 97%, and utilizes around 60% lower non-renewable energy resources, according to ISO-compliant, third-party reviewed life cycle assessment (LCA). The company collaborated with various brands in 5,000+ stores across the US. It has expanded its geographical footprint across North America and the Asia Pacific.
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The North American market for precision fermentation is the largest due to the increasing awareness of healthy food ingredients and the trend of veganism and weight management among consumers. Proteins derived from precision fermentation are highly versatile and can be used in applications such as meat analogs, dairy alternatives, and meat extenders. According to research conducted by key players in the market and surveys, it has been observed that consumers demand meat alternatives to reduce their meat consumption. It has resulted in a decrease in the demand for meat. For instance, pea proteins are used by processed meat manufacturers as a replacement, thus making them more economical.
