The global White Biotechnology Market size is expected to value at USD 487.08 billion by 2024. The market is subject to witness a substantial growth due to the rise in adoption of white biotechnology for production of various biofuels like bioethanol and biodiesel. In addition, white biotechnology plays a vital role during production of essential chemical products such as organic acids, amino acids, ethanol and various types of vitamins, thus propelling the market growth in the recent years. Globally, the white biotechnology industry is predicted to grow at CAGR of 10.2% in forecast period, providing numerous opportunities for market players to invest in research and development of the white biotechnology sector.
Increasing adoption of biotechnology market in healthcare sector and pharmaceutical industry coupled with reduced manufacturing cost of drugs and various chemical products are expected to drive market demand for white biotechnology over the forecast period. Additionally, ecofriendly nature of white biotechnology, easy availability of essential raw materials, advanced production methods, declined production costs, and minimum waste generation are some of the critical factors driving market growth, since the last decade.
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Growing end-user demand for organic chemicals, especially in the North American and European region, due to numerous advantages over non-organic products and shifting trend towards renewable products are anticipated to fuel deployment of biotechnology process instead of conventional chemical manufacturing methodologies.
Furthermore, increasing demand from different end-user market segments such as automobile industry and packaged food sector to achieve required sustainability and flexibility is predicted to boost market growth in the upcoming years. The white biotechnology technique is considered as highly cost effective and efficient in comparison with conventional non-organic chemical processes that largely uses of non-renewable energy sources. In addition, the white biotechnology is considered as simple process involving least number of production steps and produces minimum residue after the completion. Unlike other types of chemical process, the white biotechnology is not affected by price volatilities of raw materials. These advantages are estimated to foster the growth of white biotechnology market in years to come.
The white biotechnology industry is broadly categorized into two major types based on application sector such as pharmaceutical sector, bioenergy sector and others. Pharmaceutical sector is considered as one of the faster growing segment in the white biotechnology market with substantial revenue generation in the last couple of years. Growing demand for white biotechnology in the pharmaceutical sector is attributed to the large-scale manufacturing of biopharmaceutical drugs & medicines that are vital for cancer treatment; these drugs acts as the antibodies that cannot be manufactured via chemical process. Hence, these factors are projected to propel the growth of pharmaceutical segment over the forecast period.
Bioenergy segment has also witnessed massive growth in the last few years, owing to the high-end demand from North American and European region for organic chemicals. Other factors positively affecting market growth for bioenergy market segment include growing need to reduce dependency on petroleum products. In addition, rising adoption of biomass as an effective alternative to petroleumis expected to fuel market expansion of bioenergy market segment.
The white biotechnology industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in pharmaceuticals & medicine sector, favorable government’s laws & regulation, decline in the petroleum imports, and existence of well-established infrastructure.
Asia-Pacific region is predicted to hold major market share in the white biotechnology market with massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with rising consumer demand for green products and chemicals, recent improvements in domestic healthcare infrastructure, strong economic growth and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the white biotechnology industry are Amyris, Inc., BioAmber, Inc., Borregaard Ltd., Codexis, Inc., Deinove S.A., Evolva Holding S.A., Fermentalg S.A., Gevo, Inc., Global Bioenergies S.A., Metabolic Explorer S.A., Novozymes A/S, Terumo BCT Inc., LDL Absorption System and TerraVia Holdings, Inc.
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Global White Biotechnology Product Outlook (Revenue, USD Billion, 2013 – 2024)
• Industrial enzymes
Global White Biotechnology Application Outlook (Revenue, USD Billion, 2013 – 2024)
• Food & Feed Additives
• Pharmaceutical Ingredients
• Personal care & Household Products
Global White Biotechnology Regional Outlook (Revenue, USD Billion, 2013 – 2024)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/biotechnology
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