Global Fermentation Chemicals Market is expected to reach USD 65.81 billion by 2020, according to a new study by Grand View Research, Inc. Favorable regulatory scenario coupled with environmental characteristics associated with fermentation chemicals is expected to drive their demand over the forecast period. Rapid industrialization and growth of food & beverages industry particularly in emerging economies of Asia Pacific and Latin America is also expected to have a positive influence on the market growth. Increasing R&D expenditure in order to develop novel applications is expected to yield opportunities to market participants. Consistent raw material supply is expected to remain a key challenge for market participants.
Alcohol emerged as the leading product segment and accounted for 56.6% of total market volume in 2013. Increasing ethanol and methanol production levels are expected drive the segment growth. Enzyme is expected to be one of the fastest growing product segments at an estimated CAGR of 4.6% from 2014 to 2020. Positive outlook on global food & beverages industry is expected to remain a key driving factor for this segment over the next six years
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Further key findings from the study suggest:
- Global fermentation chemicals demand was 51.83 million tons in 2013 and is expected to reach 70.76 million tons by 2020, growing at a CAGR of 4.5% from 2014 to 2020.
- Fermentation chemicals are majorly consumed for industrial applications which accounted for 47% of total market volume in 2013. Increasing industrialization in emerging Asian markets such as India, China and Indonesia is expected to remain a key driving factor for this segment.
- Plastics and fibers is expected to witness the highest growth over the forecast period. The segment is expected to grow at an estimated CAGR of 5.1% from 2014 to 2020. Growth of key end-use industries such as construction and automotive in key regional markets is expected to drive plastics demand which in turn is expected to have a positive impact on the fermentation chemicals.
- North America emerged as the leading regional market and accounted for 33.8% of total market volume in 2013. Favorable regulations by EPA and FDA are expected to remain a key driving factor for the regional market. Presence of sophisticated healthcare infrastructure in the U.S. is also expected to have a positive influence on the market growth. Asia Pacific is expected to witness the highest growth of 5.4% from 2014 to 2020. Increasing healthcare expenditure coupled with growth of key end-use industries is expected to drive the regional market over the forecast.
- Global fermentation chemicals market is highly fragmented with a mix of both global and regional companies. Some key companies in the global fermentation chemicals market include Novozymes A/S, Du Pont Danisco A/S, Ajinomoto Company Incorporation, Cargill Incorporation, BASF SE, Dow Chemical Company and Evonik Industries.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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