Lab-grown meat

Lab-grown cultured or in vitro meat catches the attention of the protein industry.

The fermenter market is projected to reach about $1.7 billion by 2023, growing at an annual rate of more than 8 percent, according to marketsandmarkets.com. The market-analyst firm attributes projected growth to the increase in consumption of fermented food and beverages in developed economies. It also forecasts growth due to increasing awareness about food preservation.

The Asia Pacific region is expected to dominate the fermenter market in terms of growth rate, due to an increase in economic growth and rapid urbanization. The growing middle-class population, spending behavior and increased demand for fermented products are driving the growth of the fermenter market.

Key market players have adopted various growth strategies such as new product launches, expansion agreements, collaborations, and mergers and acquisitions to cater to increasing demand. Visit marketsandmarkets.com for more information.