Growth of the global Microbial Fermentation Technology Market is driven by wide use of fermentation technology derived chemicals in various industries around the globe due to their natural structure, low cost and better output. Moreover, rising research and developmental activities in different fields of fermentation technology, technological advancement, growing awareness about products and new product launch are some of the factors will drive the market in near future.
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, rising to a valuation of US$2,447.5 bn in 2025.
The product type segment is segmented into medical products, industrial products, alcohol beverages, and food and feed products. The alcohol beverages product segment is anticipated to dominate the global microbial fermentation technology market in 2016 owing to increased popularity of alcoholic beverages among adolescent and millennials, expanding urban population, technological advancements, continuous product launch in the segment, and increasing number of lounges and bars.
While some factors such as stringent regulations on advertisement of alcoholic beverages and growing awareness about adverse effect of excessive alcohol consumption will hamper market share of the segment in future, curiosity among individuals to try new flavors is anticipated to increase demand for flavored alcoholic drinks over the forecast period. Continuous launch of alcoholic drinks with different flavors in order to attract consumers and increase sales over time are also likely to drive the demand for microbial fermentation in the alcoholic beverages industry.
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In terms of end-user, global microbial fermentation technology market is segmented into bio-pharmaceutical industries, food and feed industry, Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs), academic research institutes, and chemical industries, alcohol breweries, and wineries. Of these, segment of chemical industries, alcohol breweries, and wineries held the dominant share of the market in 2016. Rising demand for alcohol globally is the key reason behind the growth of the segment during forecast period.
Individuals across the globe are increasingly attracted to clubs and bars, owing to which sales of alcoholic drinks is increasing on trade. On trade sales refers to sales of alcoholic drinks through places such as hotels, restaurants, pubs, and bars. According to Wine and Spirits Trade Association, there are 120,000 pubs, bars hotels, and restaurants across the U.K. In 2016, sales through this channel accounted for 35% of total sales, which is equivalent to US$7.7 bn.ngs, Inc., BioVectra, DSM, and F. Hoffmann La-Roche Ltd.
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