Pune, July 12, 2024 (GLOBE NEWSWIRE) -- The Fermentation Chemicals Market Size is projected to reach USD 132.04 billion by 2032 and grow at a CAGR of 7.54% over the forecast period of 2024-2032.
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Market Players Covered in this Report:
The major key players are AB Enzymes, DuPont Danisco, Dow, Evonik Industries AG, BASF SE, Chr. Hansen Holding A/S, Amano Enzymes USA Co. Ltd., Novozymes, Cargill, Inc., ADM, Ajinomoto Co., Inc., and other key players mentioned in the final report.
The rising demand for bio-based feedstock in industrial biotechnology drives Market growth.
The rise in demand for bio-based feedstock, particularly in industrial biotechnology, is credited with the expansion due to the increasing need for methanol and ethanol. As well as to meet demands from various chemicals and industrial end-use applications, it is anticipated that the need for fermentation chemicals will only grow. Additionally, a similar, presumably greater demand for other organic acids from producers of fiber and plastic will have a major influence on the rise over the coming years.
For example, Evonik Industries announced the release of "Vecollan," a very pure and soluble collagen made through fermentation, in July 2022. This collagen is not obtained from animals. Its triple-helix structure, which is derived from a fermentation-based production technique, replicates the characteristics of natural collagen and makes it appropriate for use in pharmaceutical, medical, and other life science applications.
Moreover, compared to solvents made from petroleum, fermentation chemicals are less expensive and better for the environment. Because these chemicals can speed up reactions and cut down on production time, demand for them is anticipated to rise during the projected period. Corn, sugar, and starch are utilized as vegetable products to partially offset environmental damage. Furthermore, when compared to nominal quantities, starches and sugars are less expensive raw materials than petrochemicals. Therefore, the demand for fermentation chemicals increases in the market.
Fermentation Chemicals Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 74.50 |
| Market Size in 2032 | USD 132.04 |
| CAGR (2024-2032) | 7.54% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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“Increasing cosmetic demand drives the market growth.
An increasing awareness among consumers about cleanliness and cosmetics has led to an increase in demand for these products in recent years. Skin issues have been raised as a result of environmental change which has opened a significant market opportunity for the cosmetic industry. Skincare products are made up of fermented fruits, herbs, and yeast which drive the market growth of fermentation chemicals growth in the market. For instance, In February 2024, Evonik launches collage fortify L, for the personal and beauty care market. It prevents dual benefits to fortify collagen in the skin.
Segmentation Analysis
Based on the Product segment alcohol type holds the largest market share.
Alcohol product type dominated the market with the highest revenue share of more than 57.22% in 2023. The fermentation indicates that the activity of microbes is beneficial. Alcoholic beverages including wine, beer, and cider are made by fermentation. Dairy products and leavening bread are further products of fermentation.
The food and beverage business has a strong demand for fermentation chemicals since it is the oldest biotechnology that humans have utilized to generate safer, more stable, and superior food products.
On the Basis of Application Segment, Industrial applications hold the dominant share
The industrial application dominated the market with the highest revenue share of more than 43% in 2023. The high proportion can be attributed to rising biotechnology, research and development, and production from renewable raw materials investments. Low conversion and relatively few applications of directly biosynthesized fermentation chemicals are among the drawbacks of formulating from lignocellulosic feedstock, nevertheless. Carbohydrate fermentation is required for this process.
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Regional Landscape:
North America held the highest revenue share of approx. 35.23% in 2023. This is explained by the fact that several industries, including the pharmaceutical, industrial, and food and beverage sectors, are consuming more chemicals. Furthermore, it is expected that North America's demand will soar due to the growing pharmaceutical industry in nations like the United States, Mexico, and Canada.
Asia Pacific region has the fastest-growing fermentation chemical market. Due to the increased demand for fermented food products especially in countries such as India, Japan, and China. This region has a large population which increases fermented food that drives the fermented chemical market growth.
Recent Developments
- In October 2023, BASF SE expanded a new fermentation plant in its Ludwigshafen site. The new facility helped to improve the fungicide product and biological seed treatment.
- In 2023, ADM and Solugen announced that they will be manufacturing plant-based specialty chemicals, including fermentation chemicals. The company intends to manufacture specialty chemicals and bio-based building block molecules to serve the cleaning, personal care, agriculture, and energy industries.
Key Takeaways:
- The fermentation chemical market size will increase due to the growing application in food and beverage, alcohol, and others.
- Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
- North America holding the largest market share will have a major impact on overall market growth
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