Overview and Scope
Biochemical refers to chemical processes that occur in living beings, including the study of chemical substances and vital processes occurring in live organisms. They are used in biotechnology for the production of therapeutic proteins and bioprocessing applications.
Sizing and Forecast
The biochemical market size has grown rapidly in recent years. It will grow from $75.86 billion in 2023 to $83.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to rising demand for sustainable products, government initiatives and regulations, shift towards bio-based fuels, consumer awareness and preference, expanding applications in various industries.
The biochemical market size is expected to see strong growth in the next few years. It will grow to $116.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to growing biopharmaceutical sector, increasing focus on circular economy, global efforts to combat climate change, biorefinery developments, consumer demand for green products. Major trends in the forecast period include technological innovation in bioprocessing, investments in research and development, collaborations and partnerships, biotechnological advancements, shift towards precision and synthetic biology.
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Segmentation & Regional Insights
The biochemical market covered in this report is segmented –
1) By Type: Biodiesel, Amino Acids, Fine Chemicals, Phytochemicals, Antibiotics, Dyes And Stains
2 By Application: Fuel, Power Generation, Other Applications
3) By End-User: Pharmaceuticals, Dairy, Automotive, Agriculture, Textile, Food Processing
Asia-Pacific was the largest region in the biochemical market in 2023. The regions covered in the biochemical market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing demand for bio-based products is expected to propel the growth of the biochemical market going forward. Bio-based products refer to materials that are derived from renewable biological resources, such as plants, animals, and microorganisms. Biochemicals are used in developing bio-based products by providing sustainable alternatives to traditional petrochemicals and reducing environmental impact. For instance, in May 2023, according to a report published by the Organic Trade Association, a US-based non-profit business association, the U.S. organic food market witnessed an unprecedented surge in sales, reaching a new record of $61.7 billion in 2022, an increase of 4.4% compared to $59.1 billion in 2021. Furthermore, in March 2023, according to European Bioplastics, a Germany-based association representing the interests of the bioplastics industry in Europe, global bioplastics production capacity is expected to increase from around 2.2 million metric tons in 2022 to approximately 6.3 million metric tons in 2027. Therefore, increasing demand for bio-based products is driving the growth of the biochemical market.
Key Industry Players
Major companies operating in the biochemical market report are Cargill Inc., Archer Daniels Midland Company, Pfizer Inc., Johnson & Johnson, BASF SE, F. Hoffmann-La Roche AG, Merck & Co. Inc., Dow Chemical Company, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca plc, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Evonik Industries AG, Solvay S.A., DuPont de Nemours Inc., Ajinomoto Co. Inc., Biogen Inc., Vertex Pharmaceuticals, Agilent Technologies, Illumina, Renewable Energy Group Inc., Bio-Rad Laboratories, Hansen A/S, Naturex SA, Arboris LLC, AMINO GmbH, LIPO Foods</b
The biochemical market report table of contents includes:
1. Executive Summary
2. Biochemical Market Characteristics
3. Biochemical Market Trends And Strategies
4. Biochemical Market – Macro Economic Scenario
5. Global Biochemical Market Size and Growth
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32. Global Biochemical Market Competitive Benchmarking
33. Global Biochemical Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biochemical Market
35. Biochemical Market Future Outlook and Potential Analysis
36. Appendix
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