(Entertainment-NewsWire.com, October 21, 2020 ) The fermenters market is estimated at USD 1.13 billion in 2018 and is projected to grow at a CAGR of 8.4%, to reach USD 1.69 billion by 2023. The fermenters market is driven by the rising demand for fermented beverages such as beer, wine, and kombucha, technological advancements in the fermenters, and the demand for fermented food products as well as healthcare & cosmetic products globally.
The Asia Pacific region is projected to grow at a highest CAGR during the forecast period. The increasing consumption of beer, wine, cheese, and other fermented products is growing in the markets such as China, India, and a few other Asia Pacific countries such as Australia & New Zealand and Japan, fueling the market growth of fermenters. The growing population and increasing disposable income are important drivers for the growth, which increase the demand for convenience food, and consequently that for fermenters. Other drivers including increased consumption of fermented beverages in developed economies and higher demand for antibiotics are supporting the market growth for fermenters.
Based on application, the beverages segment is projected to grow at the highest CAGR from 2018 to 2023. With the increasing consumption of fermented beverages in the US and European countries, the production facilities of beer and wine have been increasing across the globe, which in turn reflects an increasing demand for fermenters. The demand for alcoholic fermented beverages is increasing along with the market for kombucha, which is an effervescent sweetened black or green tea. According to a report by The Brewers of Europe, approximately 400 million hl of beer was produced in Europe in 2016, whereas, in the US, the market for alcoholic beverages has grown by 3.5% from 2006 to 2016, in terms of retail sales.
Based on the process, the fed-batch segment is projected to grow at the highest CAGR during the forecast period. In fed-batch fermenters, the volume of the culture increases with time, the log phase is longer, and the product yield is medium as compared with batch fermenters. In continuous fermenters, the volume of the bacterial culture is constant, and the log phase is the longest and continuous; hence, the product yield is higher as compared with batch and fed-batch fermenters.
Based on material, the stainless steel segment is projected to grow at the highest CAGR through 2023, making it a key revenue pocket for the fermenters industry. Commercial fermentation equipment manufacturers are producing stainless steel conical fermenters that allow the microbial culture to be stored during the brewing process in the same vessel. Furthermore, commercial stainless steel conical fermenters have the advantage of being reused, have increased durability, and are sanitized easily.