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Fermentation Chemicals Market Trends, Top Companies, Share, Growth And Forecast 2033
Fermentation Chemicals Market Trends
According to The Business Research Company's, The fermentation chemicals market size has grown strongly in recent years. It will grow from $66.93 billion in 2023 to $71.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to government policies and incentives, industrial biotechnology growth, shift towards bio-based products, rise in pharmaceutical applications, biofuel production demand..
The fermentation chemicals market size is expected to see strong growth in the next few years. It will grow to $92.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rise in biopharmaceuticals, bio-based products demand, expansion in biofuel production, food and beverage industry growth, cosmetics and personal care applications.. Major trends in the forecast period include biopharmaceutical advancements, bio-based products demand, global economic factors, government regulations and suppor, research and development focus, cosmetic and personal care applications..
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Market Drivers and Trends:
The rising demand for alcohol and non-alcoholic beverages is expected to propel the fermentation chemicals market. Alcoholic beverages are drinks containing ethanol, commonly referred to as alcohol, whereas a non-alcoholic beverage refers to a drink with little or no alcohol. Yeasts turn carbohydrates into alcohol during the fermentation process. Thus, fermentation chemicals are employed to accelerate or initiate the process, which is an anaerobic process that degrades molecules such as glucose. For instance, in December 2021, according to Pattern Inc., a Utah-based commerce accelerator provider, non-alcoholic category demand was up by 52% in 2021 compared to 2020. Additionally, in 2020, according to Beverage Information Group data, a US-based data collection and reporting company, alcohol consumption in the United States grew by 45 million cases in 2020. Thus, rising demand for alcohol and non-alcoholic beverages is driving the growth of fermentation chemicals.
Technological advancement is a key trend in the fermentation chemicals market. Major companies operating in the fermentation chemicals market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2021, Novozymes A/S, a Denmark-based biotechnology company, launched Innova Quantum, a new development to its robust Innova yeast platform. The new yeast is robust and can achieve higher ethanol yields and processing efficiencies than ever before, even in ethanol plants with longer fermentation times than 60 hours. Innova Quantum establishes a new standard for the strongest, highest-yielding yeast to optimize producer yield and fermentation dependability.
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Major Key Players of the Market:
Ajinomoto Co. Inc.; AB Enzymes GmbH; BASF SE; Amano Enzymes Inc.; Dow Inc.; Archer Daniels Midland Company; Novozymes A/S; Cargill Incorporated; Evonik Industries AG; DuPont Danisco A/S; Koninklijke DSM N.V.; Chr. Hansen Holding A/S; LanzaTech Inc.; MicroBiopharm Japan Co Ltd.; Novasep Holding SAS; Kerry Group plc; Lallemand Inc.; Amyris Inc.; Codexis Inc.; Lesaffre et Compagnie; Givaudan SA; NatureWorks LLC; Genencor (Danisco A/S); Roquette Frères S.A.; Sekisui Chemical Co. Ltd.; Novamont S.p.A.; Metabolic Explorer S.A.; BioAmber Inc.; Green Biologics Ltd.; PureCircle Limited; Corbion N.V.; Myriant Corporation; Raízen Energia S.A.
Fermentation Chemicals Market 2024 Key Insights:
• The fermentation chemicals market will grow to $92.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Fermentation Chemicals Market Surges Amidst Soaring Demand For Alcoholic And Non-Alcoholic Beverages
• Technological Advancements Reshaping The Fermentation Chemical Landscape
• North America was the largest region in the fermentation chemicals market in 2023
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