Global Fermented Foods and Ingredients Market, By Type (Amino Acids, Organic Acid, Vitamins, Industrial Enzymes, and Others), By Food Type (Fermented Dairy Products, Fermented Beverages, Fermented Confectionery, and Bakery Products, Fermented Vegetables, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Online Stores, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The fermented foods and ingredients market size was valued at US$ 2.2 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2020 to 2028.
Fermentation in food processing acknowledges some major purposes, such as the preservation of a significant amount of food via the fermentation of alcohol, lactic acid, and acetic acids along with diet enrichment with the development of flavors, aroma, and textures. In addition, the fermentation process also aids the food enrichment process with proteins, vitamins, and essential amino acids. It also eliminates the antinutrients and reduces the overall cooking time.
The prime factors responsible for promoting the growth of fermented foods and ingredients market in the next decade accounts for the growing awareness about the benefits of fermented foods among the health-conscious population along with the robust demand for food products with extended shelf life and the intensifying need for food preservation.
In addition, the supporting factors such as rapid urbanization, increasing per capita income in developing nations, and the changing dietary patterns among health-conscious peoples are also reported to propel the market growth in a positive direction.
Moreover, the increasing consumption of fermented beverages and the introduction of new fermented food products in the market are also likely to favor business growth in the near future. However, the health risks link with the consumption of fermented food or ingredients are likely to restrict the market growth. Similarly, the uncertain availability and the fluctuating cost of the raw materials main also play a negative impact hampering the overall demand for fermented food and ingredients market.
Based on the food type, the fermented beverages segment is estimated to have the largest Market share, owing to the increasing consumption of fermented beverages like beer, wine alcohol. A study published in Ambrosia unveiled that alcohol consumption in India is estimated to be 6.5 billion liters by the end of 2020. However, the changing Lifestyle pattern with the purchasing power of consumers is also expected to push the growth of this segment in an upward direction.
The ingredient type segment is dominated by amino acids, accounting for the growing demand from the food and beverage industries, as the fermentation of amino acids results in enhancing the quality, texture, and flavor of the food product. In addition, the advancements in microbiology and biotechnology coupled with the increasing research and development activities also support the segmental growth in a positive direction.
Based on the distribution channel, the supermarkets and hypermarkets are estimated to have a significant market share. But the online store segment is expected to be the fastest-growing segment during the forecast period, owing to the booming e-commerce sector.
Region-wise, Europe is estimated to have the majority of market shares, followed by the Asia Pacific region. European fermented food and ingredient market growth accounts for the increasing consumption of fermented food and beverage with the increasing count of health-conscious people in this region.
MMC Study identifies some of the key participating players in the fermented foods and ingredients market globally are Archer Daniels Midland Company, Ajinomoto Inc., Angel Yeast Co. Ltd., Cargill Inc., CHR Hansen, CSK Food Enrichment, Danone S.A., Dohler GmbH, Evonik Industries AG, General Mills Inc., Kerry Group, KeVita, Koninklijke DSM N.V., Lallemand Inc., Mars Inc., Meiji Holdings Co., Ltd., Mondelez International, Nestlé S.A., Novozymes A/S, Royal FrieslandCampina N.V., and Tetra Pak International S.A.
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