(MENAFN- News Satori)
As per the report published by Fior Markets, the global fermentation chemicals market is expected to grow from USD 61.21 Billion in 2018 to USD 96.34 Billion by 2026 at a CAGR of 5.8% during the forecast period 2019-2026.North America region is dominating the market as it is the manufacturing hub for major industry participants operating in sectors such as food & beverages, nutrition, and pharmaceutical, as well as plastics and fibers. Rising demand for enzymes from various industrial applications such as paper, personal care, and starch is expected to have a considerable effect on the industry growth.
Fermentation Chemicals Market by Product (Alcohols, Enzymes, Organic Acid, Others),Application,Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.
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Leadersin the industry such as Ajinomoto Company Incorporation, BASF SE, The Dow Chemical Company, AB Enzymes, Amano Enzyme Inc., Archer Daniels Midland Company, Cargill Incorporation, Du Pont, Danisco A/S, Novozymes A/S, DSM, Evonik Industries AG Chr. Hansen A/S, INVISTA, LanzaTech, and among many others are offering greater opportunities and major players are continuously focusing on new product developments and venture capital investments to obtain market share.Dow Chemical Company, AB Enzymes, Amano Enzyme Inc., and Eurosane are the major key players in the global fermentation chemicals market.For instance in 2019, Yeast and fermentation specialist Lesaffre acquired a majority stake in Italian company Gnosis which specialises in the development, production and sale of fermentation ingredients for the food and nutraceutical industries.
The fermentation chemicals market is segmented on the basis of product and application. Product segment is segmented into alcohols, enzymes, organic acid and others. The alcohols segment is dominating the market and valued around USD 28.89 Billion in 2018. Alcohols are used broadly in bread, pickles, cheese, and alcoholic beverages. Alcohol industry uses fermentation chemicals as the raw material. In addition, the development of the new fermentation alcohols will further increase demand of the alcohols in upcoming years. The wide consumption of the alcohol majorly in Asia Pacific region is boosting the alcohols segment growth in the global market. The enzymes is the second dominating segment in the global fermentation chemicals market as they are widely used in the production of the detergents and biomass pre-treatment.
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The application segment is segmented into industrial, plastic & fibers, pharmaceuticals and nutritional, food and beverages and others. The industrial segment is dominating the market with the highest share of 41.20% in 2018 owing to the fastest-growing industrial sector globally. Implementation of green chemistry and various regulations for commercial and industrial applications have resulted in higher penetration. It is due to the utilization of fermentation by microorganisms, such as fungi, bacteria, and eukaryotic cells for manufacturing products such as ethanol, citric acid, and acetic acid.In addition, the growing demand for enzymes from paper, personal care, and starch, and other industries is anticipated increased the demand for the fermentation chemicals and this will further boost the industrial segment growth in the forecasted years.
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Fermentation chemicals are used to speed up the fermentation process and act as process initiators in an array of applications. It plays the role of catalysts or process-enhancing chemicals that help in minimising the manufacturing cost, chemical reaction time and energy consumption. Emerging demand from methanol and ethanol industry has stimulated the growth. Growing research expenditure in North America and Europe is another factor contributing to the market expansion. Butun availability of raw material may pose a major threat to the product. However, growing demand for bio-based feedstock in industrial biotechnology is expected to stimulate the growth of fermentation chemicals market in the coming years.
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