Global fermentation chemicals market is estimated to reach around US$ 108.41 Billion by 2030, in terms of revenue, exhibiting a CAGR of 6.8% during the forecast period (2023-2030).
Growing demand for fermentation chemicals from the pharmaceutical industry
Strong demand for fermentation chemicals from the pharmaceutical industry is expected to drive the market growth. These chemicals are used in the production of formulation such as anti-acne solutions, parenteral solutions, and ointments. Moreover, it is used in the manufacturing of calcium drugs that are used to treat calcium deficiency problems. Thus, rapid growth in the pharmaceutical industry is expected to drive the market growth of Fermentation Chemicals.
Growing research & development applications
Growing research & development in various end use applications is expected to drive the market growth. Fermentation chemicals act as a base for the many research and experiments in R&D centers. Hence, rising research and development applications is boosting demand for fermentation chemicals.
High cost associated with the fermentation of lactic acids
High cost associated with the fermentation of lactic acids is restricting its usage in the dairy industry. This factor is expected to hinder the market growth over the forecast period.The fluctuation of the production process in the fermentation of bacteria, lactic acid, and ethanol is hampering demand for these chemicals. This factor is hindering the market growth.
High demand for bio based products
This market is driven by increasing use of fermentation chemicals in food, pharmaceutical, and plastic manufacturing. High demand for bio-based feed stocks, especially in industrial biotechnology, is expected to boost demand for fermentation chemicals. Demand for methanol and ethanol also contribute to the market growth. Demand for various organic acids from textile and plastic manufacturers is expected to influence the market growth. Fermentation chemicals are considered to be environmentally friendly, beneficial, and inexpensive as compared to petroleum-derived chemicals.
Fermentation Chemicals Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 68.28 Bn|
|Historical Data for:||2018 to 2020||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.8%||2030 Value Projection:||US$ 108.41 Bn|
Ajinomoto Company Corporation, AB Enzymes, BASF SE, Amano Enzymes Inc., Dow Chemicals, Archer Daniels Midland Company, Novozymes A/S, Cargill Incorporation, Evonik Industries AG, Du Pont Danisco A/S, and DSM
|Restraints & Challenges:||
Demand for polymer industry
Growing polymer industry due to increasing disposable income and improving standard living of the consumers is expected to drive the market growth. These chemicals are widely used as additives in the production of polymers. Again, it is anticipated that rising consumer spending and a changing industrial application trend toward high-performance polymers will fuel the market expansion of fermentation chemicals.
Growing demand for enzymes from various industries is expected to drive the market growth. Enzymes are widely used skin glow across personal care and cosmetic industry in the production of cosmetic products. A growing sense of fashion coupled with increasing awareness regarding the personal hygiene and aspire to look presentable is driving demand for cosmetic and personal care products. This boosts demand for enzymes, and this is expected to drive the market growth of the fermentation chemicals.
Global Fermentation Chemicals Market Share (%), By Region, 2022North America region dominated the global fermentation chemicals market in 2022, accounting for a 34% share in terms of value, followed by Europe and Asia Pacific, respectively.
Global Fermentation Chemicals Market: Segmentation
Figure 1: Global Fermentation Chemicals Market Share, By Region, 2022
On the basis of type in 2022, the alcohols segment has accounted for the largest market share of 53.7% in terms of value.
Figure 2: Global Fermentation Chemicals Market by Type in 2022
Global Fermentation Chemicals Market: Key Companies
Key Companies are Ajinomoto Company Corporation, AB Enzymes, BASF SE, Amano Enzymes Inc., Dow Chemicals, Archer Daniels Midland Company, Novozymes A/S, Cargill Incorporation, Evonik Industries AG, Du Pont Danisco A/S, and DSM
*Definition: Fermentation chemicals are used to initiate the chemical reactions for synthesis of various chemicals. These act as a catalyst or initiators to control the speed of the chemical reaction. These chemicals are widely used in food processing industry for the preparation of food products. Moreover, these are also used in the production of Vitamins.
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