Overview:
The Spain fermentation ingredients market size, as discussed in the report of Market Research Future (MRFR) is expected to rise by 3.46% during the forecast period (2016-2023) and reach a valuation of USD 1,530 million by the end of 2023. Fermentation brings in chemical changes via the metabolic process. The process requires enzymes and works well in organic substrates. Microorganisms present in the food brings in the desirable change. The Spanish market gets maximum production for such ingredients from Andalusia and Catalonia provinces. These two regions, as of 2017, produce almost 50% of the total Spanish fermentation ingredients production. MRFR in their report on the Spain fermentation ingredients market size puts special emphasis on the segments that give a proper view of the entire market both volume-wise and value-wise. Simultaneously, the Spain fermentation ingredients market size report includes a detailed analysis of the factors that can play vital in the growth of the market in the coming years.
Among the major factors, increasing awareness for personal care products and a rising preference for fermented food and beverages can provide the Spain fermentation ingredients market size with a solid foundation during the forecast period. The market is also gaining strong traction from the pharmaceutical sector. The production system is also turning eco-friendly in many ways which are supporting the global call for sustainable products.
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Segmentation:
MRFR segments the entire Spain fermentation ingredients market size by type, form, application, and feedstock for a comprehensive overview of the market in the coming years.
Based on the type, the Spain fermentation ingredients market size can be segmented into alcohol, amino acids, antibiotics, polymer, vitamins, enzymes, organic acid, and others. Alcohol and antibiotics segments hold the maximum market share together; they claim prominence over almost 50% of the total market share due to their high intake in the pharmaceutical sector. Polymer and organic acids are also enjoying substantial traction.
Based on the form, the Spain fermentation ingredients market size ca be segmented into dry, liquid, and others. Liquid form has control over almost 55% of the entire market value due to the high intake of alcohol and organic acid as ingredients. But the rise in polymer intake can boost the dry form growth during the forecast period.
Based on the application, the Spain fermentation ingredients market size includes chemical, food & beverages, pharmaceuticals, animal feed, and others. Growth in the intake of personal products can boost the market substantially. Pharmaceuticals can also ensure the future growth of the market.
Based on the feedstock, the Spain fermentation ingredients market size comprises sugar beet, wheat, corn, and others. Rising demand for fermented food & beverages can trigger segmental growth.
Regional Analysis:
MRFR segments the Spain fermentation ingredients market size into five distinct segments Andalusia, Catalonia, Madrid, Valencian Community, and Rest of Spain.
Andalusia and Catalonia are provinces with great growth prospects. These regions grow more than 50% of the total fermentation ingredients produced in the market. Andalusia is known for its production of several chemical products which have huge traction in the pharmaceuticals sector. Madrid is expected to witness significant growth during the forecast period. With the Valencian community, the region covered almost 35% of the entire market in 2017. The Valencian province can provide substantial growth to the Spain market by acquiring moderate CAGR during the forecast period.
Competitive Landscape:
Key players impacting the Spain fermentation ingredients market size, as reported by MRFR in their report, are Archer-Daniels-Midland Co., The Dow Chemical Co., Cargill, Incorporated, I. du Pont de Nemours & Co., Evonik Industries AG, Novozymes A/S, and Uquifa.
In 2018, Senofyx declared that its research and development team had achieved a way out that can produce siratose from monk fruit. The new product is evidently more potent, better-tasting, soluble, and stable in low pH beverages than the original monk fruit. This can substantially impact the soft drinks production worldwide, and Spain can benefit grandly.
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