Global Fermented Food and Ingredient Market

1. Global Fermented Food and Ingredients Market Focus on Food Type (Fermented Dairy, Fermented Beverages, Fermented Vegetables), Ingredient Type (Amino Acid, Organic Acid, Industrial Enzyme), and Distribution Channel- Analysis and Forecast (2018-2023) March 2019 TOC

2. Global Fermented Food and Ingredient Market BIS Research is a leading market intelligence and technology research company. BIS Research publishes in-depth market intelligence reports focusing on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management. BIS Research provides multi-client reports, company profiles, databases, and custom research services. Copyright © 2019 BIS Research All Rights Reserved. This document contains highly confidential information and is the sole property of BIS Research. Disclosing, copying, circulating, quoting or otherwise reproducing any or all contents of this document is strictly prohibited. Access to this information is provided exclusively for the benefit of the people or organization concerned. It may not be accessed by, or offered whether for sale or otherwise to any third party. All rights reserved at BIS Research 2

3. Global Fermented Food and Ingredient Market Preface Preface Consumers interest in the benefits of fermented food and ingredient has been increasing across the globe. The health-conscious population is now becoming aware about the positive impact of these food on the digestive system, which in turn, is increasing the demand for fermented food and ingredient across the globe. Fermentation is an anaerobic process which involves the application of bacteria feeding on the starch present in the food to produce lactic acid. This process helps in preserving and increasing the shelf life of food products. Digestive wellness and the increasing demand for lactose and gluten-free products are some of the factors supporting the growth of fermentation food and ingredient across the globe. Small categories of companies offering a variety of fermented food are also achieving higher growth than dairy-based probiotic products. As fermentation is a natural process, it usually meets the consumers demand for clean labeling and avoiding synthetic additive and preservatives. Increasing awareness among consumers about gut health and the overall health and wellness is the key driving force of the fermented food and ingredient market. The market research study offers a broad perspective of the different food types, ingredient types, and distribution channel, pertaining to the fermented food and ingredient market and analyses its impact by providing critical insights into the direction of its future expansion. The study provides a detailed analysis of the market dynamics, applications and regional growth of fermented food and ingredient market. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models This study has been designed to answer some of the most crucial questions about the fermented food and ingredient market: ▪ What is the global fermented food and ingredient market size in terms of revenue along with the growth rate during the forecast period 2018-2023? ▪ What are the key ingredients covered in the fermented ingredient market? All rights reserved at BIS Research 3

4. Global Fermented Food and Ingredient Market ▪ What are the major distribution channel followed in the fermented food market? ▪ What are the different food types in the fermented food market? ▪ What is the market size and opportunities for fermented food in different regions? ▪ What is the competitive strength of the key players in the fermented food and ingredient market in terms of their recent developments, product offerings, and regional presence? ▪ What is the major distribution channel in the fermented food market in different countries and region? ▪ What is the market size and growth of fermented food types across different regions? The report highlights the critical driving and restraining forces for this market as well as the market opportunities. Moreover, the report consists of a comprehensive analysis of the fermented food and ingredient market for different regions. The fermented food and ingredient market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC) and Rest-of-the-World (RoW). Each region analysis details individual driving and restraining forces acting in the market in addition to the key players from that particular region. The report also provides a country-based analysis for all the leading countries in every region, including the U.S., Canada, Mexico, the Netherlands, the U.K., France, China, Japan, Australia, New Zealand, India, Malaysia, Saudi Arabia, and the U.A.E. BIS Agritech March 2019 All rights reserved at BIS Research 4

5. Global Fermented Food and Ingredient Market T Table of able of C Contents ontents Executive Summary……………………………………………...……………. 25 1.Market Dynamics .................................................................................................... 37 1.1 Market Drivers ............................................................................................... 37 1.1.1 Growing Consumer Awareness about Health and Wellness ...... 38 1.1.2 Increasing Awareness about Food Preservatives ....................... 39 1.1.3 Increase in the Consumption of Functional Food and Beverages ......................................................................................................... 40 Market Restraints .......................................................................................... 41 1.2.1 Restricted Range of Temperatures and pH for Operations ........ 41 1.2.2 Health Risk Possibilities due to Fermentation ............................. 42 Market Opportunities .................................................................................... 43 1.3.1 Emerging Economies with High Growth Potential ...................... 43 1.3.2 Scope of Expansion through Mergers and Acquisitions ............ 43 1.2 1.3 2.Competitive Landscape ......................................................................................... 45 2.1 Key Market Developments and Strategies .................................................. 45 2.1.1 Product Launches and Developments ......................................... 47 2.1.2 Business Expansions and Contracts ........................................... 48 2.1.3 Mergers and Acquisitions .............................................................. 49 2.1.4 Partnerships, Collaborations, and Joint Ventures ...................... 50 2.1.5 Others (Awards and Recognitions)............................................... 52 Market Share Analysis .................................................................................. 52 2.2.1 Market Share Analysis of Fermented Food Manufacturers in Fermented Food Market ................................................................. 52 2.2 3.Industry Analysis .................................................................................................... 55 3.1 Industry Attractiveness ................................................................................ 55 3.1.1 Threat of New Entrants .................................................................. 56 3.1.2 Bargaining Power of Buyers ......................................................... 58 All rights reserved at BIS Research 5

6. Global Fermented Food and Ingredient Market 3.1.3 3.1.4 3.1.5 Supply Chain Analysis.................................................................................. 62 Opportunity Matrix ........................................................................................ 63 Emerging Trends ........................................................................................... 66 3.4.1 Emerging Fermented Food Products ........................................... 66 3.4.2 Emerging Ingredients Bacteriocin ................................................ 68 Regulatory Landscape .................................................................................. 70 Bargaining Power of Suppliers ..................................................... 59 Threat from Substitutes ................................................................. 60 Intensity of Competitive Rivalry .................................................... 61 3.2 3.3 3.4 3.5 4.Global Fermented Ingredient Market, (by Ingredient Type) ................................ 72 4.1 4.2 4.3 4.4 4.5 4.6 Market Overview ............................................................................................ 72 Amino Acids .................................................................................................. 76 Organic Acid .................................................................................................. 78 Vitamins ......................................................................................................... 80 Industrial Enzymes ....................................................................................... 82 Others............................................................................................................. 85 5.Global Fermented Food Market, (by Food Type) ................................................. 87 5.1 5.2 5.3 5.4 5.5 5.6 Market Overview ............................................................................................ 87 Fermented Dairy Products ........................................................................... 89 Fermented Beverages ................................................................................... 93 Fermented Confectionery and Bakery Products ........................................ 95 Fermented Vegetables .................................................................................. 97 Others............................................................................................................. 99 6.Global Fermented Food Market, (by Distribution Channel) .............................. 101 6.1 6.2 6.3 6.4 Market Overview .......................................................................................... 101 Supermarkets/Hypermarkets ..................................................................... 103 Online Stores ............................................................................................... 105 Others........................................................................................................... 107 7.Global Fermented Food Market, (by Region) ..................................................... 109 All rights reserved at BIS Research 6

7. Global Fermented Food and Ingredient Market 7.1 Europe .......................................................................................................... 112 7.1.1 Europe (by Distribution Channel) ............................................... 113 7.1.2 Europe (by Food Type) ................................................................ 114 7.1.3 Europe (by Country) ..................................................................... 115 7.1.3.1 The U.K. .................................................................................... 116 7.1.3.1.1 The U.K. (by Distribution Channel) .................................................... 118 7.1.3.2 Germany ................................................................................... 119 7.1.3.2.1 Germany (by Distribution Channel) ................................................... 120 7.1.3.3 France ....................................................................................... 121 7.1.3.3.1 France (by Distribution Channel) ....................................................... 123 7.1.3.4 The Netherlands........................................................................ 124 7.1.3.4.1 The Netherlands (by Distribution Channel) ........................................ 125 7.1.3.5 Italy ........................................................................................... 126 7.1.3.5.1 Italy (by Distribution Channel) ........................................................... 127 7.1.3.6 Spain ......................................................................................... 128 7.1.3.6.1 Spain (by Distribution Channel) ......................................................... 129 7.1.3.7 Rest-of-Europe .......................................................................... 130 7.1.3.7.1 Rest-of-Europe (by Distribution Channel) .......................................... 131 North America ............................................................................................. 132 7.2.1 North America (by Distribution Channel) ................................... 134 7.2.2 North America (by Food Type) .................................................... 134 7.2.3 North America (by Country) ........................................................ 136 7.2.3.1 The U.S. .................................................................................... 137 7.2.3.1.1 The U.S. (by Distribution Channel) .................................................... 138 7.2.3.2 Canada ..................................................................................... 139 7.2.3.2.1 Canada (by Distribution Channel) ..................................................... 141 7.2.3.3 Mexico ....................................................................................... 142 Asia-Pacific .................................................................................................. 144 7.3.1 Asia-Pacific (by Distribution Channel) ....................................... 145 7.3.2 Asia-Pacific (by Food Type) ........................................................ 145 7.3.3 Asia-Pacific (by Country) ............................................................. 147 7.3.3.1 China ......................................................................................... 148 7.2 7.3 All rights reserved at BIS Research 7

8. Global Fermented Food and Ingredient Market 7.3.3.1.1 7.3.3.2 7.3.3.2.1 7.3.3.3 7.3.3.3.1 7.3.3.4 7.3.3.4.1 7.3.3.5 7.3.3.5.1 Rest-of-the-World (RoW) ............................................................................ 159 7.4.1 RoW (by Distribution Channel) ................................................... 160 7.4.2 RoW (by Food Type) ..................................................................... 161 7.4.3 Rest-of-the-World (by Country) ................................................... 162 7.4.3.1 South America .......................................................................... 163 7.4.3.1.1 South America (by Distribution Channel) ........................................... 164 7.4.3.2 Saudi Arabia ............................................................................. 165 7.4.3.2.1 Saudi Arabia (by Distribution Channel).............................................. 166 7.4.3.3 Others ....................................................................................... 167 7.4.3.3.1 Others (by Distribution Channel) ....................................................... 168 China (by Distribution Channel) ........................................................ 149 Japan ........................................................................................ 150 Japan (by Distribution Channel) ........................................................ 152 India .......................................................................................... 153 India (by Distribution Channel) .......................................................... 154 Australia-New Zealand (ANZ) ................................................... 155 ANZ (by Distribution Channel) ........................................................... 156 Rest-of-Asia-Pacific ................................................................... 157 Rest-of-Asia-Pacific (by Distribution Channel) ................................... 158 7.4 8.Company Profiles ................................................................................................. 170 8.1 Archer Daniels Midland Company ............................................................. 172 8.1.1 Company Overview ...................................................................... 172 8.1.2 Product Portfolio .......................................................................... 173 8.1.3 Financials ...................................................................................... 173 8.1.3.1 Financial Summary ................................................................... 175 8.1.4 SWOT ANALYSIS.......................................................................... 176 Ajinomoto Inc. ............................................................................................. 177 8.2.1 Company Overview ...................................................................... 177 8.2.2 Product Portfolio .......................................................................... 178 8.2.3 Financials ...................................................................................... 178 8.2.3.1 Financial Summary ................................................................... 180 8.2 All rights reserved at BIS Research 8

9. Global Fermented Food and Ingredient Market 8.2.4 Angel Yeast Co. Ltd. ................................................................................... 182 8.3.1 Company Overview ...................................................................... 182 8.3.2 Product Portfolio .......................................................................... 183 8.3.2.1 Corporate Summary .................................................................. 183 8.3.3 SWOT ANALYSIS.......................................................................... 184 Cargill Inc. .................................................................................................... 185 8.4.1 Company Overview ...................................................................... 185 8.4.2 Product Portfolio .......................................................................... 186 8.4.3 Financials ...................................................................................... 186 8.4.3.1 Financial Summary ................................................................... 187 8.4.4 SWOT ANALYSIS.......................................................................... 188 CHR Hansen ................................................................................................ 189 8.5.1 Company Overview ...................................................................... 189 8.5.2 Product Portfolio .......................................................................... 190 8.5.3 Financials ...................................................................................... 191 8.5.3.1 Financial Summary ................................................................... 192 8.5.4 SWOT Analysis ............................................................................. 193 CSK Food Enrichment ................................................................................ 194 8.6.1 Company Overview ...................................................................... 194 8.6.2 Product Portfolio .......................................................................... 195 8.6.2.1 Corporate Summary .................................................................. 195 8.6.3 SWOT ANALYSIS.......................................................................... 196 Danone S.A. ................................................................................................. 197 8.7.1 Company Overview ...................................................................... 197 8.7.2 Product Portfolio .......................................................................... 198 8.7.3 Financials ...................................................................................... 198 8.7.3.1 Financial Summary ................................................................... 201 8.7.4 SWOT ANALYSIS.......................................................................... 202 Dohler GmbH ............................................................................................... 203 8.8.1 Company Overview ...................................................................... 203 SWOT Analysis ............................................................................. 181 8.3 8.4 8.5 8.6 8.7 8.8 All rights reserved at BIS Research 9

10. Global Fermented Food and Ingredient Market 8.8.2 8.8.2.1 8.8.3 Evonik Industries AG .................................................................................. 206 8.9.1 Company Overview ...................................................................... 206 8.9.2 Product Portfolio .......................................................................... 207 8.9.3 Financials ...................................................................................... 207 8.9.3.1 Financial Summary ................................................................... 209 8.9.4 SWOT Analysis ............................................................................. 210 8.10General Mills Inc. ......................................................................................... 211 8.10.1 Company Overview ...................................................................... 211 8.10.2 Product Portfolio .......................................................................... 212 8.10.3 Financials ...................................................................................... 212 8.10.3.1 Financial Summary ................................................................... 214 8.10.4 SWOT ANALYSIS.......................................................................... 215 8.11Kerry Group ................................................................................................. 216 8.11.1 Company Overview ...................................................................... 216 8.11.2 Product Portfolio .......................................................................... 217 8.11.3 Financials ...................................................................................... 218 8.11.3.1 Financial Summary ................................................................... 219 8.11.4 SWOT Analysis ............................................................................. 220 8.12KeVita ........................................................................................................... 221 8.12.1 Company Overview ...................................................................... 221 8.12.2 Product Portfolio .......................................................................... 222 8.12.2.1 Corporate Summary .................................................................. 222 8.12.3 SWOT ANALYSIS.......................................................................... 223 8.13Koninklijke DSM N.V. .................................................................................. 224 8.13.1 Company Overview ...................................................................... 224 8.13.2 Product Portfolio .......................................................................... 225 8.13.3 Financials ...................................................................................... 226 8.13.3.1 Financial Summary ................................................................... 227 Product Portfolio .......................................................................... 204 Corporate Summary .................................................................. 204 SWOT ANALYSIS.......................................................................... 205 8.9 All rights reserved at BIS Research 10

11. Global Fermented Food and Ingredient Market SWOT ANALYSIS.......................................................................... 228 8.14Lallemand Inc. ............................................................................................. 229 8.14.1 Company Overview ...................................................................... 229 8.14.2 Product Portfolio .......................................................................... 230 8.14.2.1 Corporate Summary .................................................................. 230 8.14.3 SWOT ANALYSIS.......................................................................... 231 8.15Mars Inc........................................................................................................ 232 8.15.1 Company Overview ...................................................................... 232 8.15.2 Product Portfolio .......................................................................... 233 8.15.3 Corporate Summary ..................................................................... 233 8.15.4 SWOT ANALYSIS.......................................................................... 234 8.16Meiji Holdings Co.,Ltd................................................................................. 235 8.16.1 Company Overview ...................................................................... 235 8.16.2 Product Portfolio .......................................................................... 236 8.16.3 Financials ...................................................................................... 236 8.16.3.1 Financial Summary ................................................................... 237 8.16.4 SWOT ANALYSIS.......................................................................... 238 8.17Mondelēz International ............................................................................... 239 8.17.1 Company Overview ...................................................................... 239 8.17.2 Product Portfolio .......................................................................... 240 8.17.3 Financials ...................................................................................... 240 8.17.4 SWOT Analysis ............................................................................. 243 8.18Nestlé S.A .................................................................................................... 244 8.18.1 Company Overview ...................................................................... 244 8.18.2 Product Portfolio .......................................................................... 245 8.18.3 Financials ...................................................................................... 245 8.18.3.1 Financial Summary ................................................................... 247 8.18.4 SWOT ANALYSIS.......................................................................... 248 8.19Novozymes A/S ........................................................................................... 249 8.19.1 Company Overview ...................................................................... 249 8.19.2 Product Portfolio .......................................................................... 250 8.13.4 All rights reserved at BIS Research 11

12. Global Fermented Food and Ingredient Market Financials ...................................................................................... 250 Financial Summary ................................................................... 252 SWOT ANALYSIS.......................................................................... 253 8.20Royal FrieslandCampina N.V. .................................................................... 254 8.20.1 Company Overview ...................................................................... 254 8.20.2 Product Portfolio .......................................................................... 255 8.20.3 Financials ...................................................................................... 255 8.20.3.1 Financial Summary ................................................................... 257 8.20.4 SWOT ANALYSIS.......................................................................... 258 8.21Tetra Pak International S.A. ........................................................................ 259 8.21.1 Company Overview ...................................................................... 259 8.21.2 Product Portfolio .......................................................................... 260 8.21.2.1 Corporate Summary .................................................................. 260 8.21.3 SWOT ANALYSIS.......................................................................... 261 8.22Yakult Honsha Co., Ltd. .............................................................................. 262 8.22.1 Company Overview ...................................................................... 262 8.22.2 Product Portfolio .......................................................................... 263 8.22.3 Financials ...................................................................................... 263 8.22.3.1 Financial Summary ................................................................... 265 8.22.4 SWOT Analysis ............................................................................. 266 8.19.3 8.19.3.1 8.19.4 9.Report Scope and Methodology .......................................................................... 267 9.1 9.2 Report Scope ............................................................................................... 267 Fermented Food and Ingredient Market Research Methodology ............ 269 9.2.1 Assumptions ................................................................................. 269 9.2.2 Limitations .................................................................................... 270 9.2.3 Primary Data Sources .................................................................. 270 9.2.4 Secondary Data Sources ............................................................. 271 9.2.5 Data Triangulation ........................................................................ 273 9.2.6 Market Estimation and Forecast ................................................. 274 All rights reserved at BIS Research 12

13. Global Fermented Food and Ingredient Market List of Tables List of Tables Table 1: Market Snapshot: Global Fermented Food and Ingredient Market .................................... 29 Table 1.1: pH Range of Fermented Food Products ......................................................................... 42 Table 1.2: Recent Merger and Acquisitions in Fermented Food and Ingredient Market ................... 44 Table 3.1: Analyzing Threat of New Entrants ................................................................................... 57 Table 3.2: Analyzing Bargaining Power of Buyers ........................................................................... 58 Table 3.3: Analyzing Bargaining Power of Suppliers ....................................................................... 59 Table 3.4: Analyzing the Threat from Substitute .............................................................................. 60 Table 3.5: Analyzing the Intensity of Competitive Rivalry ................................................................. 61 Table 3.6: Emerging Fermented Food and Beverages Products in the Industry .............................. 66 Table 3.7: Key Products in the Bacteriocin Market by the Leading Players ..................................... 69 Table 3.8: Regulatory and Compliance Bodies ................................................................................ 70 Table 4.1: Global Fermented Ingredient Market (by Ingredient Type), $Billion, 2017-2023 ............ 75 Table 4.2: Key Developments Pertaining to the Amino Acid Market, (2015-2018) ........................... 76 Table 4.3: Key Developments Pertaining to the Organic Acid Market .............................................. 80 Table 4.4: Key Developments Pertaining to the Industrial Enzyme Market, (2015-2018) ............... 84 Table 5.1: Global Fermented Food Market, (by Food Type), $Billion, 2017-2023 ............................ 88 Table 5.2: Advantages and Disadvantages of Fermented Dairy Products ....................................... 92 Table 5.3: Key Companies Products in the Fermented Dairy Products Market ............................... 92 Table 5.4: Key Developments in the Fermented Beverages Market ................................................ 95 Table 5.5: Drivers and Restricting Factors of Fermented Bakery and Confectionery Products .......................................................................................................................................... 95 Table 5.6: Key Developments in the Fermented Confectionery and Bakery Market ........................ 96 Table 5.7: Different Type of Fermented Vegetables ........................................................................ 97 Table 5.8: Advantages and Disadvantages of Consuming Fermented Vegetables ......................... 98 Table 6.1: Global Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ........... 102 Table 7.1: Global Fermented Food Market (by Region), $Billion, 2017-2023 ................................ 111 All rights reserved at BIS Research 13

14. Global Fermented Food and Ingredient Market Table 7.2: Europe Fermented Food Market, (by Distribution Channel), $Billion, 2017-2023 .......... 113 Table 7.3: Europe Fermented Food Market (by Food Type), $Billion, 2017-2023 ......................... 114 Table 7.4: Europe Food Market (by Country), $Billion, 2017-2023 ................................................ 115 Table 7.5: The U.K. Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ........ 118 Table 7.6: Germany Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ....... 120 Table 7.7: France Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ........... 123 Table 7.8: The Netherlands Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ....................................................................................................................... 125 Table 7.9: Italy Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ................ 127 Table 7.10: Spain Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ........... 129 Table 7.11: Rest-of-Europe Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ....................................................................................................................... 131 Table 7.12: North America Fermented Food Market (by Distribution Channel), $Billion, 2017- 2023 ................................................................................................................................ 134 Table 7.13: North America Fermented Food Market (by Food Type), $Billion, 2017-2023 ........... 134 Table 7.14: North America Fermented Food Market (by Country), $Billion, 2017-2023 ................. 136 Table 7.15: The U.S. Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ........................................................................................................................................ 138 Table 7.16: Canada Fermented Food Market (by Distribution Channel), $Billion, 2017-2023........ 141 Table 7.17: Sale of Food and Beverages from Distribution Channels in Canada........................... 142 Table 7.18: Asia-Pacific Fermented Food Market (by Distribution Channel), $Billion, 2017- 2023 ................................................................................................................................ 145 Table 7.19: Asia-Pacific Fermented Food Market (by Food Type), $Billion, 2017-2023 ................ 145 Table 7.20: Asia-Pacific Fermented Food Market (by Country), $Billion, 2017-2023 ..................... 147 Table 7.21: China Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ........... 149 Table 7.22: Japan Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 .......... 152 Table 7.23: India Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ............ 154 Table 7.24: ANZ Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ............. 156 All rights reserved at BIS Research 14

15. Global Fermented Food and Ingredient Market Table 7.25: Rest-of-Asia-Pacific Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ....................................................................................................................... 158 Table 7.26: RoW Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ............ 160 Table 7.27: RoW Fermented Food Market (by Food Type), $Billion, 2017-2023 ........................... 161 Table 7.28: Rest-of-the-World Fermented Food Market (by Country), $Billion, 2017-2023 ........... 162 Table 7.29: South America Fermented Food Market (by Distribution Channel), $Billion, 2017- 2023 ................................................................................................................................ 164 Table 7.30: Saudi Arabia Fermented Food Market (by Distribution Channel), $Billion, 2017- 2023 ................................................................................................................................ 166 Table 7.31: Others Fermented Food Market (by Distribution Channel), $Billion, 2017-2023 ......... 168 Table 8.1 Archer Daniels Midland: Product Portfolio ...................................................................... 173 Table 8.2: Ajinomoto Co. Inc: Product Portfolio ............................................................................. 178 Table 8.3: Angel Yeast Co. Ltd.: Product Portfolio ......................................................................... 183 Table 8.4: Cargill Inc.: Product Portfolio ......................................................................................... 186 Table 8.5: CHR Hansen: Product Portfolio .................................................................................... 190 Table 8.6: CSK Food Enrichment: Product Portfolio ...................................................................... 195 Table 8.7: Danone S.A.: Product Portfolio ..................................................................................... 198 Table 8.8: Dohler GmbH: Product Portfolio .................................................................................... 204 Table 8.9: Evonik Industries AG: Product Portfolio ........................................................................ 207 Table 8.10: General Mills Inc.: Product Portfolio ............................................................................ 212 Table 8.11: KeVita: Product Portfolio ............................................................................................. 222 Table 8.12: Koninklijke DSM N.V.: Product Portfolio ...................................................................... 225 Table 8.13: Lallemand Inc.: Product Portfolio ................................................................................ 230 Table 8.14 Mars Inc: Product Portfolio ........................................................................................... 233 Table 8.15: Meiji Holdings Co.,Ltd.: Product Portfolio .................................................................... 236 Table 8.16: Mondelez International: Product Portfolio .................................................................... 240 Table 8.17: Nestlé S.A: Product Portfolio ....................................................................................... 245 Table 8.18: Novozymes A/S: Product Portfolio .............................................................................. 250 Table 8.19: Royal FrieslandCampina N.V.: Product Portfolio ......................................................... 255 All rights reserved at BIS Research 15

16. Global Fermented Food and Ingredient Market Table 8.20: Tetra Pak International S.A.: Product Portfolio ............................................................ 260 Table 8.21: Yakult Honsha Co., Ltd.: Product Portfolio .................................................................. 263 All rights reserved at BIS Research 16

17. Global Fermented Food and Ingredient Market List of List of Figures Figures Figure 1: Factors Impacting the Fermented Food and Ingredient Market ........................................ 26 Figure 2: Global Fermented Food and Ingredient Market Snapshot ................................................ 28 Figure 3: Global Fermented Food Market (by Distribution Channel), 2018 and 2023 ...................... 30 Figure 4: Global Fermented Food Market (by Food Type), $Billion, 2018 and 2023 ........................ 31 Figure 5: Global Fermented Ingredient Market (by Ingredient Type), 2018-2023 ............................. 32 Figure 6: Global Fermented Food Market (by Region), 2018-2023 .................................................. 33 Figure 7: Global Fermented Food Market (by Country), 2018.......................................................... 34 Figure 1.1: Market Dynamics ........................................................................................................... 37 Figure 1.2: Impact Analysis of Drivers ............................................................................................. 38 Figure 1.3: Average Life Expectancy 1990-2015 ............................................................................. 39 Figure 1.4: Impact Analysis of Restraints ......................................................................................... 41 Figure 2.1: Strategies Adopted by the Key Players (2015-2018) ..................................................... 45 Figure 2.2: Share of Key Market Strategies and Developments (2015-2018) .................................. 46 Figure 2.3: Product Launches and Developments Share (by Companies) ...................................... 47 Figure 2.4: Business Expansions and Contracts Share (by Companies) ......................................... 49 Figure 2.5: Mergers and Acquisitions Share (by Companies) .......................................................... 50 Figure 2.6: Partnerships, Collaborations, and Joint Ventures Share (by Companies) ...................... 51 Figure 2.7: Market Share Analysis of Fermented Food Manufacturers in Fermented Food Market ............................................................................................................................... 53 Figure 3.1: Industry Attractiveness (Porter’s Five Forces Analysis) for the Fermented Food and Ingredient Market ........................................................................................................ 56 Figure 3.2 Supply Chain Analysis Fermented Food and ingredient Market ..................................... 63 Figure 3.3 Global Fermented Foods and Ingredient Market Opportunity Matrix, (by Region), 2018 and 2023 .................................................................................................................. 65 Figure 4.1: Fermented Ingredient: By Ingredient Type ..................................................................... 73 Figure 4.2: Global Fermented Ingredient Market (by Ingredient Type), 2017-2023 .......................... 74 Figure 4.3: Factors Affecting the Growth of Amino Acids ................................................................. 77 All rights reserved at BIS Research 17

18. Global Fermented Food and Ingredient Market Figure 4.4: Amino Acids in Fermented Ingredient Market, 2017-2023 ............................................. 78 Figure 4.5: Organic Acids in Fermented Ingredient Market, 2017-2023 ........................................... 79 Figure 4.6: Different Type of Fermented Vitamins ........................................................................... 81 Figure 4.7: Vitamins in Fermented Ingredient Market, 2017-2023 ................................................... 82 Figure 4.8: Different Type of Industrial Enzymes ............................................................................. 83 Figure 4.9: Industrial Enzymes in Fermented Ingredient Market, 2017-2023 ................................... 85 Figure 4.10: Others in Fermented Ingredient Market, 2017-2023 .................................................... 86 Figure 5.1: Fermented Food: By Food Type .................................................................................... 87 Figure 5.2: Global Fermented Food Market, (by Food Type), 2018 and 2023 ................................. 88 Figure 5.3: Global Fermented Dairy Production, 2010-2015-2025 ................................................... 90 Figure 5.4: Fermented Dairy Products Market Size in Fermented Food Market, 2017-2023 ........... 91 Figure 5.5: Health Benefits of Fermented Beverages ...................................................................... 93 Figure 5.6: Fermented Beverages Market in Fermented Food Market, 2017-2023 ......................... 94 Figure 5.7: Fermented Confectionery and Bakery Products in Fermented Food Market, 2017-2023 ......................................................................................................................... 96 Figure 5.8: Fermented Vegetable Products in Fermented Food Market, 2017-2023 ....................... 99 Figure 5.9: Others Food Type in Fermented Food Market, 2017-2023 .......................................... 100 Figure 6.1: Fermented Food: By Distribution Channel ................................................................... 101 Figure 6.2: Global Fermented Food Market (by Distribution Channel), 2018 and 2023 ................. 102 Figure 6.3: Factors Affecting the Growth of Fermented Food through Supermarkets/ Hypermarkets .................................................................................................................. 104 Figure 6.4: Fermented Food Revenue Generated through Supermarkets/Hypermarkets, 2017-2023 ....................................................................................................................... 105 Figure 6.5: Fermented Food Revenue Generated through Online Stores, 2017-2023 .................. 106 Figure 6.6: Factors Affecting the Growth of Fermented Foods through Online Stores ................... 107 Figure 6.7: Fermented Food Revenue Generated Through Other Distribution Channel, 2017- 2023 ................................................................................................................................ 108 Figure 7.1: Global Fermented Food Regional Market Snapshot .................................................... 109 Figure 7.2: Global Fermented Food Market (by Region), 2018 and 2023 ...................................... 110 All rights reserved at BIS Research 18

19. Global Fermented Food and Ingredient Market Figure 7.3: Europe Fermented Food Market, 2017-2023 ............................................................... 113 Figure 7.4: Europe Food Market (by Food Type), 2018 and 2023 ................................................. 114 Figure 7.5: The U.K. Fermented Food Market, 2017-2023 ............................................................ 117 Figure 7.6: The U.K. Fermented Food Market, (by Distribution Channel), 2018 and 2023 ............ 118 Figure 7.7: Fermented Food Market in Germany, 2017-2023 ........................................................ 119 Figure 7.8: Germany Fermented Food Market (by Distribution Channel), 2018 and 2023 ............. 121 Figure 7.9: Fermented Food Market in France, 2017-2023 ........................................................... 122 Figure 7.10: France Fermented Food Market (by Distribution Channel), 2018 and 2023 .............. 123 Figure 7.11: Fermented Food Market in the Netherlands, 2017-2023 ........................................... 124 Figure 7.12: The Netherlands Fermented Food Market (by Distribution Channel), 2018 and 2023 ................................................................................................................................ 126 Figure 7.13: Fermented Food Market in Italy, 2017-2023 .............................................................. 127 Figure 7.14: Italy Fermented Food Market (by Distribution Channel), 2018 and 2023 ................... 128 Figure 7.15: Fermented Food Market in Spain, 2017-2023 ........................................................... 129 Figure 7.16: Spain Fermented Food Market (by Distribution Channel), 2018 and 2023 ................ 130 Figure 7.17: Fermented Food Market in Rest-of-Europe, 2017-2023 ............................................ 131 Figure 7.18: Rest-of-Europe Fermented Food Market (by Distribution Channel), 2018 and 2023 ................................................................................................................................ 132 Figure 7.19: North America Fermented Food Market, 2017-2023.................................................. 133 Figure 7.20: North America Fermented Food Market (by Food Type), 2018 and 2023 .................. 135 Figure 7.21: Fermented Food Market in the U.S., 2017-2023 ........................................................ 137 Figure 7.22: The U.S. Fermented Food Market, 2018 and 2023.................................................... 138 Figure 7.23: Factors Driving Growth of Fermented Food Products in Canada ............................... 139 Figure 7.24: Fermented Food Market in Canada, 2017-2023 ........................................................ 140 Figure 7.25: Canada in Fermented Food Market, 2018 and 2023 ................................................. 141 Figure 7.26: Fermented Food Market in Mexico, 2017-2023 ......................................................... 143 Figure 7.27: Asia-Pacific Fermented Food Market, 2017-2023 ...................................................... 144 Figure 7.28: Asia-Pacific Food Market (by Food Type), 2018 and 2023 ........................................ 146 All rights reserved at BIS Research 19

20. Global Fermented Food and Ingredient Market Figure 7.29: China Fermented Food Market, 2017-2023 ............................................................... 148 Figure 7.30: China Fermented Food Market (by Distribution Channel), 2018 and 2023 ................ 149 Figure 7.31: Reasons for Opting Healthy Food Products by Consumers in Japan ........................ 151 Figure 7.32: Japan Fermented Food Market, 2017-2023 ............................................................... 151 Figure 7.33: Japan in Fermented Food Market (by Distribution Channel), 2018 and 2023 ............ 152 Figure 7.34: India Fermented Food Market, 2017-2023 ................................................................. 153 Figure 7.35: India in Fermented Food Market (by Distribution Channel), 2018 and 2023 .............. 155 Figure 7.36: ANZ Fermented Food Market, 2017-2023 ................................................................. 156 Figure 7.37: ANZ in Fermented Food Market (by Distribution Channel), 2018 and 2023 ............... 157 Figure 7.38: Rest-of-Asia-Pacific Fermented Food Market, 2017-2023 ......................................... 158 Figure 7.39: Rest-of-Asia-Pacific in Fermented Food Market (by Distribution Channel), 2018 and 2023 ......................................................................................................................... 159 Figure 7.40: Rest-of-the-World Fermented Food Market, 2017-2023 ............................................ 160 Figure 7.41: RoW Fermented Food Market (by Food Type), 2018 and 2023 ................................ 162 Figure 7.42: South America Fermented Food Market, 2017-2023 ................................................. 163 Figure 7.43: South America Fermented Food Market (by Distribution Channel), 2018 and 2023 ................................................................................................................................ 165 Figure 7.44: Saudi Arabia Fermented Food Market, 2017-2023 .................................................... 166 Figure 7.45: Saudi Arabia Fermented Food Market (by Distribution Channel), 2018 and 2023 ........................................................................................................................................ 167 Figure 7.46: Others Fermented Food Market, 2017-2023 .............................................................. 168 Figure 7.47: Others in Fermented Food Market (by Distribution Channel), 2018 and 2023 ........... 169 Figure 8.1: Share of Key Companies Profiled ................................................................................ 170 Figure 8.2: Archer Daniels Midland: Overall Financials, 2015-2017 ............................................... 173 Figure 8.3: Archer Daniels Midland: Net Revenue (by Business Segment), 2015-2017 ................ 174 Figure 8.4: Archer Daniels Midland: Net Revenue (by Region), 2015-2017 ................................... 174 Figure 8.5: Archer Daniels Midland: SWOT Analysis ..................................................................... 176 Figure 8.6: Ajinomoto Co. Inc: Overall Financials, 2015-2017 ....................................................... 178 Figure 8.7: Ajinomoto Co. Inc: Net Revenue (by Region), 2017 .................................................... 179 All rights reserved at BIS Research 20

21. Global Fermented Food and Ingredient Market Figure 8.8: Ajinomoto Co. Inc: Net Revenue by Business Segment, 2017 .................................... 179 Figure 8.9: Ajinomoto Co. Inc.: SWOT Analysis ............................................................................. 181 Figure 8.10: Angel Yeast Co. Ltd.: SWOT Analysis ....................................................................... 184 Figure 8.11: Cargill Inc.: Overall Financials, 2016-2018 ................................................................. 186 Figure 8.12: Cargill Inc.: Net Revenue (by Region), 2016-2018 ..................................................... 187 Figure 8.13: Cargill Inc.: SWOT Analysis ....................................................................................... 188 Figure 8.14: CHR Hansen: Overall Financials, 2015-2017 ............................................................ 191 Figure 8.15: CHR Hansen: Net Revenue (by Region), 2017 ......................................................... 191 Figure 8.16: CHR Hansen: Net Revenue by Business Segment, 2015-2017 ................................ 192 Figure 8.17: CHR Hansen: SWOT Analysis................................................................................... 193 Figure 8.18: CSK Food Enrichment: SWOT Analysis .................................................................... 196 Figure 8.19: Danone S.A.: Overall Financials, 2015-2017 ............................................................. 198 Figure 8.20: Danone S.A.: Net Revenue (by Region), 2015-2016 ................................................. 199 Figure 8.21: Danone S.A.: Net Revenue (by Region), 2017 .......................................................... 199 Figure 8.22: Danone S.A.: Net Revenue by Business Segment, 2015-2016 ................................. 200 Figure 8.23: Danone S.A.: Net Revenue by Business Segment, 2017 .......................................... 200 Figure 8.24: Danone S.A.: SWOT Analysis ................................................................................... 202 Figure 8.25: Dohler GmbH: SWOT Analysis .................................................................................. 205 Figure 8.26: Evonik Industries AG.: Overall Financials, 2016-2018 ............................................... 207 Figure 8.27: Evonik Industries AG.: Net Revenue by Business Segment, 2016-2018 ................... 208 Figure8.28: Evonik Industries AG: Net Revenue by Regional Segment, 2016-2018 ..................... 208 Figure 8.29: Evonik Industries AG.: SWOT Analysis ..................................................................... 210 Figure 8.30: General Mills Inc.: Overall Financials, 2016-2018 ...................................................... 212 Figure 8.31: General Mills Inc.: Net Revenue (by Business Segment), 2016-2018 ........................ 213 Figure 8.32: General Mills Inc.: Net Revenue (by Region), 2016-2018 .......................................... 213 Figure 9.33: General Mills Inc.: SWOT Analysis ............................................................................ 215 Figure 8.34: Kerry Group: Product Portfolio ................................................................................... 217 Figure 8.35: Kerry Group: Overall Financials, 2015-2017 .............................................................. 218 All rights reserved at BIS Research 21

22. Global Fermented Food and Ingredient Market Figure 8.36: Kerry Group: Net Revenue (by Region), 2017 ........................................................... 218 Figure 8.37: Kerry Group: Net Revenue by Business Segment, 2017 ........................................... 219 Figure 8.38: Kerry Group: SWOT Analysis .................................................................................... 220 Figure 8.39: KeVita: SWOT Analysis ............................................................................................. 223 Figure 8.40: Koninklijke DSM N.V.: Overall Financials, 2015-2017 ................................................ 226 Figure 8.41: Koninklijke DSM N.V.: Net Revenue (by Region), 2015-2017.................................... 226 Figure 8.42: Koninklijke DSM N.V.: Net Revenue by Business Segment, 2015-2017 ................... 227 Figure 8.43: Koninklijke DSM N.V.: SWOT Analysis ...................................................................... 228 Figure 8.44: Lallemand Inc.: SWOT Analysis ................................................................................ 231 Figure 8.45: Mars Inc. : SWOT Analysis ........................................................................................ 234 Figure 8.46: Meiji Holdings Co.,Ltd.: Overall Financials, 2016-2018 .............................................. 236 Figure 8.47: Meiji Holdings Co.,Ltd.: Net Revenue (by Business Segment), 2015-2017 ............... 237 Figure 8.48: Meiji Holdings Co.,Ltd.: SWOT Analysis .................................................................... 238 Figure 8.49: Mondelez International: Overall Financials, 2016-2018 ............................................. 240 Figure 8.50: Mondelez International: Net Revenue by Business Segment, 2016-2018 ................. 241 Figure 8.51: Mondelez International: Net Revenue by Regional Segment, 2016-2018 .................. 241 Figure 8.52: Mondelez International: SWOT Analysis .................................................................... 243 Figure 8.53: Nestlé S.A: Overall Financials, 2016-2018 ................................................................. 245 Figure 8.54: Nestlé S.A: Net Revenue by Business Segment, 2016-2018 .................................... 246 Figure 8.55: Nestlé S.A: Net Revenue by Regional Segment, 2016-2018 ..................................... 246 Figure 8.56: Nestle S.A.: SWOT Analysis ...................................................................................... 248 Figure 8.57: Novozymes A/S: Overall Financials, 2015-2017 ........................................................ 250 Figure 8.58: Novozymes A/S: Net Revenue (by Business Segment), 2015-2017 .......................... 251 Figure 8.59: Novozymes A/S: Net Revenue (by Region), 2015-2017 ............................................ 251 Figure 8.60: Novozymes A/S: SWOT Analysis .............................................................................. 253 Figure 8.61: Royal FrieslandCampina N.V.: Overall Financials, 2015-2017 .................................. 255 Figure 8.62: Royal FrieslandCampina N.V.: Net Revenue (by Business Segment), 2015- 2017 ................................................................................................................................ 256 All rights reserved at BIS Research 22

23. Global Fermented Food and Ingredient Market Figure 8.63: Royal FrieslandCampina N.V.: Net Revenue (by Region), 2015-2017 ...................... 256 Figure 8.64: Royal FrieslandCampina N.V.: SWOT Analysis ......................................................... 258 Figure 8.65: Tetra Pak International S.A.: SWOT Analysis ............................................................ 261 Figure 8.66: Yakult Honsha Co., Ltd.: Overall Financials, 2016-2018 ............................................ 263 Figure 8.67: Yakult Honsha Co., Ltd.: Net Revenue by Business Segment, 2016-2018 ................ 264 Figure 8.68: Yakult Honsha Co., Ltd.: Net Revenue by Regional Segment, 2016-2018 ................ 264 Figure 8.69: Yakult Honsha Co.Ltd.: SWOT Analysis .................................................................... 266 Figure 9.1: Fermented Food and Ingredient Market Scope ........................................................... 268 Figure 9.2: Report Methodology .................................................................................................... 269 Figure 9.3: Primary Interviews Breakdown, by Company, Designation and Region ...................... 271 Figure 9.4: Sources of Secondary Research ................................................................................. 272 Figure 9.5: Data Triangulation ....................................................................................................... 273 Figure 9.6: Top Down-Bottom-Up Approach for Market Estimation ............................................... 275 All rights reserved at BIS Research 23

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