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Budding produces a new individual from an outgrowth of its parent. In Saccharomyces cerevisiae, the daughter biological cell grows while attached to the mother and later separates; see the Burgess, Powers and Mell account cited there. Budding describes reproduction, not fermentation.

In its biochemical sense, fermentation is metabolism that obtains ATP from breakdown of organic substrates without a respiratory electron transport chain. The alcoholic route is one example; not every fermentation produces ethanol. See Clark, Douglas and Choi, Biology 2e, 7.5: fermentation versus anaerobic respiration.