Product Code: RP-ID-10233490 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Chemicals |
Report ID: 10233490
Market Overview:
Global Fermentation Chemicals Market Insights, Opportunity, Analysis, Market Shares And Forecast 2018 – 2028
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.
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.
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.
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