Microbial fermentation market projected to reach $53.25 billion by 2032
From GlobeNewswire: 2024-12-05 09:00:00
Microbial Fermentation Technology Market Valued at $31.97 Billion in 2023, Projected to Reach $53.25 Billion by 2032, Growing at 5.91% CAGR. Advancements in biotechnology and demand for eco-friendly products are driving growth, with investments in alternative proteins reaching $515 million in 2023. Microbial fermentation plays a key role in producing bio-based products like antibiotics and biofuels.
Antibiotics lead the market with a 31% share, driven by steady healthcare demand. Monoclonal antibodies segment shows fastest growth at 7.49% CAGR, fueled by demand for targeted treatments. CMOs & CDMOs segment dominates market with 44% revenue share, expected to grow at 6.81% CAGR.
Asia Pacific leads market with 47% revenue share in 2023, driven by strong manufacturing base and rising demand for biopharmaceuticals. North America projected to grow at highest CAGR of 7.39% from 2024 to 2032, fueled by investments in R&D and demand for biologics.
Key developments include Danone launching a biotech accelerator and Lonza expanding its microbial manufacturing facility. The market report covers market size, segmentation, competitive landscape, and key developments in the microbial fermentation technology market. The Microbial Fermentation Technology Market is segmented by end-user, with a regional analysis and company profiles included in the report. Access the complete report description for 2024-2032 at https://www.snsinsider.com/reports/microbial-fermentation-technology-market-3814. For more information or customization, email [email protected]. S&S Insider is a leading market research and consulting agency providing clients with current, accurate market data and insights to make confident decisions.
Read more at GlobeNewswire: Microbial Fermentation Technology Market to Reach USD 53.25