Kenneth Research recently added a report on ‘Fermentation Chemicals Market’ which offers a complete evaluation of the market and its growth prospects along with new business opportunities in the industry. The report contains the market size and annual growth rate for a forecast period between 2022 and 2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fermentation Chemicals Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Due to the growing brewery and pharmaceutical segments the demand for fermentation chemicals is growing at an impressive pace and the global market for fermentation chemical is expected to hit $66 billion in 2028 growing impressively at a CAGR of 5.6% during 2018-2028. Among the geographical markets, North America seems all set to be the leading market for the global fermentation chemicals during the forecasted period. Europe is expected to hold the second largest market share, while APAC is estimated to be the most emerging markets for fermentation chemicals during 2018-2028.
The APAC fermentation chemical market is estimated to reach $18.5 billion growing at a CAGR of 7.2% in the forecasted period. The end user industries such as alcohol industry, cosmetic and pharmaceutical industry are growing which is driving the demand for the fermentation chemicals. These are among are key growth drivers for the global market for fermentation chemicals during the forecasted period. In addition, extensive research in this is expected to roll out many new and innovative products which are expected to further boost the global fermentation chemicals market during 2018-2028.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
On the geographical front, North America is the clear leader in the global fermentation chemicals market and is expected to reach $24.4 billion by the end of 2028. This solid growth in North America is mainly due to the growing pharmaceutical industries and hiking demand in industrial application such as food additives and animal feed in various.
The US is the majorly contributing nation in North America with a market share of $16.5 billion in the forecasted period. On the other hand, Canada and Mexico are also expected to perform well during 2018-2028 and are expected to hit $ 5.0 billion and $2.9 billion respectively.
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On the other hand, the most emerging market for the fermentation chemicals is APAC which is expected to hit $18.5 billion by 2028. China and India are expected to be the major contributors in Asia with China growing at a CAGR of 7.5% is expected to amount market revenue of $ 9.1 billion by the year 2028. India on the other hand is also a good market for fermentation chemicals in and is CAGR of 7.6% in the forecasted period and is estimated to have a market share of $3.5 billion by 2028. In the application segment, alcohol industry holds the largest market share and is growing at an impressive rate with a CAGR of 6.9% during the forecast period. Alcohol market of the Asia region is expected to reach to an estimated value of $ 9.4 billion by 2028.
COMPANY PROFILES
AJINOMOTO COMPANY INCORPORATION
AB ENZYMES
BASF SE
AMANO ENZYME INC
THE DOW CHEMICAL COMPANY
ARCHER DANIELS MIDLAND COMPANY
NOVOZYMES A/S
CARGILL INCORPORATION.
EVONIK INDUSTRIES AG
DU PONT DANISCO A/S
DSM
CHR
FUSO CHEMICAL
HOFFMANN-LA ROCHE
AMINO
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