The Global Fermentation Chemicals Market size is expected to reach $78.2 billion by 2025, rising at a market growth of 5.5% CAGR during the forecast period (2019-2025). Fermentation, a metabolic procedure, produces chemical alterations within organic substrates by the activities of enzymes. It is also explained as the process of energy extraction from carbohydrates in absence of oxygen. With the perspective related to the food processing sector, it is also defined as a process that brings the desired alteration in a beverage or food with the actions of specific microorganisms in a controlled environment or conditions.
While there are a number of chemicals used for the intended fermentation however, most commonly used products for fermentations are Alcohol, Enzymes, and Organic Acids.
U.S. Environmental Protection Agency (EPA) is continuously working towards limiting the usage and production of chemicals with high risk. The EPA has listed down high risk chemicals in its Toxic Substances Control Act (TSCA) and is rigorously scrutinizing them for risk they pose to humans and environment.
For instance, the U.S. Environmental Protection Agency announced to start the process for exercising limits on two man-made chemicals which are related to serious health hazards such as cancer and other illnesses, and are widely found in soil and potable water. Such chemicals are present in our surroundings for decades and were found useful as they are good at resisting water and oil. These chemicals are found in a number of products, such as food wrappers, non-stick cookware, fire-fighting foam and fabrics.
Global Fermentation Chemicals Market Size (USD Million)
On the same lines, European Commission levies severe conditions on the usage of hazardous chemicals used in aerospace, automotive and medical sectors. The Commission stays to make efforts with EU countries and the European Chemicals Agency (ECHA) to unceasingly limit the dangers posed by chemicals to health of humans and the environment with regards to the EU's REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) regulation.
The growth of pharmaceutical market worldwide, is predicted to fuel the market growth of fermentation chemicals market. The pharma industry across regions is one of the major end user of the fermentation chemicals. Enhanced research efforts made in pharmaceutical sector by the companies to develop new drugs utilizing bacteria is predicted to further drive the demand these fermentation chemicals. The pharmaceutical sector, currently valued at nearly $1.18 trillion in 2018, is forecasted to reach $1.5 trillion by 2023 growing at a growth rate of more than 4% CAGR.
The growth in pharmaceutical industry is powered by the increase in total population and growth in ageing population across the regions. As per data from World Population Prospects, the population globally is expected to cross 9 billion by 2050 with more than 20% population accounting for the age bracket from 60 years and above. In addition, the increasing purchasing power and enhanced access to quality healthcare worldwide is fuelling the global pharma market growth.
Global Fermentation Chemicals Market Share
The report highlights the adoption of Fermentation Chemicals globally. Based on Application, the market is segmented into Industrial, Plastics & Fibers, Food and Beverages, Pharmaceutical and Nutritional and Other Applications. Based on Product, the market is segmented into Alcohols, Organic Acid, Enzymes and Other Products. The report also covers geographical segmentation of Fermentation Chemicals market. The geographies included in the report are North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. For the better analysis, the geographies are segmented into countries.
The major market players expanding their reach in the global Fermentation Chemicals market are Novozymes A/S, Koch Industries, Inc. (Invista BV), The Dow Chemical Company, BASF SE, Archer Daniels Midland Company, Cargill Corporation, Chr. Hansen Holding A/S, Koninklijke DSM N.V, Ajinomoto Co. Inc. and Evonik Industries AG (RAG-Stiftung).
Market Segmentation:
By Application
By Product
By Geography
Companies Profiled
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