- Rising production of sugar cane, beet, tapioca and corn is playing a major role in growth of the fermentation ingredients market.
- The alcohol segment of the market occupies the largest market share.
- Among all the regions, the Americas occupy the major market share and are anticipated to experience a higher growth rate
The Fermentation Ingredients Market is projected to reach $78.38 billion by 2023 with CAGR of 5.08%. Increasing application of fermentation ingredients by the food and beverage industry is driving the market growth. America holds a 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 applications. Europe holds more than 20% of the market share in 2017.
Increasing awareness about application of fermentation ingredients in personal care and pharmaceutical products is driving the growth of the fermentation ingredients market. Rising popularity of food and beverages made by using fermentation ingredients is boosting market growth across the world. Introduction of eco-friendly production systems by fermentation ingredient manufacturers and advanced technologies in the fermentation process are also influencing the growth of the market. Rising production of sugar cane, beet, tapioca and corn is playing a major role in growth of the fermentation ingredients market.
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 others.
The global Fermentation Ingredients Market has been segmented based on type, form, application, feed-stock, 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 & confectionery, animal feed, pharmaceutical, and more. Among these, the brewery and wineries are considered to hold the largest market share.
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By mode of form, the global Fermentation Ingredients Market has been segmented into liquid, dry, and others.
By mode of application, the global Fermentation Ingredients Market has been segmented into food & 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 quality of the products. They are also used to convert carbohydrates into organic acids or alcohol by using microorganisms under anaerobic conditions. The F&B segment is predicted to experience a higher growth rate during the appraisal period.
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 are anticipated to experience a 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 due to 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 an important role.
Asia Pacific is also considered to be 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.