Global Microbial Fermentation Technology Market

Improved Spending Capacity in Emerging Economies to Spell Growth for Market, Says TMR

ALBANY, New York, February 16, 2018 /PRNewswire/ --

According to the report, the global microbial fermentation technology market was valued at US$1,493.8 bn in 2016 and is projected to expand at a CAGR of 5.7% from 2017 to 2025 to rise to a valuation of US$2,447.5 bn in 2025.

Asia Pacific Region to remain a key Consumer of Microbial Fermentation Technologies 

Geographically, the market in Asia Pacific dominated with nearly 40% share in the global market in 2016. Growth of the regional market can be attributed to the vast rise in geriatric population, a well-established chemical industry in China, cutting-edge research in the field of biotechnology and health care, and changing lifestyles in developing nations. The thriving nutraceuticals market in India is also likely to fuel the microbial fermentation technology market in Asia Pacific.

In terms of product type, the segment of alcoholic beverages accounted for the dominant share in the overall market in 2016 and the trend is likely to remain strong over the forecast period as well, thanks to the expanding urban population and the rising popularity of alcohol among the young population of the globe.

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Increased Usage of Microbial Fermentation in Biotechnology to Help Market Pick Pace 

Fermentation technology has remained a highly favored biological process across a number of industrial applications for many decades due to low cost, high specificity, simplicity of reaction, and usage in versatile applications. While microbial fermentation has been used traditionally for preservation of foods only, it has seen a vast rise in application in the past few years owing to promising outcomes and the possibility of development of various bioprocess and products with its help.

Modern industry has complemented the basic principle of fermentation technology with advances in genetic engineering by extending applications to produce a vast range products in the biotechnology sector, including biofuels, biochemicals, biopharmaceuticals, biosimilars, and biomolecules. Moreover, rising petrol prices and depleting reserves of fossil fuels have diversified applications of microbial fermentation process in the chemical sector to provide products such as alcohols, enzymes, organic acids, amino acids, vitamins, alkaloids, and Xanthan. The rising global demand for these products is likely to play a key role in helping the global microbial fermentation market expand at a promising pace in the next few years.