Categories: Market Research

Biochemical Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Biochemical 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 Biochemical Global Market Report 2024, 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.

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.

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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

Major companies operating in the biochemical market are intensifying their efforts towards introducing novel sustainable products such as biobased sustainable additives to gain a competitive edge in the market. Biobased sustainable additives are natural or renewable chemical compounds and substances derived from plant-based, agricultural, or other organic sources that are used to enhance the properties, performance, or environmental sustainability of various products, materials, or processes. For instance, in March 2023, BYK, a subsidiary of Altana AG, a Germany-based chemicals company, launched a new line of bio-based, sustainable additives called CERAFLOUR. These additives are designed to provide a natural look and silky and matte surfaces to coatings used in wood and furniture, coil, and architectural coatings.

The biochemical market report table of contents includes: