Fermentation Ingredients Market Overview
Globally, the Fermentation Ingredients Market is projected to reach USD 78.38 billion by 2023 with CAGR of 5.08%. Increasing application of fermentation ingredients by food and beverage industry is driving the market growth. Fermentation is a process of adding a flavor to the food in order to improve its taste to change form of the food. Also, the fermentation ingredients are used to enhance shelf life of food without altering quality and acceptability of the food product. Through this process, the improved quality of the food, retaining its nutritious contents, making it easier to digest, and better in taste can be achieved. Additionally, fermentation ingredients are used in industries mainly in the food and beverages and pharmaceutical. The combination of water and salt such as brine is widely used in fermentation; increasing demand for the fermented food is likely to drive the fermentation ingredients market. The use of sterility and cellular enzymes are efficient rather than lifeless catalyst for provoking chemical reactions in the material.
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The other factors that are influencing global fermentation ingredients market from past few years are the expansion of the global bioethanol industry, easy and faster production of bioactive molecules, persistence for the eco-friendly production system, increasing demand for alcohol. Additionally, the factors such as demand for the fermentation chemicals and especially of alcohols have spurred its demand in the food & beverage and chemical industry. These are the augmenting demand for fermentation ingredients owing to its health benefits which helps to propel growth of the global fermentation ingredient market.
In 2019, BASF SA acquired Isobionic, a leader in biotechnology in order to add up natural ingredients in their product line. Additionally, the company announced agreement with biotechnology research company Conagen, for introduction of excelling products based on technologies of fermentation and fermentation ingredients.
The key players operating in the global fermentation ingredients market include 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.
The fermentation ingredients market is segmented based on type, form, application, feedstock, and region.
In terms of type, the global fermentation ingredients market is categorized into amino acid, polymer, alcohol, organic acid, antibiotics & vitamins, industrial enzymes, and other. Among these, alcohol segment is estimated to account for leading share owing to growing demand for the breweries, diary, and bakery & confectioners.
Based on the application, the market is segmented into food and beverages, animal feed, chemical, pharmaceutical, and others. Of these, food and beverages segment are estimated account for largest share in the global fermentation ingredients market owing to increasing demand for the food retaining nutritional content in the food.
Based on the region, the market is segmented into Europe, the Americas, Asia Pacific, the Rest of the World (RoW). Of these, the Americas are estimated hold strong position in the fermentation ingredients market owing to increasing demand for fermentation ingredients market. Among the countries in the U.S. is estimated to expand by exhibiting fastest CAGR of about 6.12% during the forecast period. Increasing applications of fermentation in the pharmaceuticals and chemicals in the region is benefiting the market growth.
Europe is estimated to stand in the second position in terms of revenue in the fermentation ingredients market owing to trend of using fermented alcohols and products in the food and beverages industry. However, Asia Pacific is estimated to expand by exhibiting striking CAGR during the forecast period owing to swiftly changing lifestyle and increasing disposable income in the region. Additionally, changing eating habits and inclination toward natural products especially in the emerging countries is likely to fuel the fermentation ingredients market growth in coming year.
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