IMARC Group, a leading market research company, has recently released a report titled “Biotech Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biotech ingredients market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Biotech Ingredients Industry?
According to the report, The global biotech ingredients market size reached US$ 56.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 76.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.22% during 2023-2028.
What is Biotech Ingredients?
Biotech ingredients are derived from organisms such as algae, yeast, or bacteria that undergo DNA editing to improve their metabolic process. They are a more cost-effective and environmentally friendly solution than ingredients processed using petrochemicals. They serve as a sustainable substitute for creating plant-based extracts that combat oxidative damage and decelerate aging. As a result, biotech ingredients find extensive applications in beauty companies across the globe to examine and enhance the effectiveness of natural active components on the skin.
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What are the growth prospects and trends in the Biotech Ingredients industry?
The global biotech ingredients market is primarily driven by the surging adoption of biotech ingredients in creating new cosmetic formulations due to shifting consumer preferences toward safe, effective, and advanced cosmetic solutions. Moreover, the rising use of biotech ingredients in hybrid skincare products owing to the escalating demand for organic and sustainable products is positively influencing the market growth. Additionally, there is a rise in investments in research and development (RD) activities by key players to introduce innovative products. In line with this, the increasing adoption of biomimetics, 3D bioprinting, and plant tissue culture technologies for next-generation beauty products has catalyzed market growth. Furthermore, the rising popularity of biotech ingredients in the food and beverage (FB) industry for enhancing flavors and improving the functionality of enzymes and emulsifiers is contributing to the market growth. Other factors, including the rising demand for generic medicines, growing consumer awareness about the negative effects of synthetic ingredients, and rapid growth in the personal care industry, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Yeast
- Algae
- Others
Breakup by Application:
- Food and Beverages
- Personal Care and Cosmetics
- Cleaning Products
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AbbVie Inc.
- Advanced Biotech
- Amyris Inc.
- Becton Dickinson and Company
- Bell Flavors Fragrances Inc.
- Bruker Corporation
- Evolva AG
- Evonik Industries AG
- GlaxoSmithKline plc.
- International Flavors Fragrances Inc., Merck KGaA and Sanofi SA.
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