PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1569385
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1569385
Global Biotech Ingredients Market was valued at approximately USD 59.10 billion in 2023 and is expected to grow at a CAGR of 4.81% during the forecast period of 2024 to 2032. Biotech ingredients are structurally similar to naturally occurring compounds and are produced using advanced biotechnological methods such as genetic engineering, recombinant DNA technology, and hybridoma technology. These ingredients are increasingly being adopted in various sectors including personal care, aromatics, and herbal products, significantly contributing to the growth of the biotech ingredients market.
The Global Biotech Ingredients Market is primarily driven by the rising consumer awareness of the adverse effects associated with synthetic products. This shift in consumer preference towards natural and biotech-derived alternatives, particularly in the pharmaceutical and personal care sectors, is fueling the demand for biotech ingredients. Additionally, the increasing utilization of these ingredients in the food and beverage industry is further bolstering market growth. However, the market faces challenges such as the limited availability of raw materials, which could potentially hinder the growth trajectory.
The key regions considered for the market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, Europe dominated the biotech ingredients market supported by its large consumer base, robust end-use sectors, and favorable governmental policies. Furthermore, the Asia-Pacific region is anticipated to witness the fastest growth during the forecast period, driven by the presence of leading biopharmaceutical companies in countries such as China, India, Japan, and South Korea, along with the region's rich heritage in herbal medicine.