A brief overview of Fermentation Products Market is provided in the report based on product scope and market status & outlook. The market is segmented on the basis of type, end-users/application, and geography
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fermentation products market was valued at $149,469 million in 2016, and is expected to grow at a CAGR of 4.7% from 2017 to 2023, to reach $205,465 million by 2023. Industrial fermentation is a multi-step process that converts starches, sugar, and cellulosic material into feed, fuel, food, and other industrial products.
This process employs microorganisms, such as yeasts & algae, or enzymes and usually takes place in fermenters or bioreactors.
Fermentation products are used as active ingredients in production of green bio-based products in numerous end-user industries.
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These products increase shelf life and add aroma & flavor to various food products. Continuous fermentation, batch fermentation, and anaerobic fermentation are used to manufacture fermentation products, depending upon the characteristics of the final product.
Key manufacturers focus on R&D activities to expand their existing product portfolio, which promotes product differentiation. The fermentation products industry is also expected to witness an increase in acquisitions, mergers, and strategic alliances in the near future.
Ecological concerns, growth of the global bioethanol industry, and increase in demand for antibiotics drive the fermentation products market. In addition, rise in use of fermentation products as raw materials in plastic, textile, leather, rubber, and chemical industries and increase in awareness among consumers about benefits of bio-based products fuel the market growth.
Irregular supply of raw materials, such as microorganisms & nutrients, to manufacture fermentation products, stringent government regulations, and high production costs hinder market growth. Moreover, economic viability of fermentation-based chemical industry is dependent on the price levels of substitute feedstocks and comparative product yields.
However, increase in demand for fermentation products in emerging economies, such as India, China, and Brazil, and expanding applications and technological innovations in this field present as major opportunities for growth.
Major players operating in this market include the following:
- AB Enzymes GmbH
- Ajinomoto Company Incorporation
- Amano Enzyme Inc.
- BASF SE
- Chr. Hansen A/S
- Du Pont Danisco A/S
- Evonik Industries AG
- Lonza Group Ltd.
- Novozymes A/S
- The Dow Chemical Company
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