Fermentation was traditionally used all over the world, having the preservation of plant and animal foods as a primary role. Owing to the rise of dairy and meat alternatives, fermentation is booming as an effective technology to improve the sensory, nutritional, and functional profiles of the new generation of plant-based products. This article intends to review the market landscape of fermented plant-based products with a focus on dairy and meat alternatives. Fermentation contributes to improving the organoleptic properties and nutritional profile of dairy and meat alternatives. Precision fermentation provides more opportunities for plant-based meat and dairy manufacturers to deliver a meat/dairy-like experience. Seizing the opportunities that the progress of digitalization is offering would boost the production of high-value ingredients such as enzymes, fats, proteins, and vitamins. Innovative technologies such as 3D printing could be an effective post-processing solution following fermentation in order to mimic the structure and texture of conventional products.