Biotech Ingredient Global Market Expected to Grow $78.43 Billion at a CAGR of 6.7% By 2028 | Sanofi S.A., AbbVie Inc., Novartis AG, Pfizer Inc., Mylan Inc.

The Biotech Ingredient 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 Biotech Ingredient, the biotech ingredient market size has grown strongly in recent years. It will grow from $56.76 billion in 2023 to $60.6 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to innovations in food and beverage industry, increasing adoption of biofuel, consumer demand for functional foods, advances in genetic engineering.

The biotech ingredient market size is expected to see strong growth in the next few years. It will grow to $78.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to focus on personalized nutrition, expansion of cell-based meat production, development of therapeutic biotech ingredients, bio ingredients for waste reduction, shift towards bioplastics .. Major trends in the forecast period include biotech-based functional foods, biotech solutions for circular economy practices, therapeutic biotech ingredients, biotech ingredients for clean energy production, global emphasis on biodiversity conservation.

The rising demand for generic medicines is expected to propel the growth of the biotech ingredient market going forward. A generic medicine refers to a drug that is designed to have the same properties as a previously approved medicine. Biotech ingredients are used in general medicine as they are the primary source for providing less costly, more efficient means of producing a range of active ingredients that are almost identical to the original product and are typically regulated under an extended set of rules. For instance, in September 2022, according to the U.S. Generic and Biosimilar Medicines Savings Report published by the Association for Accessible Medicines (AAM), a US-based association of generic medicine manufacturers and distributors, and the Biosimilars Council, a part of the AAM association, patients in the United States received 6.4 billion prescriptions in 2021, with an increase of 91% of them being generic or biosimilar medications. Patients, customers, employers, and taxpayers saved $373 billion by using these lower-cost medicines where generics medicines represent 3% of all health care spending. Therefore, the rising demand for generic medicines is driving the growth of the biotech ingredient market.

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The biotech ingredient market covered in this report is segmented –
1) By Type: Active Pharmaceutical Ingredients, Biosimilars
2) By Expression Systems: Mammalian Expression Systems, Microbial Expression Systems, Yeast Expression Systems, Plant Expression Systems, Insect Expression Systems
3) By Application: Food And Beverages, Personal Care And Cosmetics, Cleaning Products, Other Applications

Technological advancement has emerged as the key trend gaining popularity in the biotech ingredient market. Major companies operating in the biotech ingredient market are introducing new technologies to develop innovative products to strengthen their position in the market. For instance, in March 2023, International Flavors & Fragrances Inc., a US-based manufacturer of fragrance, biotech solutions, cosmetic energetics, and organic health ingredients, launched Aurist AGC, a novel biopolymer for hair care. This illustrates the new DEB platform’s potential by utilizing IFF’s comprehensive biotechnology functionality to ensure sustained and high-performance glamour solutions that really can truly contribute to change in the cosmeceutical industry. The ingredient uses IFF’s proprietary Designed Enzymatic Biopolymers (DEB) technology, an advanced biotechnology capable of producing novel biobased polysaccharides with distinct structures and product features.

The biotech ingredient market report table of contents includes:
1. Executive Summary