The White Biotechnology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s White Biotechnology Global Market Report 2024, The white biotechnology market size has grown rapidly in recent years. It will grow from $382.86 billion in 2023 to $423.09 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to cost competitiveness and economic viability, reduced reliance on fossil fuels, consumer demand for sustainability, investment in research and development, circular economy initiatives..
The white biotechnology market size is expected to see rapid growth in the next few years. It will grow to $626.09 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to consumer preference for sustainable products, global shift towards renewable energy, investment and funding growth, focus on circular economy and waste reduction.. Major trends in the forecast period include cost competitiveness, consumer awareness and preference, product innovations, shift towards circular economy, reduction in greenhouse gas emissions..
Increasing demand for biofuels is expected to propel the growth of the white biotechnology market going forward. Biofuels refer to a type of renewable energy made from biological sources. The most popular biofuels, such as biodiesel, biogas, and others, are produced from organic by-products and corn-based ethanol. There is an increasing demand for biofuels across the globe, and white biotechnology is used for the sustainable synthesis of biofuels using living organisms or their enzymes from renewable sources. For instance, in December 2022, according to a report shared by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, by 2022, 47.4 billion liters of biodiesel will be produced worldwide, up from 45.7 billion in 2021. On the other hand, the amount of ethanol produced has gone up to 114 billion liters in 2022. Therefore, increasing demand for biofuels is driving the growth of the white biotechnology market.
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The white biotechnology market covered in this report is segmented –
1) By Product Type: Biofuels, Biomaterials, Biochemicals, Industrial Enzymes
2) By Application Type: Bioenergy, Food and feed additives, Pharmaceutical ingredients, Personal care and household products, Other Applications
Technological advancements have emerged as a key trend gaining popularity in the white biotechnology market. The market has witnessed the use of new and advanced technologies platforms such as co-polymer and precise platforms, which are based on biotechnological applications and aid in discovering remarkable items. Major companies operating in the white biotechnology market are focused on such discoveries to sustain their position in the market. For instance, in June 2023, International Flavors & Fragrances Inc., a US-based manufacturer of fragrances, flavors, and cosmetic actives, launched Designed Enzymatic Biomaterials (DEB) technology, a Biomaterials technology platform to deliver sustainable biopolymers. The technology platform enables producers to adapt to changing market needs and regulatory changes by substituting conventional synthetic polymers from fossil fuels. Through the DEB technology platform, scientists may directly incorporate the properties of petroleum-based polymers into biopolymer materials, tailoring and perfecting polysaccharides to provide long-term performance improvements in the selected application.
The white biotechnology market report table of contents includes:
1. Executive Summary
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