New York, May 11, 2023 (GLOBE NEWSWIRE) -- As per the research report Global Fermentation chemicals Market published by Reports Insights, the market amounted to USD 65.00 Billion in 2022 and is anticipated to reach over USD 105.20 Billion by the year 2030, growing at a CAGR of 5.5%. The report highlights the increasing utilization of fermentation chemicals in food & beverages, nutritional & pharmaceuticals, and others, which is accelerating global market growth. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the fermentation chemicals market.
Fermentation chemicals such as citric acid, ethanol, and acetic acid are produced by microorganisms including fungi and bacteria. These are the most used additives, antioxidants, preservatives, and flavors in a variety of industries. Fermentation chemicals are used as catalysts, nutrients, and pH regulators in the fermentation process. Catalysts are used to initiate and speed up the reaction, while nutrients provide the necessary nourishment for the microorganisms responsible for the fermentation process. In addition, pH regulators are used to maintain the optimal pH level for the microorganisms involved in the fermentation process.
The global fermentation chemicals market is driven by the increasing applications of fermentation chemicals in various end use industries including healthcare, food & beverage, chemicals, and others. The Europe region is anticipated to hold a substantial share in the fermentation chemicals market over the forecast period owing to the rapid industrialization and increasing demand for the product in countries such as Germany and France.
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For instance, according to the State Council, The People's Public of China, in 2021, the Chinese agricultural and sideline food processing industry registered a year-on-year growth of 5.7%. Thus, the growth in the production of the food and beverage industry is accelerating the production activities related to food & beverage, which, in turn, is boosting the market growth. Additionally, the prevalence of market players such as DSM N.V., Evonik Industries AG, BASF SE, Chr. Hansen Holding A/S, and others are expected to create lucrative avenues for market growth in the region.
Further, the market is expected to grow in the coming years, driven by the growing demand from the chemical industry, rapid industrialization, and the shift towards renewable and sustainable products.
Competitive Landscape
As per the research BASF SE, Novozymes A/S, and DSM N.V., among others are major market players that comprise the latest market circumstances. These companies have strong manufacturing capabilities and a strong presence in the market through their diverse product portfolios and distribution networks. Furthermore, the fermentation chemicals market is expected to grow steadily due to the growth of industries, including food & beverage, pharmaceuticals, and others in key market regions such as Asia Pacific, North America, and Europe regions which are estimated to further spur the market size growth in the upcoming years. Additionally, the capacity expansion for the production of fermentation chemicals to meet the growing demand for materials in various end-use industries is anticipated to increase the competition in the market.
Recent Developments:
- In November 2021, Novozymes and Novo Nordisk Pharmatech collaborated on the development of specialty enzymes to use in biopharma processing and regenerative medicines using strong fermentation capabilities.
- In September 2021, DSM N.V. announced the acquisition of First Choice Ingredients for an enterprise value of USD 453 million. The acquisition offers First Choice Ingredients access to DSM’s world-leading biotechnology toolbox, fermentation technologies, and global customer relationships.
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Zinc Chloride Market Research Covarages:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 105.20 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | BASF SE, Novozymes A/S, Koninklijke DSM N.V., Amano Enzyme Inc., AB Enzymes GmbH, Chr. Hansen Holding A/S, Evonik Industries AG, Cargill, Inc., Ajinomoto Co., Inc., and Archer-Daniels-Midland Company |
| By Product Type |
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| By Form |
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| By Application |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography |
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Key Market Takeaways
- By product type, the alcohol segment held the leading share in the fermentation chemicals market in 2022.
- In the context of form, the powder segment is expected to contribute significant shares to the growth of fermentation chemicals market statistics during the forecast period.
- By application, the food and beverage segment is anticipated to contribute the largest shares to the market growth in 2022.
- North America contributed the largest market share in the fermentation chemicals market owing to the growing applications in various end use industries such as chemical, pharmaceuticals, and food & beverage in the region.
Global Fermentation chemicals Market Segmentation Details:
Based on product type, the alcohol segment accounted for the largest market share in 2022. In the pharmaceutical industry, alcohol is used in a variety of manufacturing processes and has bactericidal activity due to which it is broadly used as a topical disinfectant. Alcohol is also widely used as a solvent and preservative in pharmaceutical preparations. For instance, according to the report published by the India Brand Equity Foundation, the Indian pharmaceutical industry is projected to grow at a CAGR of 9.43%. Hence, the growing use of alcohol in the healthcare industry is proliferating segment growth.
Based on Form, the powder segment accounted for the largest market share in 2022 owing to the stability and longer shelf life as compared to liquid form, as a result, being used in a large scale for industrial applications. Further, fermentation chemicals in powder form are widely employed in pharmaceuticals and multinational chemical companies due to their ease of handling and transportation. As a result, the aforementioned factor is proliferating the segment growth.
Based on Application, the food & beverage segment accounted for the largest market share in 2022 owing to the increasing use of fermentation chemicals for the production of food and alcoholic beverages such as cheese, yogurt, and bread. For instance, according to the recent statistics published by International Trade Administration (ITA), in 2021, the food processing industry in Canada contributed USD 100 billion, a year-on-year increase of 14.8%. The leading food manufacturing sectors were meat products, dairy products, and others, accounting for a share of 28%, 13%, 11%, and 48%, respectively. Therefore, the increasing demand for fermented foods is a noteworthy factor determining an increase in the fermentation chemicals market.
Based on Region, the North America accounted for the largest market share in the fermentation chemicals market owing to the presence of top chemical manufacturing companies in the region particularly in the U.S. In addition, the growth of the food and beverage industry in the region is likely to spur the demand for fermentation chemicals. For instance, according to the statistics published by Statista, in the U.S., the revenue in the food market amounted to USD 996.40 billion in 2023 and is expected to grow annually by 3.40 % CAGR by 2027. Hence, the aforementioned factor is driving the market growth in the region.
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Frequently Asked Questions in the Fermentation chemicals Market Report
What was the market size of the fermentation chemicals industry in 2020?
What will be the potential market valuation for the fermentation chemicals industry by 2030?
What are the key factors driving the growth of the fermentation chemicals market, as well as the opportunities that may impact the market’s future development?
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Based on current market trends and future predictions, which geographical region will have the fastest impact on the fermentation chemicals market's growth in the coming years?
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