Fermentation Chemicals Market 2021: Business Expansion Strategies

Fermentation chemicals are used to initiate the chemical reactions in synthesize of various chemicals. They act as a catalyst or initiators to control the speed of the chemical reaction. These chemicals are widely used across food processing industry for the preparation of food products. Moreover, they are also used in the production of Vitamins.

The global fermentation chemicals market was accounted for US$ 60,123.9 Mn in terms of value in 2019 and is expected to grow by 5.4% CAGR during the forecast period (2020-2027).

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Competitive Section

Key players operating in the global fermentation chemicals market include Ajinomoto Company Incorporation, AB Enzymes, BASF SE, Amano Enzyme Inc., Dow Chemicals, Archer Daniels Midland Company, Novozymes A/S, Cargill Incorporation, Evonik Industries AG, Du Pont Danisco A/S, and DSM.

Drivers

Strong demand for fermentation chemicals from the pharmaceutical industry is propelling market growth. These chemicals are used in the production of formulation such as anti-acne solutions, parenteral solutions, and ointments. Also, it is used in the manufacturing of calcium drugs used to treat calcium deficiency problems. Thus, rapid growth in the pharmaceutical industry is propelling the market growth of fermentation chemicals.

Growing research &development applications is propelling the market growth of the fermentation chemicals. Increasing use of fermentation chemicals for the manufacturing of organic acids such as citric acid, lactic acid, gluconic acid and itaconic acid. All these chemicals act as a base for the many research and experiments in R&D centers. Hence, rise in the research and development applications are creating strong demand for fermentation chemicals, thus fueling the market growth.

Figure 1. Global Fermentation Chemicals Market, Revenue Share (%), By Region, 2019

Fermentation Chemicals | Coherent Market Insights

Statistics:

North America region dominated the global fermentation chemicals market in 2019, accounting for 34.0% share in terms of value, followed by Asia Pacific and Europe, respectively.

Market Restraints

High cost associated with the fermentation of lactic acids is restricting its use across the dairy industry. This factor is expected to hinder the market growth of fermentation chemicals over the forecast period.

The fluctuation of the production process in the fermentation of bacteria, lactic acid, and ethanol is hampering the demand for these chemicals. This factor is hindering the market growth of the fermentation chemicals in the near future.

Fermentation Chemicals Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 60,123.9 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5.4% 2027 Value Projection: US$ 91,921.1 Mn
Geographies covered:
North America
Europe
Asia Pacific
Rest of the World
Segments covered:
By Type: Alcohols, Enzymes, Organic Acids, Others
By Application: Industrial Applications, Food & Beverages, Nutritional & Pharmaceuticals, Plastics & Fibers and Others
Companies covered:
Ajinomoto Company Corporation, AB Enzymes, BASF SE, Amano Enzymes Inc., Dow Chemicals, Archer Daniels Midland Company, Novozymes A/S, Cargill Incorporation, Evonik Industries AG, Du Pont Danisco A/S, and DSM

Growth Drivers:
Growing demand for fermentation chemicals from the pharmaceutical industry.
Growing research &development applications is propelling the market growth of the fermentation chemicals.
Restraints & Challenges:
High cost associated with the fermentation of lactic acids
Market Opportunities

Increasing implementation of green chemistry is augmenting demand for fermentation chemicals. This is expected to bring new market opportunities. Fermentation chemicals are produced from microorganisms, such as fungi, bacteria, and eukaryotic cells for producing citric acid, ethanol, and acetic acid. These products are the most desirable additives, antioxidants, preservatives, and flavors used across various industrial applications.

Growing population around the globe is creating demand for food. This is expanding the food &beverage industry. Fermentation chemicals are widely used as a preservatives and additives across food &beverage industry, which is expected to offer potential growth opportunities in the near future. Also, changing lifestyle and busy schedule of the consumers is further fueling the demand for processed food products. This is expected to foster the market growth of fermentation chemicals.

Figure 2. Global Fermentation Chemicals Market – Opportunity Analysis

Fermentation Chemicals | Coherent Market Insights

Market Trends

Rapid growth in the polymer industry due to increasing disposable income and improving standard living of the consumers is expected to fuel the market growth of fermentation chemicals. These chemicals are widely used as additives in the production of polymers. Growing consumerism and shifting trend towards high-performance polymers for various industrial applications is again anticipated to propel the market growth of the fermentation chemicals.

Growing demand for enzymes from various industries is expected to augment the market growth. Enzymes are widely used across personal care and cosmetic industry in the production of cosmetic products. A growing sense of fashion coupled with the increasing awareness regarding the personal hygiene and aspire to look presentable is driving demand for cosmetic and personal care products. This is creating demand for enzymes, thereby fueling the market growth of the fermentation chemicals.

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Figure 3. Global Fermentation Chemicals Market, Revenue Share (%), By Type, in 2019

Fermentation Chemicals | Coherent Market Insights

The alcohols segment dominated the global fermentation chemicals market in 2019, accounting for 53.6% share in terms of value, followed by organic acids and enzymes segment respectively

Global Fermentation Chemicals Market - Impact of Coronavirus (Covid-19) Pandemic

The novel Coronavirus (COVID-19) has impacted almost all the industries globally including food & beverages industry. Rising demand for packed food products owing to rising health awareness supports the growth of the fermentation chemical s market globally.

Figure 4. Global Fermentation Chemicals Market, Value Chain Analysis

Fermentation Chemicals | Coherent Market Insights

Few Recent Developments

In March 2018, Modern Meadow, announced a long term partnership with Evonik, a global provider of microbial fermentation, to scale up their fermentation and collagen production. Under the agreement, Evonik will be Modern Meadow’s worldwide development partner to industrialize and scale-up collagen production for use in the company’s bio leather materials technology.

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This release was published on openPR.