Selbyville, Delaware, April 06, 2022 (GLOBE NEWSWIRE) -- According to the report by Global Market Insights Inc., the Fermentation Chemicals Market was estimated at USD 93.25 billion in 2021 and is estimated to surpass USD 142 billion in revenue by 2028, progressing at a CAGR of 6% from 2022 to 2028. The research report gives an in-depth assessment of drivers & opportunities, wavering market trends, top winning strategies, competitive scenarios, market size & estimations, and major investment pockets.
Fermentation is a technique used for cultivating microorganisms or other organic matter in medications like antibiotics, enzymes, medicinal proteins, and insulin. Fermentation chemicals contain several nutrients, such as magnesium, calcium, zinc, iron, and other vitamins, which makes them ideal for use in pharmaceutical and nutritional products. Growing awareness among consumers regarding the nutritional benefits of fermentation chemicals, coupled with the prevalent uptake of products with high nutritional values, is poised to boost market growth over the forecast period.
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Fermentation of lactose finds extensive usage in the dairy sector for making various products like mozzarella, cheddar, parmesan, and so forth. The prevalent “do-it-yourself” trend has bolstered the demand for yogurt, cheese, and other dairy products. Rising demand for healthy snacking and convenience food, along with growing awareness pertaining to the health benefits of these products, is slated to drive product uptake. Moreover, the soaring adoption of instant and processed food by consumers on account of their high nutrient value is also set to impel product demand. Driven by these factors, the dairy products segment is slated to exceed USD 9.35 billion in revenue by 2028.
On the other hand, the fermented chemicals market share from the biopolymers product segment is anticipated to expand at a CAGR of approximately 7% through 2028. Biopolymers are widely used in the pharmaceutical industry, particularly in drug delivery, wound healing, and other biomedical devices, which is projected to foster the fermentation chemicals market outlook.
Key reasons for fermentation chemicals market growth:
- High utilization in dairy products.
- Growing demand in the medical sector.
- Rising uptake in pharmaceutical products.
- Increasing adoption in plastics & fibers applications.
2028 forecasts show the ‘plastics & fibers’ segment retaining its dominance:
From the end-user perspective, the plastic & fibers segment garnered a valuation of around USD 7.45 billion and is speculated to grow at nearly 6.5% CAGR over the review timeline. A significant application of plastics & fibers in the building & construction sector as well as escalating uptake of bio-based composites are expected to create massive growth potential for the segment in the forthcoming years.
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Europe to maintain top status in terms of revenue:
By region, the Europe fermentation chemicals market is poised to grow at a CAGR of more than 6% between 2022 and 2028. The expanding nutraceutical supplement sector as well as the increasing presence of newer entrants, particularly in Europe, are primed to promote product uptake. Rising healthcare expenditure and the proliferating pharmaceutical industry are slated to stimulate regional market growth.
Impact of COVID-19 pandemic on fermentation chemicals market:
Following the onset of COVID-19, there was an upsurge in the need for developing effective pharmaceutical solutions to prevent the spread of the novel coronavirus. As a result, the growing prominence of fermentation in the pharmaceutical sector has played a crucial role in fostering product outlook, thereby fueling business growth during the pandemic.
Leading market players:
Some prominent firms in the global fermentation chemicals industry include Amano Enzyme Inc., Evonik Industries AG, Ajinomoto Company Incorporation, BASF SE, Lana Tech, The Dow Chemical Company, AB Enzymes, ADM, DSM, Novozymes A/S, Chr. Hansen A/S, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
