The global fermentation chemicals market is anticipated to witness considerable growth in the forthcoming years, supported by a host of factors favorable to market growth. Some of the predominant market growth-inducing factors include the rising demand for alcoholic beverages worldwide, the expanding food & beverages industry, the surging use of fermentation chemicals in various pharmaceutical, nutraceutical, and cosmetic products, growing awareness about the benefits of bio-based products, the increasing use of enzymes as active ingredients in the production of detergents and biofuels, rising demand for organic acids in processed foods and meat products, and the rising industrial applications of fermentation chemicals, especially in the cultivation of healthy bacteria. Besides its use in the alcohol industry, ethanol finds significant usage as a sustainable fuel in vehicles, fuel additive in gasoline and paints & coatings, and a wide range of personal care products. However, high costs of fermentation of lactic acid hinder its use in the dairy industry, which is a significant restraint for the global fermentation and market growth.
BASF SE, Cargill Inc., Novozymes A/S, The Dow Chemical Company, Archer Daniels Midland Company, Enzymes, DSM, Ajinomoto Co. Inc., Chr. Hansen A/S, and Evonik Industries AG are among the key competitors in the global fermentation chemicals market. Sumitomo Chemical Co. Ltd., the leading Japanese chemicals company, invested USD 30 million in the American biotechnology company Conagen in April 2020. Reportedly, with the latest investment, the Japanese company expanded its strategic business collaboration with Conagen. The two companies will together develop innovative functional products using synthetic biology and industrial fermentation processes.
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