Increasing demand from the alcohol industry is one of the significant factors estimated to drive market demand.
Market Size – USD 59.11 billion in 2018, Market Growth - CAGR of 5.5%, Market Trends – Innovation in the pharmaceutical industry
NEW YORK, April 29, 2019 (GLOBE NEWSWIRE) -- The global fermentation chemicals market is expected to reach USD 90.99 Billion by 2026, according to a new report by Reports and Data. Fermentation chemicals are used as a catalyst or process enhancing chemicals to speed up the process of fermentation.
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Fermentation chemicals are used as the essential raw material in the alcohol industry. The fermentation process produces Ethanol, the main chemical used in the production of alcohol and alcoholic beverages. As a result, increasing demand for alcoholic beverages would play a significant role in driving market growth. Additionally, various other industries including cosmetic, pharmaceutical, and food and beverages industry require fermentation chemicals to maintain a smooth flow of the production process. Therefore, the growth of these industries across the globe, in turn, would be responsible for stimulating market demand.
The imposition of strict legislation by regulatory authorities in developed regions like Europe will play a vital role in fueling the market growth in the forecast period. Agencies comprising the European Commission and EPA categorically encourage green chemistry through their regulatory framework, which in turn can be supported by the application of fermentation chemicals.
The high cost involved in the fermentation of lactic acid prevents its uses in the dairy industry. Furthermore, the variation of the production process in the fermentation of ethanol, bacteria, lactic acid may hinder the market growth. The production of eco-friendly fermentation chemicals would open a window of opportunity for its application in the sectors including biomass conversion.
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Further key findings from the report suggest
- Alcohol fermentation dominated the market with over 50% of the market share in 2018 and is estimated to have a growth rate of 4.8% in the forecast period. Increase in use of alcohols in industrial applications is anticipated to boost the market demand.
- Increase in alcohol consumption mainly in countries like China, Thailand, India, and Australia together with other markets such as Brazil, Mongolia, Montenegro, and the Caribbean is likely to propel the market growth during the forecast period. Alcohols are also used widely in the making of bread, pickles, and cheese.
- Industrial applications contributed to the largest market share with more than 45% of the market share in 2018 and is estimated to have a CAGR of 5.2% in the forecast period.
- The market dominance of industrial applications may be attributed to the application of chemicals for manufacturing products like ethanol, acetic acid, and citric acid. Several products derived are used in the form of additives into food as antioxidants, preservatives, colors, flavors, and vitamins, and are found to be more desirable than food additives produced chemically.
- North America dominated the market with around 35% of the market share in 2018 and is expected to grow at a rate of 5.1% in the forecast period. Fermentation chemical market in North America is rising owing to the growth of the pharmaceutical and alcohol industry.
- Key participants include BASF SE, Archer Daniels Midland Company, Cargill Inc., The Dow Chemical Company, AB Enzymes, Chr. Hansen A/S, DSM, Ajinomoto Co. Inc., Novozymes A/S, and Evonik Industries AG among others.
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For the purpose of this report, Reports and Data have segmented global fermentation chemicals market on the basis of product type, form, applications, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Alcohol Fermentation
○ Ethanol
○ Others - Enzymes
- Organic Acids
○ Lactic Acid
○ Citric Acid
○ Gluconic Acid
○ Acetic Acid
○ Others - Others
Form Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Liquid
- Powder
Applications Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Industrial Applications
- Food & Beverages
- Nutritional & Pharmaceuticals
- Plastics & Fibers
- Others
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
○ U.S. - Europe
○ UK
○ France - Asia Pacific
○ China
○ India
○ Japan - Latin America
○ Brazil - MEA
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