According to the Market Statsville Group (MSG), theglobal biotech ingredient market was valued at USD 23,405.7 million in 2021 and is anticipated to generate USD 34,057.4 million by 2030. The market is projected to grow at a CAGR of 4.8% from 2022 to 2030. Biotech ingredients are experiencing high demand over the synthetic ingredients marking a huge shift in the consumer base. This is attributed to a rise in the awareness among consumers regarding the health benefits of organic and herbal medicines.
Furthermore, the use of generic medicines has also increased significantly. Current stress, lifestyles, and working habits have led to the various health disease concerns, which act as a driving factor for the generic medicines. An increase in the demand for generic medicines has also led to an increase in the shift toward biotech ingredients. Additionally, the rise in consumption in the food & beverages industry and various health supplements also drive the growth of the biotech ingredients market. However, the unavailability of raw materials is hampering the market growth of the biotech ingredients market.
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Global Biotech Ingredients Market Definition
Biotech ingredients are compounds that consist of components with essential oils, natural extracts, and bio-engineered substances. These compounds are found in plants, micro-organisms, animals, and any natural living organisms
Consumers are more aware of the basis of personal care items, herbs, and scented products and the process of their synthesis. There has been a notable rise in awareness related to the harmful effects of such products on self and the environment. This has led to a certain shift of consumption pattern from synthetic-based products to herbal and organic-based products. Such a shift significantly affects demand for biotech products, propelling the industry toward growth. Moreover, the rise in cases of chronic ailments such as cancer has also led to a shift in consumer trends toward natural as well as organic products.
The raw material used in production process of biotech ingredients is mainly expression systems, which are from mammals, microbes, insects, plants, or yeast. Microbial systems are easily and abundantly available, followed by plants. However, several restrictions on mammalian and insect expression systems limit growth in those segments. This leads to a scarcity of raw material, which further escalates production as well as the final cost of the product. Thus, the limited availability of raw materials restrains the market growth.
Growth in acceptance of biopharmaceuticals is expected to create various opportunities to grow the biotech ingredient market. Governments have to offer policies that favor producers and bring down production costs. Moreover, the approval process for synthesized products is much easier as biotechnologically produced products require additional approvals for long periods. Hence, fast-track approval processes and favorable policies can open wide opportunities for market growth.
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The study categorizes the biotech ingredients market based on type, product, and expression systems at the regional and global levels.
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By type, the global biotech ingredients market is classified into active pharmaceutical ingredients and biosimilars. In 2021, the active pharmaceutical ingredients segment accounted for the largest market share of 59.1% in the global biotech ingredients market. Active pharmaceutical ingredients (APIs) are substances or combinations of various substances used in final or finished products. They are intended to be used for pharmacology activities to study the adverse effects of a drug on living beings in case of many diseases.
API form used in a formulation is often the most thermodynamically stable crystalline form. The quality of APIs exhibits a significant effect on the efficacy and safety of medications. Poorly manufactured, low quality, and compromised APIs may lead to serious issues such as illnesses or death. APIs are the most important content of any medication as they contain effective antibodies that induce the treatment process. Biotech ingredients are in demand for their organic nature, and thus, APIs made from natural sources are experiencing growth.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global biotech ingredients market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.2% in the global biotech ingredients market during the forecast period. The Asia-Pacific biotech ingredients market is analyzed across China, Japan, India, Australia, South Korea, Sweden, and rest of Asia-Pacific. China is the dominant country in the region in terms of market share, followed by India. South Korea garners the lowest share in the market.
Asia-Pacific is a large producer of medicines, which drives demand for biotech ingredients. The rise in demand for biotech ingredients in medical, food & beverages, personal care, and cosmetics drives demand for biotech ingredients because they are organic and environment friendly.
The global biotech ingredients market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.
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Major players in the global biotech ingredients market are: