Global Biotech Ingredient Market Segments 2024, Forecast To 2033
5 Mar, 2024
The biotech ingredient market has shown strong growth, increasing from $56.76 billion in 2023 to $60.6 billion in 2024, achieving a CAGR of 6.8%. Contributing factors include innovations in the food and beverage industry, increasing adoption of biofuel, consumer demand for functional foods, and advances in genetic engineering. Expecting strong growth, the market is forecasted to reach $78.43 billion in 2028, maintaining a CAGR of 6.7%. Drivers include a focus on personalized nutrition, expansion of cell-based meat production, development of therapeutic biotech ingredients, bio ingredients for waste reduction, and a shift towards bioplastics. Major trends include biotech-based functional foods, biotech solutions for circular economy practices, therapeutic biotech ingredients, biotech ingredients for clean energy production, and global emphasis on biodiversity conservation.
Global Biotech Ingredient Market Key Driver
The biotech ingredient market is expected to grow with the rising demand for generic medicines. Generic and biosimilar medications accounted for 91% of the 6.4 billion prescriptions in the U.S. in 2021, resulting in substantial cost savings of $373 billion, as reported by the U.S. Generic and Biosimilar Medicines Savings Report. This heightened demand is propelling the growth of the biotech ingredient market.
Get A Free Sample Of The Global Biotech Ingredient Market ReportGlobal Biotech Ingredient Market Segments
The biotech ingredient market covered in this report is segmented –
1) By Type: Active Pharmaceutical Ingredients, Biosimilars
2) By Expression Systems: Mammalian Expression Systems, Microbial Expression Systems, Yeast Expression Systems, Plant Expression Systems, Insect Expression Systems
3) By Application: Food And Beverages, Personal Care And Cosmetics, Cleaning Products, Other Applications
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
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
Major Biotech Ingredient Industry Players
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.
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AIOps Biotech Ingredient Market Overview
Biotech ingredients refer to chemical components produced by microbes, most commonly yeast, yeast-like organisms, or algae that have their DNA edited such that their metabolism results in a commercially viable compound. These ingredients are safer and are often less expensive for consumers.
Biotech Ingredient Global Market Report 2023 provides data on the global biotech ingredient market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biotech ingredient market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.