PUBLISHER: The Business Research Company | PRODUCT CODE: 1409258
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409258
“Biotech Ingredient Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biotech ingredient market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biotech ingredient? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The biotech ingredient market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Biotech ingredients encompass chemical components produced by microbes, notably yeast, yeast-such as organisms, or algae, whose DNA has been modified to generate commercially viable compounds through their metabolic processes. These ingredients offer enhanced safety and often present a more cost-effective option for consumers.
The primary categories of biotech ingredients include active pharmaceutical ingredients (APIs) and biosimilars. APIs constitute components within over-the-counter or prescription medications that induce the intended health effects. These ingredients utilize diverse expression systems such as mammalian, microbial, yeast, plant, and insect systems, applied across various sectors such as food and beverages, personal care and cosmetics, cleaning products, and other industries.
The biotech ingredient market research report is one of a series of new reports from The Business Research Company that provides biotech ingredient market statistics, including biotech ingredient industry global market size, regional shares, competitors with a biotech ingredient market share, detailed biotech ingredient market segments, market trends and opportunities, and any further data you may need to thrive in the biotech ingredient industry. This biotech ingredient market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The biotech ingredient market size has grown strongly in recent years. It will grow from $56.76 billion in 2023 to $60.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The expansion observed in the past period can be linked to innovations within the food and beverage industry, a rising acceptance of biofuel, consumer preferences for functional foods, and progress in genetic engineering.
The biotech ingredient market size is expected to see strong growth in the next few years. It will grow to $78.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The projected growth in the upcoming period can be credited to an emphasis on personalized nutrition, the expansion of cell-based meat production, the advancement of therapeutic biotech ingredients, the utilization of bio ingredients to reduce waste, and a transition towards bioplastics. Key trends anticipated in the forecast period encompass biotech-driven functional foods, the integration of biotech solutions for circular economy practices, the development of therapeutic biotech ingredients, the use of biotech ingredients for clean energy production, and a worldwide focus on conserving biodiversity.
The biotech ingredient market is poised for growth, primarily driven by the rising demand for generic medicines. Generic medicines, designed to have the same properties as previously approved drugs, utilize biotech ingredients as a cost-effective and efficient means of producing active ingredients identical to the original product. These ingredients are typically regulated under an extended set of rules. In September 2022, the U.S. Generic and Biosimilar Medicines Savings Report indicated that 91% of the 6.4 billion prescriptions received by patients in the United States in 2021 were for generic or biosimilar medications. The use of these lower-cost medicines resulted in significant savings of $373 billion for patients, customers, employers, and taxpayers, where generic medicines represented 3% of all healthcare spending. The increasing demand for generic medicines is a key driver propelling the growth of the biotech ingredient market.
A significant factor contributing to the growth of the biotech ingredient market is the increasing demand for personal care products. Personal care products, encompassing items for personal hygiene and appearance enhancement, utilize biotech ingredients that offer benefits such as a reduced environmental footprint, sustainability, consistent quality, reduced allergenic potential, biocompatibility, enhanced efficacy, and reduced dependence on petrochemicals. In 2022, the average consumer expenditure on personal care products increased by 12.3%, reaching $866, as reported by the Bureau of Labor Statistics. This growth in consumer spending reflects the increasing demand for personal care products, driving the demand for biotech ingredients in this market.
A key trend in the biotech ingredient market is technological advancement, with major companies introducing new technologies to develop innovative products and strengthen their market position. For example, in March 2023, International Flavors & Fragrances Inc., a U.S.-based manufacturer, launched Aurist AGC, a novel biopolymer for hair care. Leveraging the Designed Enzymatic Biopolymers (DEB) technology, this biotechnology platform produces unique biobased polysaccharides with distinct structures and product features. The introduction of such innovative technologies highlights the commitment of major companies to staying at the forefront of the biotech ingredient market.
Prominent companies in the biotech ingredient market are strategically focusing on innovative products to drive revenue growth. One such example is the emphasis on biosyn-bisabolol, a sesquiterpene component found in nature known for its skin protection properties, anti-inflammatory effects, skin-soothing attributes, and barrier restoration capabilities. Aneco Chemicals Co. Ltd., a China-based specialty ingredient maker, showcased its commitment to innovation by launching biosyn-bisabolol in June 2023. This sustainable product is derived through a green production approach that preserves biodiversity and benefits the ecosystem. With a minimum assay of 95%, biosyn-bisabolol is entirely composed of bio-based carbon, making it suitable for use in skin care and sun care products. It can be seamlessly combined with various cosmetic ingredients. The creation of biosyn-bisabolol involved a unique technology ensuring excellent purity, quality, and heightened physiological activity.
In February 2022, Kerry Group plc, an Ireland-based taste and nutrition company, made a significant acquisition by acquiring c-LEcta for $226 million. This acquisition aligns with Kerry's goal to strengthen its innovation activities in enzymatic engineering, fermentation, and biotechnological development. Additionally, Kerry plans to invest in cutting-edge sustainable technologies to drive the development of sustainable food and health systems in the future. c-LEcta, based in Germany, is a biotechnology innovation firm specializing in highly precise fermentation, optimized bio-processing, and bio-transformation to produce high-value targeted biomolecules and ingredients. This strategic acquisition demonstrates the commitment of major companies to advancing their capabilities in the dynamic and innovative field of biotech ingredients.
Major companies operating in the biotech ingredient market report are Merck & Co. Inc., Sanofi S.A., AbbVie Inc., International Flavors & Fragrance (IFF) Inc., Novartis AG, Pfizer Inc., Teva Pharmaceutical Industries Ltd., Mylan Inc., Boehringer Ingelheim International GmbH., AstraZeneca plc., Givaudan, Firmenich SA, Amyris Inc., Advanced BioTech, Sollice Biotech, Novocap S.A., Eli Lilly, Bristol-Myers Squibb Company, GlaxoSmithKline plc., F. Hoffmann-La Roche AG, Biogen Inc., Amgen Inc., Johnson & Johnson, Genentech Inc., Regeneron Pharmaceuticals Inc., Vertex Pharmaceuticals Incorporated, Alexion Pharmaceuticals Inc., Celgene Corporation, Gilead Sciences Inc., BioMarin Pharmaceutical Inc., Incyte Corporation, Seattle Genetics Inc., Alnylam Pharmaceuticals Inc., Ionis Pharmaceuticals Inc., Moderna Inc., Editas Medicine Inc., Intellia Therapeutics Inc., Sangamo Therapeutics Inc., Bluebird Bio Inc., Spark Therapeutics Inc
Europe was the largest region in the biotech ingredient market in 2023. Asia-Pacific is expected to be the fastest-growing region in the biotech ingredients market report during the forecast period. The regions covered in the biotech ingredient market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the biotech ingredient market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The biotech ingredient market consists of sales of shea butter, coconut oil, mango butter, frankincense essential oil, patchouli essential oil, and licorice extract. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.