Fermentation Chemicals Global Market Report 2024

The fermentation chemicals market size has grown strongly in recent years. It will grow from $66.93 billion in 2023 to $71.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to government policies and incentives, the growth of industrial biotechnology, a shift towards bio-based products, an increase in pharmaceutical applications, and the demand for biofuel production.

The fermentation chemicals market size is expected to see strong growth in the next few years. It will grow to $92.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to the rise in biopharmaceuticals, increased demand for bio-based products, expansion in biofuel production, growth in the food and beverage industry, and applications in cosmetics and personal care. Major trends in the forecast period include advancements in biopharmaceuticals, increasing demand for bio-based products, global economic factors, government regulations and support, a focus on research and development, and applications in cosmetics and personal care.

The growth in demand for both alcoholic and non-alcoholic beverages is anticipated to drive the fermentation chemicals market. Alcoholic beverages contain ethanol, while non-alcoholic drinks have minimal or no alcohol content. Yeast, during fermentation, converts carbohydrates into alcohol, and fermentation chemicals are instrumental in expediting or initiating this anaerobic process that breaks down substances such as glucose. For instance, in December 2021, Pattern Inc. reported a 52% surge in demand for non-alcoholic beverages in 2021 compared to 2020. Concurrently, Beverage Information Group data noted a 45 million case rise in alcohol consumption in the United States in 2020. This escalating demand for both types of beverages is fueling the fermentation chemicals market.

The expansion of the pharmaceutical and healthcare sectors is set to propel the fermentation chemicals market in the future. These industries encompass the production of medicines, vaccines, and various healthcare products for humans and animals. Fermentation chemicals find extensive usage in these sectors, particularly in the production of enzymes, antibiotics, and other pharmaceutical ingredients. For instance, data from the India Brand Equity Foundation revealed that India's domestic pharmaceutical industry reached a value of US$ 42 billion in 2021 and was projected to grow to US$ 65 billion by 2024, escalating further to US$ 120-130 billion by 2030. Thus, the burgeoning pharmaceutical and healthcare industries are driving the fermentation chemicals market.

Technological advancements represent a prominent trend in the fermentation chemicals market. Key players in this market are prioritizing the development of innovative solutions to fortify their market positions. For example, in October 2021, Novozymes A/S, a Denmark-based biotechnology firm, introduced Innova Quantum, an enhancement to its robust Innova yeast platform. This new yeast variant is highly robust, achieving superior ethanol yields and processing efficiencies even in ethanol plants with fermentation times exceeding 60 hours. Innova Quantum sets a new benchmark for potent and high-yielding yeast strains, optimizing producer yields and ensuring dependable fermentation processes.

Major companies within the fermentation chemical market are actively pursuing strategic collaborations with significant manufacturing entities to solidify their market positions. These collaborations enable firms to join forces with partners possessing essential expertise, thereby turning conceptual ideas into tangible outcomes. In a noteworthy collaboration, Sumitomo Chemical Co., Ltd., a Japan-based chemical enterprise, partnered with Ginkgo Bioworks, a US-based biotechnology firm, in July 2023. The objective is to develop an advanced platform for biosecurity and cell programming, expand their biomanufacturing alliance, and generate functional chemicals through synthetic biology. Sumitomo Chemical will oversee the creation and scaling-up of the manufacturing process for commercial purposes. Meanwhile, Ginkgo Bioworks will leverage its strain design technology to engineer microbial strains and devise fermentation processes to produce the targeted molecules. By shifting away from traditional chemical synthesis reliant on fossil fuels, the collaboration aims to produce products with a reduced carbon footprint, contributing to societal progress towards carbon neutrality.

In February 2021, Stepan Company, a US-based chemical enterprise, completed the acquisition of OPX Biotechnologies' fermentation plant. This acquisition represents a strategic move by Stepan Company to diversify its offerings in fermentation, embracing new platform technology, and venturing into commercializing next-generation surfactants. OPX Biotechnologies, a Colorado-based bio-based chemicals and fuels company specializing in fermentation chemicals, stands as the previous operator of the fermentation plant that Stepan Company acquired, thereby enabling Stepan Company to expand its capabilities in the domain of fermentation chemicals.

Major companies operating in the fermentation chemicals market report are Ajinomoto Co. Inc., AB Enzymes GmbH, BASF SE, Amano Enzymes Inc., Dow Inc., Archer Daniels Midland Company, Novozymes A/S, Cargill Incorporated, Evonik Industries AG, DuPont Danisco A/S, Koninklijke DSM N.V., Chr. Hansen Holding A/S, LanzaTech Inc., MicroBiopharm Japan Co Ltd., Novasep Holding SAS, Kerry Group plc, Lallemand Inc., Amyris Inc., Codexis Inc., Lesaffre et Compagnie, Givaudan SA, NatureWorks LLC, Genencor (Danisco A/S), Roquette Frères S.A., Sekisui Chemical Co. Ltd., Novamont S.p.A., Metabolic Explorer S.A., BioAmber Inc., Green Biologics Ltd., PureCircle Limited, Corbion N.V., Myriant Corporation, Raízen Energia S.A.

North America was the largest region in the fermentation chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the fermentation chemicals market durng the forecast period. The regions covered in the fermentation chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fermentation chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of fermentation chemical products include alcohols and ketones, amino acids, industrial enzymes, organic acids, and others. Alcohol, a colorless, volatile, combustible substance, results from the sugars in wine, beer, spirits, and other alcoholic beverages naturally fermenting. These chemicals are available in various forms, including liquid and powder, and are used in diverse applications such as food and beverages, plastics and fibers, nutritional and pharmaceuticals, industrial processes, cosmetics and toiletries, and others.

The fermentation chemicals market research report is one of a series of new reports that provides fermentation chemicals market statistics, including fermentation chemicals industry global market size, regional shares, competitors with an fermentation chemicals market share, detailed fermentation chemicals market segments, market trends, and opportunities, and any further data you may need to thrive in the fermentation chemicals industry. This fermentation chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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