The market is predicted to increase from US$636 billion in 2016 to US$888 by 2023; it is forecast to progress at a substantial rate due to the growing health related concerns among the global population.
The growth for this market is being driven by factors such as increasing health consciousness among the population, rising need of food preservation and the change in dietary patterns. Moreover, the rising need for food preservation further helps in driving the market.
However, the market consists of certain challenges which are inhibiting the overall growth for the global fermented foods and ingredients market—such as health risks associated with fermented foods, restricted range of pH and temperature of operation, and low penetration in developing countries.
The fermented foods and ingredients market revolves around the major food types prevailing in the market—such as bakery products, dairy products, vegetables, and others (including non-alcoholic beverages), and ingredient types such as amino acids, organic acids, industrial enzymes, vitamins, and others (including lactic acid, fish sauce, and hot chilli sauce).
The competitive landscape for the fermented foods and ingredients market demonstrates an inclination towards companies adopting strategies such as product launch and development, and business expansions. The key players in the market have been focussing more on product launches and development to introduce new products to consumers.