Precision fermentation: realistic cost-parity timeline vs animal protein?

It splits by molecule. High-value ingredients (enzymes, specific functional proteins) are already at or near parity; bulk commodity proteins competing with soy/whey are still a few years out. The levers that matter most are titer/rate/yield, feedstock (carbon + nitrogen) cost, and downstream — DSP and media often dominate COGS more than the fermentation step itself. Scale (large stainless capacity) is the other big one.