The report titled 'Global Fermentation Chemicals Market - Growth, Share, Opportunities, and Competitive Analysis, 2022 - 2032' offers strategic visions into the global algae product market along with the market size (Revenue - US$ Mn and Volume - Kilo Tons) and estimates for the duration 2022 to 2032. Fermentation is a technology which has wide scope in various industries globally. Chemicals, pharmaceuticals, beverage, industrial and plastics are some of the industries which make use of fermentation technology on a large scale.
The market for fermentation chemicals is anticipated to expand at a CAGR of 5.7% during the forecast period from 2018 to 2024. The global fermentation chemicals market was valued at US$ 47.7 Bn in 2016.
With stringent environmental regulations being imposed by regulatory authorities in developed regions such as Europe, the demand for these products is forecasted to increase many folds during the forecast period. Ecological concerns are expected to drive demand for the fermentation chemicals market since these chemicals are environment-friendly and can be adopted in a number of industrial applications. There has also been a rise in the demand for fermented alcohols globally, which is anticipated to propel the demand for fermentation chemicals as a raw material. Regulations formulated by agencies such as the European Commission and EPA categorically encourage green chemistry, which in turn can be supported by the use of fermentation chemicals. Rising awareness among end-users regarding the benefits of using bio-based products has also been pushing the demand for fermentation chemicals. Owing to these factors, among many others, the fermentation chemicals market is forecasted to be an attractive market over the forecast period.
The global fermentation chemicals market is segmented based on the product, application and geography. Based on the product the market is segmented into alcohol, enzymes, organic acid and others. In terms of application the global fermentation chemicals market is segmented into industrial application, food and beverage, nutritional and pharmaceutical, plastic and fiber and others. Among the above mentioned industries, industrial applications accounted for larger share of global fermentation chemicals market. It accounts for 51% share of global fermentation chemicals market. High demand for fermentation chemicals from chemical, plastic, rubber, leather and textile industry has led to booming growth of fermentation chemicals market in 2016 and is anticipated to increase in the near future. Geographically, North America accounted for largest share of global fermentation chemicals market in 2016. Flourishing pharmaceuticals industry and rising demand in the industrial applications which include animal feed, food additives are expected to drive the demand for fermentation chemicals market in North America. U.S. is the major contributor for demand of fermentation chemicals among the countries in North America. Asia Pacific followed North America in terms of growth of fermentation chemicals market. Changing lifestyle of people in Asia Pacific is the major reason behind the growth of global fermentation chemicals market in the region.
Increasing demand from the cosmetic industry is another factor contributing to the growth of fermentation chemicals market in Asia Pacific. The fermentation chemicals market is moderately fragmented; it is dominated by large and medium fermentation chemicals companies. Many small and medium companies involved in the production of fermentation chemicals and process algae are located across the globe.
Key players in the market include Ajinomoto Company Incorporation, BASF SE, The Dow Chemical Company, Novozymes A/S, Cargill Inc., Evonik Industries, Du Pont Danisco A/S, Amano Enzyme Inc, Archer Daniels Midland and AB Enzymes. Companies are adopting aggressive marketing tactics and investment in research and development facility to remain competitive in the market.
InsightSLICE adopts a research methodology which is highly meticulous and comprehensive, yielding accurate research results. Our research methodology utilizes data triangulation model which helps in the precise collection and validation of information. Our set processes for problem solving and paid primary tools guarantee that any client requirement is met with utmost diligence and accuracy. Some of the primary components that are consequential to our research approach are:
Secondary Research or Desk Research
Distinctive Data Model
Secondary Sources include but are not limited to:
Past Published Research
Historical Data and Information
Primary Sources include but are not limited to:
InsightSLICE also leverages three types of data triangulation approaches as follows:
Data Source Triangulation
Extracting data and validation from multiple type of secondary and primary sources
Combining various methodologies to validate data inputs
Applying different theories to check credibility of data sets