Fermented Ingredients Market To Display 7.4 Percent CAGR, Driven by Bio-Pharma and Food Processing Applications
Thursday, February 13th, 2020 | 845 Views
The global fermented ingredients market is estimated to have reached a value of US$ 31,997.4 million in 2019. According to a study by Future Market Insights, the market is set to rise at a healthy 7.4 percent CAGR through the forecast period ending in 2029.
Fermented ingredients are acidic materials, which widely find uses in food preservation activities, which is a key driver behind adoption in food processing industry to bolster product longevity. The rising incidences of obesity and digestive issues and health awareness among consumers are major factors driving the growth of the market.
Key Takeaways in Fermented Ingredients Market Study
- North America and Europe are dominating the fermented ingredients market accounting for 44.6 and 30.6 percent of the overall revenue, and are expected to witness a steady rate of growth during the forecast period owing to production of items such as cheese, and wine, and a matured industry for food processing.
- Food and beverage applications account for the largest sector in the industry, with increased consumer awareness about the benefits on consuming fermented ingredients which will continue in the years ahead.
- Rising levels of environmental awareness and the increasing inclination towards biodegradable plastics, and a high potential of use in the bio-pharma sector owing to medical innovations and high efficacy characteristics are projected to drive the industry during the forecast period.
“In order to boost product sales, manufacturers must focus on fermentation of pharmaceutical ingredients,” said a leading report analyst.
Sourcing Raw Materials and Costs Restrain Market
Inconsistencies in the availability of raw materials is a major factor restraining the fermentation ingredients market, which is expected to continue in the long term. The problems are also compounded by the high prices of raw materials, which will impact procurement activities around the world. Goring demand from regions such as Africa, China and India, will be able to partially offset these constraints.