The global fermentation chemicals market is expected to reach USD 81.14 billion by 2024, according to a new report by Grand View Research, Inc. The ability of fermentation chemicals to accelerate the process for the preparation of various products and facilitating cost reduction is expected to remain a key driving factor for the global market.
Favorable regulations proposed by European Commission and EPA promoting green chemistry are also expected to have a positive influence on the market growth. Increased consumer awareness regarding bio-based products has also benefitted the market growth.
Intermittent raw material supply is expected to remain a key challenge for market participants. Process complexity involved in fermentation chemical production also adds to the increased product cost. The high cost of these chemicals is expected to restrain the market growth.
Alcohol emerged as the leading product segment with demand share exceeding 55% in 2015. As alcoholic beverages are produced by fermenting grains, fruits, etc. there has been an increasing demand for fermentation chemicals. Organic acids are expected to witness the highest growth of 5.2% from 2016 to 2024. Increasing demand for amino acid both for human and animal consumption is expected to drive this segment over the forecast period.
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Further key findings from the report suggest:
The global fermentation chemicals market demand was 56.98 million tons in 2015 and is expected to reach 85.66 million tons by 2024, growing at a CAGR of 4.6% from 2016 to 2024
Fermentation chemicals are widely used for industrial applications, and the segment accounted for 44.7% of total market volume in 2015. Increasing industrialization in emerging economies of China and India is expected to drive this segment. Plastics and fibers are expected to witness the highest growth of 5.6% over the forecast period. Increasing demand for bio-plastics and composites is expected to drive this segment over the forecast period.
North American emerged as the leading regional market with demand share estimated at 33.7% in 2015. Higher demand from industrial and food & beverage application segments particularly in the U.S. has contributed towards greater market penetration of fermentation chemicals in the region.
Asia Pacific is expected to witness the highest growth of 5.6% over the forecast period. The rapid expansion of key end-use industries such as food & beverages, plastics and pharmaceuticals in China, India, Thailand, and Indonesia is expected to drive the regional market over the forecast period.
Key industry participants include BASF SE, Amano Enzyme Inc, The Dow Chemical Company, Cargill Inc, Archer Daniels Midland, DuPont Danisco A/S, Ajinomoto Company Incorporation, Evonik Industries, etc.
Grand View Research has segmented the global fermentation chemicals market on the basis of product, application and region:
Global Fermentation Chemicals Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Global Fermentation Chemicals Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Plastics & Fibers
Pharmaceutical & Nutritional
Food & Beverages
Global Fermentation Chemicals Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Central & South America
Middle East & Africa
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