Albany, NY -- (SBWIRE) -- 12/07/2018 -- Fermentation chemicals are used as process initiators in several applications. Fermentation chemicals help in speeding the process reactions and saves time, energy and process cost. Fermentation chemicals are widely used in industries across the globe, owing to their natural structure, low cost and better outputs. The major product class of fermentation chemicals consists of alcohols, enzymes and organic acids. Fermentation chemicals are utilized in variety of applications in a wide range of chemical processes in industries such as alcohol industry, pharmaceutical industry, food and beverages industry, chemical industry, textile industry and rubber industry among others. The revenue generated by the global fermentation chemicals market was USD 41,567.7 million in 2012 which is expected to reach USD 60,123.9 million by 2019, growing at a CAGR of 5.4% from 2013 to 2019.
Alcohols accounted for the largest share of the global fermentation chemicals market in 2012, followed by enzymes and organic acids. The alcohol segment of fermentation chemicals market generated revenue of USD 22,377.1 million in 2012 and accounted for around 53.8% share of total consumption fermentation chemicals. Though alcohols market is the biggest product segment of fermentation chemicals, the other types segment that includes antibiotics, vitamins and xanthan, is the most attractive market.
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Industrial applications segment was the largest market segment of fermentation chemicals in 2012. The industrial applications segment of the fermentation chemicals market has generated revenue of USD 18,765.7 million in 2012 and accounted for around 45.2% share of total consumption fermentation chemicals. Food and beverages, pharmaceutical and cosmetics are the other major end user application segments of fermentation chemicals. Food and beverages dominate the global fermentation chemicals consumption and the positive growth in this industry across the globe is driving the fermentation chemicals market. In addition, the strong demand from pharmaceutical and cosmetics industry is acting as a growth driver for the fermentation chemicals market.
The global fermentation chemicals market is segmented based on geography. North America represents the largest and the most important market for the fermentation chemicals industry. In the recent past, fermentation chemicals market in North America was driven by strong growth in the pharmaceutical market in the U.S. Asia Pacific is the second largest market for fermentation chemicals followed by Europe and RoW. Owing to the saturation in the North American and European market, Asia Pacific is expected to be the potential market in the future.
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The ever increasing food and beverages industry across globe is fuelling the demand for fermentation chemicals. Fermented alcohols were the largest consumed fermentation chemical across the globe in 2012 which is used as drinkable alcohol, spirits, solvents and mixture in fuels. The growing demand for alcohol across the world is expected to be the key market driver for fermentation chemicals. Along with that, the growing pharmaceutical and cosmetic industry is expected to drive the demand for fermentation chemicals in the future. The eco-friendly nature of fermentation chemicals, rising environmental concerns and increasing number of industrial applications are expected to provide a wide range of opportunities in the fermentation chemicals market. However, the issues regarding availability of raw material and process fluctuations may restrain the market growth in future. Ajinomoto Company Incorporation, BASF SE, Dow Chemical Company, Novozymes A/S, Cargill Incorporation, Evonik Industries and Du Pont Danisco A/S are some of the major manufacturers of fermentation chemicals.