The global White Biotechnology Market is estimated to be valued at US$207.5 billion in 2019 and is expected to exhibit a CAGR of 4.7% over the forecast period 2020-2027, according to a new report published by Coherent Market Insights. White biotechnology, also known as industrial biotechnology, involves the use of enzymes and microorganisms to produce sustainable and eco-friendly products. This market primarily encompasses sectors such as biofuels, bioplastics, biochemicals, and bio-based materials. The adoption of white biotechnology solutions helps in reducing greenhouse gas emissions, lowering production costs, and promoting resource conservation. The market is driven by the increasing focus on sustainable development, rising environmental concerns, and government initiatives to promote the use of bio-based products.
1. Growing Demand for Bio-based Products:
The rising awareness about the environmental impact of traditional chemicals and materials has led to a surge in demand for bio-based products. White biotechnology offers sustainable alternatives to petrochemical-based products, thereby driving market growth. Industries such as packaging, textiles, and automotive are increasingly adopting bio-based materials, boosting the demand for white biotechnology solutions.
2. Government Support and Incentives:
Governments worldwide are actively promoting the use of bio-based products to achieve sustainability targets. Various incentives and policies, such as tax benefits, subsidies, and grants, are being implemented to encourage the adoption of white biotechnology. This favorable regulatory environment acts as a catalyst for market growth, attracting investments and fostering innovation in the industry.
Overall, the white biotechnology market is poised for significant growth in the coming years, driven by the increasing demand for sustainable alternatives and supportive government initiatives.
Market Key Trends:
The key trend in the White Biotechnology market is the increasing demand for sustainable solutions and alternatives to traditional chemical-based products. White Biotechnology, also known as industrial biotechnology, involves the use of enzymes and microorganisms to produce various chemicals, materials, and energy sources. This approach offers several advantages, including lower energy consumption, reduced waste generation, and a smaller carbon footprint. As environmental concerns and regulations become more stringent, industries are adopting white biotechnology solutions to meet sustainability targets. Additionally, the growing consumer preference for eco-friendly products is driving the demand for bio-based alternatives in sectors such as food and beverages, textiles, and packaging. This market trend presents significant opportunities for companies operating in the white biotechnology space.
Strength: The white biotechnology market is supported by the increasing demand for sustainable solutions and the rising consumer preference for eco-friendly products. This offers a strong growth potential for companies operating in the market.
Weakness: The high initial costs and investment required for research and development of white biotechnological products can be a major challenge for companies, hindering their market penetration.
Opportunity: The adoption of white biotechnology solutions can lead to cost savings and improved operational efficiency for industries. Moreover, the expansion of government regulations and policies promoting eco-friendly practices creates favorable conditions for the white biotechnology market.
Threats: The market faces competition from traditional chemical-based products, which have established market presence and a lower cost advantage. Additionally, the limited consumer awareness about white biotechnology products poses a challenge for market expansion.
The global White Biotechnology Market Growth is expected to witness high Size-share, exhibiting a CAGR of 4.7% over the forecast period of 2020-2027. This growth is driven by the increasing demand for sustainable solutions and eco-friendly products. The market size for 2019 was valued at US$ 207.5 Bn.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the white biotechnology market. This can be attributed to the presence of key players, strong government support for sustainable initiatives, and high consumer awareness.
Key players operating in the White Biotechnology market include Archer Daniels Midland Company, BASF SE, Cargill, Inc., Corbion N.V., Koninklijke DSM N.V, DuPont, Lesaffre, Novozymes, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., iCAD, Inc., InVivo Corporation, McKesson Corporation, Merge Healthcare Incorporated (IBM), Philips Healthcare, Samsung Medison Co. Ltd., Siemens Healthcare, and Toshiba Medical Systems Corporation. These companies play a crucial role in driving innovation and market growth in the white biotechnology sector.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it