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This chapter reviews the process characteristics of fungal growth in submerged cultures and its relationship to the kinetics of product formation with a focus on the unique growth morphology of filamentous fungi in submerged cultures. It discusses the factors affecting fungal morphology and their effects on fungal fermentation and the immobilization of fungal cells and its benefits. Finally, the future of and challenges in using filamentous fungi as biofactories of recombinant proteins are briefly elaborated. Filamentous fungal cells are major biofactories of the past, the present, and the future. The relationship between the cytology of hyphal growth and protein excretion in filamentous fungi has long been observed and reported. The morphological growth forms of filamentous organisms in aerobic submerged cultivation may lead to suspension characteristics quite different from those of bacterial and …