WASHINGTON, June 27, 2023 (GLOBE NEWSWIRE) -- The Global Fermentation Chemicals Market is valued at USD 71.9 Billion in 2022 and is projected to reach a value of USD 116.21 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.1% over the forecast period 2023-2030.
One of the most significant economic areas is the Fermentation Chemicals business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Fermentation Chemicals, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Fermentation Chemicals market growth over the forecast period. One of the main factors that favorably affect the demand for Fermentation Chemicals is the increasing demand for biofuels. Biofuels are produced using fermentation processes, and the growing demand for clean and sustainable energy sources has led to a surge in biofuel production. This, in turn, has resulted in an increased need for Fermentation Chemicals, which are used as inputs for the production of biofuels.
Moreover, the growing awareness about environmental sustainability and the need for reducing carbon emissions also contribute to the growth of the Fermentation Chemicals market, as they are integral components of the bio-based economy that promotes sustainable and green processes. As a result, the global Fermentation Chemicals market is expected to witness significant growth in the coming years.
The North America Fermentation Chemicals market is accounted for the highest market share. The increasing demand for fermented products, such as food & beverages, pharmaceuticals, and industrial enzymes, drives the market. The rise in the consumption of alcohol and beer in the region is also expected to drive the market's growth. Additionally, the growing awareness of the health benefits of fermented products is fueling the demand for Fermentation Chemicals. The United States is the largest market in the region due to its substantial demand for Fermentation Chemicals from various end-use industries.
Market Dynamics
Rising Demand for Bio-Based Chemicals to Drive the Market
The global Fermentation Chemicals market has witnessed a rise in demand for bio-based chemicals. This can be attributed to various factors, such as increasing concerns about chemical processing and environmental sustainability, rising demand for organic products, and the high cost of petroleum-based chemicals. Bio-based chemicals are derived from renewable sources such as sugarcane, corn, and other plant-based raw materials. They are biodegradable and have a lower environmental impact than petroleum-based chemicals. The increasing awareness of the environmental impact of chemical processing has been driving the demand for bio-based chemicals in various industrial applications such as food and beverage, pharmaceuticals, and agriculture.
The food and beverage industry has been witnessing a rising demand for bio-based chemicals as consumers increasingly opt for organic and natural products. Fermentation Chemicals such as lactic acid, derived from renewable sources, are used as preservatives and flavor enhancers in the food industry. The pharmaceutical industry has also been adopting bio-based chemicals to produce antibiotics, vitamins, and other drugs. Governments in various countries have been implementing policies and regulations to promote using bio-based chemicals. For instance, the European Union has implemented regulations to encourage using renewable sources in the chemical industry. Such initiatives have further driven the adoption of bio-based chemicals in the global Fermentation Chemicals market.
Top Players in the Global Fermentation Chemicals Market
- BASF SE (Germany)
- Novozymes A/S (Denmark)
- Amano Enzymes Inc. (U.S.)
- DSM Chemicals Company (Netherlands)
- Archer Daniels Midland Company (U.S.
- Cargill Incorporated (U.S.)
- The Dow Chemical Company (U.S.)
- AB Enzymes (Germany)
- Chr. Hansen A/S (Denmark)
- Ajinomoto Co. Inc. (Japan)
- Evonik Industries AG (Germany)
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Increased Use of Fermentation Chemicals in Pharmaceuticals to Impact the Market
The global Fermentation Chemicals market is anticipated to increase in the coming years, and one of the key factors propelling this growth is the increased use of Fermentation Chemicals in pharmaceuticals. Fermentation has long been used in the production of antibiotics and other drugs. Still, as technology has advanced, the range of applications for fermentation in the pharmaceutical industry has expanded considerably. Fermentation Chemicals are used in a variety of ways in pharmaceuticals. One common use is in producing enzymes, which are used to catalyze chemical reactions in the body. Enzymes produced through fermentation can be more efficient and cost-effective than those produced through chemical synthesis, making them an attractive option for pharmaceutical companies seeking to develop new drugs.
Another way that Fermentation Chemicals are used in pharmaceuticals is in producing vaccines, which are made by growing and inactivating viruses or bacteria. Fermentation is often used to increase large quantities of these microorganisms, which can then be used to produce vaccines on a large scale. In addition to their use in enzyme production and vaccine production, Fermentation Chemicals are also used in producing other drugs, such as insulin and other biologics. These drugs are made from complex molecules that can be difficult to create using traditional chemical synthesis methods but can be produced more efficiently and at a lower cost through fermentation.
Top Trends in Global Fermentation Chemicals Market
- One trend that Vantage Market Research (VMR) expects to see in the Fermentation Chemicals industry is the growing demand for industrial enzymes. The need for industrial enzymes is expected to rise, driven by the increasing production of biofuels, detergents, and food products. Fermentation Chemicals are the primary raw materials used to produce industrial enzymes.
- Another trend that VMR predicts will continue in the Fermentation Chemicals industry is technological advancements. Advancements in fermentation technology have led to producing high-quality and high-yield fermentation products, leading to an upsurge in demand for Fermentation Chemicals.
Top Report Findings
- Based on the Product, the Alcohol segment is the largest segment in the global Fermentation Chemicals market. It includes products such as ethanol, butanol, and methanol, which are used in various industries such as beverages, pharmaceuticals, and automotive. Ethanol is the most abundant alcohol produced through fermentation and is widely used as a biofuel. Increasing demand for biofuels and alcoholic beverages is expected to drive the growth of this segment in the coming years.
- Based on the Form, the Powder segment accounts for a significant share of the Global Fermentation Chemicals Market. These chemicals are widely used as food additives and in producing pharmaceuticals, industrial enzymes, and biofuels. The growing demand for convenience foods and consumer preference for clean-label products has fueled the demand for Fermentation Chemicals in the powder segment. Moreover, the rising adoption of biotechnology in drug development has further boosted the growth of this market segment.
- Based on the Application, the Food & Beverages category controls most of the Fermentation Chemicals market's revenue. This is attributed to the rising demand for fermented food products among consumers. Fermentation Chemicals such as enzymes, yeast, and bacteria are widely used in producing fermented food & beverage products. The increasing popularity of functional and probiotic foods is also boosting the demand for Fermentation Chemicals in the food and beverage industry.
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Top Players Generates Majority Revenue of Global Fermentation Chemicals Market
The global Fermentation Chemicals market is highly competitive and fragmented. Key players operating worldwide include BASF SE (Germany), Novozymes A/S (Denmark), Amano Enzymes Inc. (U.S.), DSM Chemicals Company (Netherlands), Archer Daniels Midland Company (U.S.), Cargill Incorporated (U.S.), The Dow Chemical Company (U.S.), AB Enzymes (Germany), Chr. Hansen A/S (Denmark), Ajinomoto Co. Inc. (Japan), Evonik Industries AG (Germany), and Solvay. These companies focus on product innovation, partnerships, and collaborations to strengthen their market position. Moreover, there is intense competition among the regional players. The market players are also trying to expand their presence in emerging markets by establishing partnerships, joint ventures, and distribution agreements.
Nutritional & Pharmaceutical Category in Fermentation Chemicals Market to Generate Most of the Revenue
Fermentation Chemicals significantly impact the nutritional and pharmaceutical segments of the global market. The use of Fermentation Chemicals in the food industry has increased in recent years due to their ability to enhance the nutritional value of food products and increase shelf life. Additionally, fermentation processes are commonly used to produce antibiotics and metabolic products that have pharmaceutical applications.
In the nutritional market, Fermentation Chemicals play a crucial role in producing probiotics, enzymes, vitamins, and amino acids. Probiotics are live microorganisms that offer health benefits to the host when consumed in adequate amounts. Fermentation processes produce probiotics such as Lactobacillus and Bifidobacterium, which are used in various food products such as yogurt, cheese, and dietary supplements. Enzymes are essential components of the human body as they help break down complex substances such as carbohydrates and proteins. They are also used in various industries, such as food processing, brewing, and textiles. Fermentation processes produce enzymes such as amylase, protease, and lipase. Amino acids are the building blocks of proteins and are essential for maintaining healthy body tissue. They are also used to produce various nutritional supplements in the food industry as flavor enhancers and sweeteners. Fermentation processes produce amino acids such as lysine, tryptophan, and glutamic acid.
In the pharmaceutical market, Fermentation Chemicals are widely used to produce antibiotics, insulin, and other metabolic products. Antibiotics are used to treat bacterial infections, and the production of antibiotics such as penicillin and erythromycin relies heavily on fermentation processes. Insulin is used to manage diabetes and is produced using fermentation processes that involve genetically modified microorganisms. Other metabolic products, such as human growth hormone and interferon, are also produced using fermentation.
Overall, Fermentation Chemicals significantly impact the nutritional and pharmaceutical segments of the global market, providing a broad range of benefits to human health and well-being. The ever-growing demand for nutritional and pharmaceutical products is expected to drive the growth of the global fermentation chemical market in the coming years.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Fermentation Chemicals Market Forecast Report (2023-2030).
Global Fermentation Chemicals Market Segmentation
By Product
- Alcohol
- Enzymes
- Organic Acid
- Other Products
By Form
- Liquid
- Powder
By Application
- Food & Beverages
- Industrial Applications
- Nutritional & Pharmaceutical
- Plastics & Fibers
- Cosmetic & Toiletry
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 71.9 Billion |
| Revenue Forecast by 2030 | USD 116.21 Billion |
| CAGR | 7.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BASF SE, Novozymes A/S, Amano Enzymes Inc., DSM Chemicals Company, Archer Daniels Midland Company, Cargill Incorporated, The Dow Chemical Company, AB Enzymes, Chr. Hansen A/S, Ajinomoto Co. Inc., Evonik Industries AG |
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