Fermentation Ingredients Market Overview
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. America holds major market share followed by Asia Pacific region in the year 2017. America will witness higher growth rate during the forecast period due to increasing demand of fermentation ingredients for food and beverage application. Europe holds more than 20% of market share in 2017.
Increasing awareness about application of fermentation ingredients in personal care and pharmaceutical products is driving the growth of Fermentation Ingredients Market Size. Rising popularity of food and beverages products made by using fermentation ingredients is boosting the market growth across the world.
The prominent players operating the global Fermentation Ingredients Market are Uquifa,Archer-Daniels-Midland Co., The Dow Chemical Co, Novozymes A/S,Evonik Industries AG, Cargill, E.I. du Pont de Nemours & Co., and Incorporated.
Fermentation Ingredients Market: Segmental Analysis
The global Fermentation Ingredients Market has been segmented based on 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 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.
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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.
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.
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