Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD2,151.8 Million | USD 3,017.9 Million | 5.8% | 2021 |
FrequentlyAsked Questions
Depleting fossil fuel reserves and rising gasoline prices have created a demand in the chemical sector for diverse products such as amino acids, alcohols, enzymes, alkaloids, and so on, which may be made using microbial fermentation technology. These factors are expected to promote market growth throughout the estimated period.
According to the Market Research report, the Microbial Fermentation Technology Market was worth about 2,151.8 (USD million) in 2021 and is predicted to grow to around 3,017.9 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 5.8 percent.
During the projection period, Asia-Pacific will be the major market in the global microbial fermentation technology market. China, India, and other emerging markets are likely to rise the most. The massive increase in the geriatric population, China's highly developed chemical industry, cutting-edge research in biotechnology and healthcare, rising disposable incomes, and changing lifestyles in developing countries all contribute to these countries' strong economic prospects.
Some of the main competitors dominating the Microbial Fermentation Technology Market include - Biocon, Danone Ltd., Lonza, United Breweries Ltd., Amyris, Novozymes, TerraVia Holdings, Inc., BioVecta, DSM, F. Hoffmann La-Roche Ltd.
The Microbial Fermentation Technology Market was worth around USD 2,151.8 million in 2021 and is estimated to grow to about USD 3,017.9 million by 2028.
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