The global fermentation ingredients market is predicted to garner USD 78.38 billion during the forecast period (2016-2023). The global market is considered to register 5.08% CAGR owing to the growing application of fermentation ingredients, asserts Market Research Future (MRFR).Fermentation is referred to as a biological process which is based on the use of sterility and cellular enzymesrather than inanimate catalyst and stimulate chemical reactions in the materials, they are used in.The process is performed in order to add flavor to the food and change the formor make it tastier. Fermentation ingredients are used so that food can stays in good condition and for longer duration.Fermentation improves the food quality, thus making it more nutritious, easier to digest, and better in taste.
Drivers and Constraints Impacting the Market
With the rising application of fermentation ingredients by the food and beverage industry, the global fermentation ingredients market is considered to propel during the estimated period.The growing awareness about application of fermentation ingredients in pharmaceutical and personal careproducts is contributing to the market growth.Moreover, the augmenting popularity of food and beverages products made using fermentation ingredients is further influencing the market growth across the globe.Withadvancements in fermentation processcoupled with the introduction of eco-friendly production system, the market is considered to flourish. Additionally,the accelerating production of beet, sugar cane,corn, and tapiocaplay a major role in fueling the market growth during the assessment period.Eco-friendly production system, augmenting environmental concerns, and health benefits of fermentation are some other major factors contributing to the market growth.
On the flip side, factors such as variations in price and accessibility of unrefined resources are some of the major concerns considered to dampen the market growth during the appraisal period. Moreover, accessibility of cheap raw materials, budget allocation, and health risk associated with the use of fermentation ingredients are likely to pose a threat to the market growth.
Global Fermentation Ingredients Market: Segmental Analysis
Global Fermentation Ingredients Market has been segmented on the basis of type, form, application, feedstock, and region.
By mode of type, the global fermentation ingredients market has been segmented into amino acid, alcohol, polymer, antibiotics & vitamins, organic acid, industrial enzymes, and others. Among these, the alcohol segment occupies the largest market share. The global fermentation ingredients market is segregated as wineries and spirits, breweries, dairy, bakery & confectionary, animal feed, pharmaceutical, and more. Among these, the brewery and wineries are considered to hold the largest market share.
By mode of form, the global fermentation ingredients market has been segmented intoliquid, dry, and others.
By mode of application, the global fermentation ingredients market has been segmented intofood & beverages, chemical,animal feed, pharmaceutical, and others.Fermentation ingredients are extensively used in food and beverages industries in order to increase the nutritional value and qualityof the products. They are also used to convert carbohydrates into organic acids or alcoholby using microorganism under anaerobic conditions. The F&B segment is predicted to experience a higher growth rate during the appraisal period.
By mode of feedstock, the global fermentation ingredients market has been segmented intowheat, sugar beet, corn, and others.
Geographically, the fermentation ingredients market span across regions namely, Europe, America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Americas occupy the major market share and is anticipated to experiencea higher growth rate owing to the rising demand of fermentation ingredients for F&B sector. U.S. is estimated to be the fastest growing region and is predicted to expand at 6.12% CAGR owing to the increasing demand of fermentation ingredients coupled with the availability of resources. Moreover, the increased application of fermentation in the pharmaceutical and chemical companies are further playing animportant role.
The European regionoccupies 22.78% of the market share is predicted to garner USD 17.08 billion. With the growing pharmaceutical and chemical industries in Europe, the market is estimated to expand in this region.
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Asia Pacific is also considered as a substantial market and is estimated to experience the top growth rate. The growth is attributed to the escalating disposable income of the middle-class population, mounting population, demand for personal care products and high-quality food, and consumer awareness associated with health and wellness in developing economies such as China, India, and Japan.
The leading market players in the Global Fermentation Ingredients market primarily are Archer-Daniels-Midland Co., The Dow Chemical Co, Cargill, Incorporated, E.I. du Pont de Nemours & Co., Evonik Industries AG, Novozymes A/S and Uquifa