The Fermenters Market is estimated at USD 1.13 billion in 2018 and is projected to reach USD 1.69 billion by 2023, growing at a CAGR of 8.4% during the forecast period. The market is driven by factors such as the increase in the consumption of fermented food & beverages in developed economies, along with growing awareness about food preservation.
Increased consumption of fermented beverages in developed economies
The rapid growing fermented beverage industry is expected to significantly drive the demand for fermenter systems and solutions during the forecast period, owing to the growing popularity of a variety of beers and wines in the emerging economies worldwide. According to the Brewer’s Association, in 2017, the craft beer sales continued to grow at a rate of about 5% by volume, which reached 12.7% of the US beer market, in terms of volume.
According to the US Alcohol and Tobacco Tax and Trade Bureau (TTB) and US Commerce Department, 2018, the US beer industry, in 2017, exported about 207.4 million barrels of beer. According to the TTB and US Commerce, 2018, the US domestically produced about 83% of beer, and 17% of beer was imported from more than 100 different countries globally. According to TTB preliminary reports, the US recorded about 5,648 brewery production facilities in the region in 2017.
According to the Brewers of Europe Organization, in 2016, Europe’s five countries recorded the highest growth in beer production, namely, Germany, the UK, Poland, Spain, and the Netherlands. Thus, the growing popularity of beer among consumers is expected to lead to the exponential growth in demand for fermented beverages, thereby increasing the demand for fermenters used for the fermentation of alcoholic beverages.
The global beer production volume reached 189 million kiloliters in 2015, of which Asia Pacific held a share of 33.8% of the global beer market in 2015. In 2015, China continued to be the largest beer producing country in the Asia Pacific region, followed by India and Vietnam.
