Microbial Fermentation Technology Market Trends
“””The Business Research Company recently released a comprehensive report on the Global Microbial Fermentation Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The microbial fermentation technology market size has grown strongly in recent years. It will grow from $34.56 billion in 2023 to $37.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased demand for rapid and accurate microbial identification methods, expansion of the pharmaceutical industry, increased preference for automation and sterility testing in pharmaceutical industry, rise in demand for consumer products and rise in population worldwide, rise in application of industrial microbiology.
The microbial fermentation technology market size is expected to see strong growth in the next few years. It will grow to $52.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing demand for alcoholic beverages, rising need for fermented food, increasing popularity of crispr-9 technology, growing production of biosimilars, rise in demand for fossils fuel alternative. Major trends in the forecast period include adoption of synthetic biology techniques, developments in bio-processing and creation of novel microbial strains, adoption of advanced technologies like molecular diagnostics, genomics, and proteomics, adoption of testing procedures within the food & beverage industry, technological innovations in fermenters.
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Market Drivers and Trends:
The increased prevalence of contagious respiratory illnesses is expected to propel the influenza treatment market going forward. Contagious respiratory illness refers to an infectious disease, such as influenza, measles, or respiratory syncytial virus (RSV) infections, transmitted through contact with an infected individual or their bodily fluids, contaminated surfaces, or objects. Factors driving the growth of contagious respiratory illness include higher population densities, inadequate healthcare infrastructure, misuse of antibiotics, and international travel facilitation. Influenza treatment consists of antiviral drugs and vaccinations that are used to treat various contagious respiratory illnesses such as flu, COVID-19, and other respiratory viruses. For instance, in September 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, the rate of hospitalizations linked to RSV (Respiratory Syncytial Virus) surged from 2 hospitalizations per 100,000 people during the week ending August 5, 2023, to 7 hospitalizations per 100,000 individuals by the week concluding on August 19, 2023. Therefore, the increased prevalence of contagious respiratory illnesses is driving the growth of the influenza treatment market.
Major companies operating in the microbial fermentation technology market are focused on making strategic partnerships to enhance their research and development capabilities, expand their product portfolios, and accelerate the commercialization of innovative fermentation-derived products. These collaborations often aim to leverage complementary expertise, access new markets, and achieve economies of scale, ultimately driving growth and competitiveness in the rapidly evolving field of microbial fermentation technology. For instance, in November 2022, Planetary, a Switzerland-based biotechnology company, signed a Memorandum of Understanding with Konica Minolta, a Japan-based technology company, to launch AI and data-driven technologies for optimizing the control of fermentation processes. The partnership would focus on developing data-driven solutions that can analyze bioprocess data to optimize fermentation processes, reducing the risk of lost production batches and increasing overall efficiency.
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Major Key Players of the Market:
Cargill Inc. , Archer Daniels Midland Company , BASF SE, F.Hoffmann-La Roche AG, The Dow Chemical Company , Evonik Industries AG , Royal DSM NV, Ajinomoto Co Inc., Givaudan SA, Lonza Group, AGC Group, Novozymes A/S, United Breweries Ltd, Ginkgo Bioworks Inc., Amyris Inc., Biovectra Inc., BIOZEEN, MycoTechnology Inc., Unibio A/S, Locus Fermentation Solutions, Lygos Inc., Amano Enzyme Inc. , ZymoChem Inc., Conagen inc., NovoNutrients
Microbial Fermentation Technology Market 2024 Key Insights:
• The microbial fermentation technology market size is expected to see strong growth in the next few years. It will grow to $52.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Increasing Demand For Alcoholic Beverages Drives Growth In The Microbial Fermentation Technology Market
• Strategic Partnerships Drive Innovation And Efficiency In The Microbial Fermentation Technology Market
• Asia Pacific was the largest region in the microbial fermentation technology market in 2023
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