According to a recent report by Reports and Data, the global industrial biotechnology market is expected to reach USD 852.55 billion by 2030, with a revenue CAGR of 9.9% during the forecast period. The rise in demand for eco-friendly approaches to prevent pollution, conserve resources, and increase the use of biofuels is driving the growth of the market.
Industrial biotechnology involves using enzymes, microorganisms, and plants to produce energy, industrial chemicals, and consumer goods. The aim is to develop biotechnology that will result in environmentally friendly industrial processes that are cost-effective and long-lasting. This market has the potential for a bigger global impact than medical services and agriculture biotechnology, as it allows companies to minimize costs and grow their markets while still protecting the environment.
The report highlights that the biofuel segment accounted for the largest revenue share in 2021 due to the soaring prices of crude oil, which is causing people to switch to biofuels to save money and reduce their dependence on crude oil. Biofuels are produced from crops like wheat, corn, soybeans, and sugarcane, which can be produced again and again on demand, making them sustainable. Additionally, biofuels help reduce greenhouse gases by emitting less pollution.
The agricultural residues segment accounted for the second-largest revenue share in 2021 due to the use of agro-industrial wastes for manufacturing biofuels, enzymes, vitamins, antioxidants, animal feed, antibiotics, and other chemicals through solid-state fermentation (SSF). This helps to reduce the production cost and the pollution load from the environment.
The food and feed segment is expected to register a rapid growth rate during the forecast period. Enzymes can degrade complex components in the feed, and addition of industrially produced enzymes increases the energy and nutrient value of feed and reduces emissions into the environment, thus driving segment revenue growth.
Europe accounted for the largest revenue share in 2021 due to substantial government investment in research and development (R&D) in the field and growing demand for green products and chemicals from consumers.
The companies profiled in the global market report include BASF SE, Amyris, Inc, Borregaard AS, Global Bioenergies, Codexis, Inc., Deinove SAS, Fermentalg, Evolva, Gevo, Inc., and Novozymes.
The industrial biotechnology market has been segmented based on type, raw material, application, and region.
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Industrial Biotechnology Market: Drive factors
The industrial biotechnology market is being driven by several factors such as the rise in demand for new approaches to prevent pollution, conserve resources, and increase the application of biofuels. Industrial biotechnology enables companies to minimize costs and grow their markets while still protecting the environment. Additionally, many industrial biotechnology products do not require the lengthy review times that drug products must undergo, making them quicker and easier to bring to market. The use of enzymes, microorganisms, and plants to produce energy, industrial chemicals, and consumer goods is a key aspect of industrial biotechnology. The objective is to develop biotechnology that will result in "green" (environmentally friendly) industrial processes that are both cost-effective and long-lasting. The market is also being driven by partnerships and collaborations between companies to develop innovative products and solutions. Finally, government funding for research and development in the field, and growing demand for green products and chemicals from consumers, are principal factors driving market growth in certain regions.
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