Market Insights:
Fermentation chemicals play a vital role in chemical reactions. They act as an initiator or catalyst in chemical reactions. The application of fermentation chemicals in the production processes in end-use industries, such as pharmaceutical, food and beverage, and cosmetics, helps to save time and production cost. The fermentation chemicals comprise sugar, starch, corn, and other vegetable feedstocks. The growing preference for organic feedstocks over synthetic feedstocks by major manufacturers in the fermentation processes is expected to be the major factor driving the growth of the global fermentation chemicals market. The growing awareness among consumers regarding organic food consumption has urged major food manufacturing companies to shift towards bio-based raw materials, which is also expected to fuel the growth of the market during the forecast period.
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Segment Analysis:
The 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.
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Competitive Analysis
- Koninklijke DSM N.V.
- Cargill, Incorporated
- BASF SE
- Archer Daniels Midland Company
- Ajinomoto Co., Inc
- Hansen Holding A/S
- Novozymes
- DowDuPont Amano Enzyme Inc
- AB Enzymes
- Evonik Industries AG
- EUROSANEX
- INVISTA
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. In Europe, stringent environmental regulations regarding the use of petroleum-based products have increased the production of green bio-based products, which is expected to boost the growth of the market for fermentation chemicals. The increasing application of fermentation chemicals in the oil and gas well treatment processes is expected to boost the growth of the Middle East & African market during the forecast period.
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