Fermentation technology has been a long-favored biological process due to its simplicity of reaction, low costs, the versatility of application, and high specificity. As a result, industries have complimented the basic principle of fermentation with advances in techniques and genetic engineering. This has led to high demand from various end-use industries in the market. Fermentation chemicals are therefore used in a wide range of industries which include chemicals, leather, rubber, and textile, among others.
The alcohol industry is a major consumer of fermentation chemicals. Beer, Wine, and Spirits are the major products produced from fermentation chemicals. Among them, beer is the largest selling alcohol. Therefore, high demand from the alcohol industry is expected to boost market demand for fermentation chemicals in 2016. Other product segments of the fermentation chemical market, which include enzymes and organic acid, are also expected to boost demand for fermentation chemicals shortly.
Industrial applications accounted for a major share of the global fermentation chemicals market in 2016. Fermentation chemicals are used on a large scale in industries such as chemicals, rubber, and plastic, among others. Therefore, high demands from these industries are driving the growth of the global fermentation chemicals market in the Asia Pacific and North America compared to other regions worldwide. The major factors contributing to the high demand for fermentation chemicals include growing demand from the cosmetic & pharmaceutical industry. In addition, other applications such as plastic & fibers are also projected to fuel the market growth of fermentation chemicals shortly.
The fermentation chemicals market was valued at US$ 47.4 Bn in 2016 and is expected to reach US$ 66.0 Bn by 2022, growing at a CAGR of 5.6% during the forecast period 2016-2021.
Purpose of the Report
The purpose of this strategic research study titled “Global Fermentation Chemicals Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global fermentation chemicals market.
Target Audience
Industry Investors
Fermentation Chemicals Providers/Vendors
Research Professionals
Emerging Companies
Raw Material Suppliers/ Buyers
Product Suppliers/ Buyers
Research Institutes
Overall, the research study provides a holistic view of the global fermentation chemicals market, growth, offering market size, and estimates for the period from 2015 to 2022, keeping in mind the above factors.
Based on its product type, the fermentation chemicals market is categorized into the following segments:
Alcohol
Enzymes
Organic Acid
Others
Various types of products are formed due to fermentation. Products such as enzymes, alcohols, vitamins, and xanthan, among others, are formed due to fermentation. Among these, alcohols accounted for the largest product segment formed due to fermentation. It accounted for over 50% of the global fermentation chemicals market in 2016. Alcohol is used on a large scale across various industries. It is used in the food & beverage industry, paint industry, pharmaceutical industry, and chemical industry, among others. The high demand for alcohol from these industries is the major factor driving the growth of the global fermentation chemicals market in 2016. Stringent regulations and the need for eco-friendly, bio-based fermentation chemicals are among the factors contributing to the high demand for alcohol in the market.
Changing lifestyle of people in the Asia Pacific has also boosted market growth of the fermentation chemicals market and is expected to rise shortly. Enzymes followed alcohol in terms of demand in 2016. It accounted for the largest product segment of the global fermentation chemicals market in 2016 and is expected to experience high demand shortly due to its applications in various industries. The organic acid is the third largest product segment of the global fermentation chemicals market. It is widely used in the food & beverage industry. Hence rising demand for organic acid is also anticipated to boost market demand for fermentation chemicals during the forecast period from 2016 to 2022.
Based on its application, the fermentation chemicals market is categorized into the following segments:
Industrial Applications Market
Food & Beverages Market
Nutritional & Pharmaceutical Market
Plastics &Fibres Market
Others
Fermentation is a technology that has wide scope in various industries globally. Chemicals, pharmaceuticals, beverages, industrial, and plastics are some industries that use fermentation technology on a large scale. Among the above-mentioned industries, industrial applications accounted for a larger share of the global fermentation chemicals market. It accounts for a 47% share of the global fermentation chemicals market. High demand for fermentation chemicals from the chemical, plastic, rubber, leather, and textile industries has led to booming growth of the fermentation chemicals market in 2016 and is anticipated to increase shortly.
The fermentation chemicals market is expected to experience high growth shortly due to rapid industrialization in emerging economies such as Asia. Food & beverages accounted to be the second largest market for fermentation chemicals worldwide. It accounted for more than 9.0% of the global fermentation chemicals market in 2016. The rising demand for food additives and animal food is the major factor driving the growth of the fermentation chemicals market. Other applications, which include nutritional & pharmaceuticals, plastic, and fibers, etc., are also anticipated to boost market demand for fermentation chemicals during the forecast period from 2016 to 2022.
Based on geography, the global fermentation chemicals market is segmented into the following categories,
North America
The U.S.
Canada
Mexico
Europe
Germany
UK
Russia
Others
Asia Pacific
China
India
South Korea
Others
Rest of the World (RoW)
MENA
Central & South Americ
North America accounted for the largest share of the global fermentation chemicals market in 2016. The flourishing pharmaceuticals industry and rising demand for industrial applications, which include animal feed, and food additives, are expected to drive the demand for the fermentation chemicals market in North America. The U.S. is the major contributor to the demand for fermentation chemicals among the countries in North America. The Asia Pacific followed North America in terms of growth of the fermentation chemicals market.
Changing lifestyle of people in the Asia Pacific is the major reason behind the growth of the global fermentation chemicals market in the region. In addition, increasing demand from the cosmetic industry is another factor contributing to the growth of the fermentation chemicals market in the Asia Pacific. Pharmaceutical proteins are produced using the fermentation process. These proteins include blood proteins, antibodies, vaccines, etc. Hence high demand is experienced in the cosmetic and pharmaceutical industry. Other regions such as Europe and the Rest of the World are also expected to boost the market growth of Fermentation chemicals during the forecast period from 2016 to 2022.
Frequently asked questions :
The market for Fermentation Chemicals Market is expected to reach US$ 66.0 Bn by 2022.
The Fermentation Chemicals Market is expected to see significant CAGR growth over the coming years, at 5.6%.
The report is forecasted from 2016-2022.
The base year of this report is 2015.
AJINOMOTO COMPANY CORPORATION 119, AB ENZYMES GMBH 123, BASF SE 126, are some of the major players in the global market.
