Spain Fermentation Ingredients Market – Trends & Forecast, 2016-2022
Fermentation ingredients market is projected to reach USD 1,530 million by the year 2023, at a CAGR of 3.46%, during the forecast period. Spain is the third largest producer of fermentation ingredients, which is majorly used for chemical and pharmaceuticals application. Madrid will witness a high growth rate during the forecast period. In Spain, top players in fermentation ingredients are investing in research & innovation to expand their product line that is different from the competitors. These companies are also focusing on research and development activities to gain a competitive edge in the market. Key players from developed countries are focusing on their expansion in Spain due to the availability of resources and huge opportunities to expanding their business in Spain and other European regions.
Major polymer fermentation ingredients produced in Spain include Xanthan and PHP. In terms of antibiotic ingredients market, Andalusia and Catalonia together accounted for approx. 50% of the market share in the year 2017. Antibiotics fermentation ingredient market in Madrid is growing at a higher rate compared to other regions as major polymer producers are located in Madrid. In Spain, liquid fermentation ingredients held more than half of the market share in the year 2017 as majority of fermentation ingredients, such as alcohol and organic acid, is produced in liquid form. The dry form is projected to grow at a higher rate as compared to liquid form during the forecast period. Growing application of fermentation ingredients in chemical and pharmaceutical products is driving the growth of the fermentation ingredients market in Spain.
In Spain, Andalusia and Catalonia together held more than half of market share in the year 2017. Madrid will witness a higher growth rate during the forecast period due to the availability of resources and major fermentation ingredients companies being in Madrid and Andalusia. Madrid and Valencian Community together held more than 35% of the market share in the year 2017. Fermentation ingredients market in the Valencian Community is growing at a moderate rate since past few years, which is also influencing the overall growth of the Spain market.
Spain fermentation ingredients market is segmented on the basis of type into alcohol, amino acids, antibiotics, polymer, vitamins, enzymes, organic acid, and others. Alcohol and antibiotics fermentation ingredients held more than half of market share in the year 2017 of which chemical and pharmaceutical industries are witnessed to be using fermentation ingredients at a large extent.
The market is also segmented on the basis of form into dry, liquid, and others. The dry form of fermentation ingredients will witness the highest growth rate. However, in Spain, majority of fermentation ingredients such as alcohol and organic acid are produced in liquid form.
The fermentation ingredients market are segmented on the basis of application into chemical, food & beverages, pharmaceutical, animal feed, and others. Food & beverages and chemical segment held more than one-third of the market share in the year 2017.
The market for Spain fermentation ingredients is segmented on the basis of feedstock into sugar beet, wheat, corn, and others. Wheat and dextrose i.e. corn together held major market share in the year 2017 as the majority of wheat fermentation ingredients produced in Spain are made from wheat and corn.
The leading market players in the Spain fermentation ingredients market primarily are E.I. du Pont de Nemours & Co., Evonik Industries AG, Novozymes A/S, Uquifa, Archer-Daniels-Midland Co., The Dow Chemical Co, and, Cargill Incorporated.
• Fermentation Ingredients Manufacturers
• Pharmaceutical Industry
• Food and beverages
• Chemical Industry
• Retailers and wholesalers
• Traders, importers, and exporters
• In Spain, application of fermentation ingredients in pharmaceutical industry is growing at a high rate of 3.83%
• In Spain, alcohol type of fermentation ingredient will continue to dominate the market in coming years.
• The Spain fermentation ingredients market is projected to reach USD 1,530 million by 2023, at a CAGR of 3.46%
Regional analysis of Spain fermentation ingredients market development and demand forecast to 2023 market:
As per the MRFR analysis, fermentation ingredients market in Spain is projected to reach USD 1,530 million by the year 2023, and it will witness a growth rate of 3.46%.
The reports also cover regional-level analysis:
• Valencian Community
• Rest of Spain