Fermented Products Market to Reach $78.7 Billion, Globally, by 2032 at 4.3% CAGR: Allied Market Research

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Nov 09, 2023, 10:01 ET

PORTLAND, Ore, Nov. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fermented Products Market by Type (Fermented Food, Fermented Beverage), by Application (Residential, Commercial), By Distribution Channel (Offline channels, Online Channels): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global fermented products market was estimated at $52.5 billion in 2022, and is projected to gain $78.7 billion by 2032, registering a CAGR of 4.3% from 2023 to 2032.

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Fermented products refer to any food or beverage that has undergone the fermentation process, in which carbohydrates are broken down by microorganisms such as yeast or bacteria, resulting in the conversion of sugars into alcoholic, acidic, or gaseous compounds. This process gives fermented products their unique flavors and preserves them for a longer period of time. Popular fermented products such as yogurt, kimchi, and beer are examples of such products.

Prime Determinants of Growth:

The growth of the fermented products market is driven by a rise in health and wellness awareness among consumers, along with growing interest in international cuisines owing to globalization more travel, and the high popularity of plant-based fermented food. However, the difficulties in large-scale production and distribution, and the unappealing taste of fermented food hampered the market growth. On the other hand, the innovations in product development, and the increase in online sales of fermented food products create lucrative opportunities for market growth in coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$52.5 Billion
Market Size in 2032	$78.7 Billion
CAGR	4.3 %
No. of Pages in Report	300
Segments covered	Type, Application, Distribution Channel, and Region
Drivers	Rise in health and wellness awareness among consumers Growing interest in international cuisines High popularity of plant-based fermented food
Opportunities	Innovations in product development Increase in online sales of fermented food products
Restraints	Difficulties in large scale production and distribution Unappealing taste of fermented food

The fermented food segment to maintain its leadership status throughout the forecast period-

Based on type, the fermented food segment held the highest market share in 2022, accounting for more than two-thirds of the global fermented products market revenue, and is estimated to maintain its leadership status throughout the forecast period. One of the most popular fermented dairy products is yogurt. A typical side dish in Korea, kimchi is created from fermented vegetables. Both, Tempeh and Miso, two traditional fermented soy products from Indonesia and Japan, respectively, are manufactured from whole soybeans. Cucumbers and other fruits and vegetables, pickled in vinegar or a brine solution, are called pickles. Probiotics, which are advantageous living bacteria that may colonize the gut, are abundant in fermented meals. A balanced gut microbiota is necessary for appropriate digestion, nutritional absorption, and a strong immune system. Thus, the demand for fermented food is growing significantly boosting the market growth. However, the fermented beverage segment would cite the fastest CAGR of 4.5% during the forecast timeframe.

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The residential segment to maintain its lead position during the forecast period-

Based on application, the residential segment held the highest market share in 2022, accounting for more than half of the global fermented products market revenue and is expected to maintain its lead position during the forecast period. Food fermentation has become increasingly popular among residential consumers. Fermented food created at home, such as Korean kimchi, pickled vegetables, kombucha, fermented dairy products, and sourdough bread, are becoming more and more popular. Personalized and artisanal products can be produced at home by controlling their components, flavors, and fermentation times. Fermented ingredients are frequently experimented with by home cooks and food aficionados and added to a variety of dishes. Salads, sandwiches, sauces, stews, and other food can all benefit nutritionally from the distinct aromas, textures, and benefits that fermented food can bring. Residential consumption of fermented products is anticipated to increase substantially in the future due to expanding awareness among consumers, which also drives market growth. However, the commercial segment showed the fastest CAGR of 4.7% during the forecast period.

The offline channels segment to rule the roost by 2032-

Based on distribution channel, the offline channels segment held the highest market share in 2022, accounting for nearly two-thirds of the global fermented products market revenue, and is projected to rule the roost by 2032. The main offline retail locations for fermented food are major grocery store chains and hypermarkets. These shops sell a wide range of items that have undergone fermentation, such as yogurt, kefir, sauerkraut, pickles, kimchi, kombucha, and others. Organic, natural, as well as fermented food products frequently have their own sections at specialty supermarkets or health food stores. They offer probiotic-rich alternatives and distinctive fermented food variations to health-conscious consumers. For clients looking for high-quality selections, delis and gourmet shops frequently provide a variety of luxury and handcrafted fermented products, offering a distinctive shopping experience. Unique fermented food from many cultural origins is available from local food sellers, especially ethnic grocery stores as well as specialty stores. All these factors increase the market share of the offline distribution channels. On the other hand, the online channels segment would portray the fastest CAGR of 5.0% during the forecast period.

Asia-Pacific to maintain its dominance by 2032-

Based on region, Asia-Pacific held the highest market share in 2022, garnering nearly three-fifths of the global fermented products market revenue, and is likely to dominate the market during the forecast period. The same region would also exhibit the fastest CAGR of 4.5% during the forecast period. In many Asian nations, fermented food items have a significant cultural value. Consumers are connected to their culinary heritage through dishes such as kimchi from South Korea, miso from Japan, tempeh from Indonesia, as well as yogurt-based beverages in India that have been a staple of the conventional diet for generations. Asia-Pacific consumers are becoming increasingly aware of the significance of keeping a balanced gut health as probiotic research garners greater attention. Fermented food is valued for their believed health benefits as they contain live probiotic microorganisms. Asian cuisines place considerable emphasis on the distinctive tastes and textures that fermented food provide.

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Leading Market Players: -

Again Drinks
Arla Food Amba
Chobani, LLC
Dana Dairy Group
Danone
General Mills
Gujarat Cooperative Milk Marketing Federation (Amul)
Juhayna Food Industries
Lactalis Corporation
Marmum Dairy
Meiji Holdings Co., Ltd.
National Dairy Development Board
Nestle S.A.
Royal Friesland Campina
Schreiber Food Inc.

The report offers an in-depth examination of the major players in the global fermented products market. They have intended various strategies, including geographical expansions, launch of new products, agreements, and joint ventures to gain their foothold in the market and remain dominant in various regions. The report serves to emphasize the competitive dynamics of the market, as well as the performance of the business, the top segments, the product portfolio, and the strategic moves of leading players.

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