Fermentation Chemicals Market, Covid-19 Outbreak, Growth, Industry Overview, Segmentation, Regional Analysis and Forecast to 2024

Market Summary

The global market for fermentation chemicals stood at USD 61.22 million in 2018 and is projected to exhibit a CAGR of over 5.3% during the forecast period owing to the growing adoption of organic food and beverages across the globe. Also, the demand for fermentation chemicals is increased in the production of ethanol, which is used as an oxygenate in reformulated gasoline. The restriction on the use of methyl tert-butyl ether (MTBE) in North America and Europe is a major factor that has increased the adoption of ethanol, which is expected to propel the demand for fermentation chemicals during the forecast period.

Segment Analysis

Global Fermentation Chemicals Market is segmented based on product type and application. By product type, the global market has been segmented into alcohols & ketones, amino acids, industrial enzymes, organic acids, and others. Alcohols & ketones consist of ethanol, butanol, BDO, and acetone. The segment accounted for a major share of over 30% of the global market in 2018 and is expected to follow the trend during the forecast period. Alcohols are majorly used in the production of various food, such as bread and pickles, as well as beverages. The increase in consumption of alcoholic beverages and preference for heavy and on-the-go breakfast regime are factors expected to boost the demand for fermentation chemicals during the forecast period. The use of enzymes as active ingredients in detergents, industrial cleaners, and pre-treatment of biofuels is also expected to boost the demand for the product. The growing concerns regarding the depletion of oil reserves and inflating fuel prices are expected to increase the demand for the product in biofuel production during the forecast period.

Based on application, the global market has been divided into food & beverages, plastics & fibers, nutritional & pharmaceuticals, industrial application, cosmetic & toiletry, and others. The plastic & fiber segment accounted for the largest market share and is expected to maintain its dominance throughout the forecast period. The growth is attributed to the growing concern among government bodies and other agencies regarding non-degradable plastics. The imposition of ban on single-use plastics by various government bodies such as European Commission and ASTM International is promoting the use of biodegradable plastics, which is expected to fuel the growth of the global fermentation chemicals market. For instance, starch-based plastics are majorly used in various end-use industries such as automotive, agriculture, and packaging.

Regional Analysis

The global fermentation chemicals market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. In terms of value, the North American market is estimated to hold more than one-third of the global market share and be the dominant market throughout the forecast period owing to the growing use of bio-based raw materials while mitigating the rising price of oil and natural gas. In addition, the growing demand for biodegradable plastics and ethanol fuel is expected to further boost the demand for fermentation chemicals in the region. The Asia-Pacific market is expected to exhibit the highest CAGR during the forecast period due to the growing demand for fermented chemicals in pharmaceutical production coupled with the growing adoption of organic food and beverages.

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Key Players

Some of the key players operating in the global fermentation chemicals market are AB Enzymes (Germany), Amano Enzyme Inc (Japan), Evonik Industries AG (Germany), Koninklijke DSM N.V. (The Netherlands), EUROSANEX (Spain), Cargill, Incorporated (US), Archer Daniels Midland Company (US), BASF SE (Germany), Ajinomoto Co., Inc (Japan), Novozymes (Denmark), Chr. Hansen Holding A/S (Denmark), INVISTA (US), and DowDuPont (US).

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.