Industrial Biotechnology Market Size Worth USD 852.55 Billion By 2030

The global industrial biotechnology market size is expected to reach USD 852.55 Billion in 2030 and register a revenue CAGR of 9.9% over the forecast period, according to the latest report by Reports and Data. Rise in demand for new approaches to prevent pollution, conserve resources, and increase application in biofuels is driving market revenue growth.

If fully developed, industrial biotechnology might have a bigger global impact than medical services and agriculture biotechnology. It enables companies to minimize costs and grow their markets while still protecting the environment. Furthermore, since many industrial biotechnology products do not require the lengthy review times that drug products must undergo, it’s quicker, and easier, which is driving market revenue growth. Today, new industrial processes can be taken from lab study to commercial application in two to five years, as compared to almost a decade it took earlier.

Industrial biotechnology involves the use of enzymes, microorganisms, and plants to produce energy, industrial chemicals, and consumer goods. It is an industrial paradigm based on the notion that renewable plant-derived carbohydrates, lipids, and other substances would be able to replace significant amount of petroleum and other fossil fuels that are now used as raw materials and sources of energy in modern industrial civilization. The objective is to develop biotechnology that will result in “green” (environmentally friendly) industrial processes that are both cost-effective and long-lasting.

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Some Key Highlights from the Report

• In April 2020, Amgen Inc. and Adaptive Biotechnologies partnered to research and produce antibodies to combat the COVID-19 pandemic. The collaboration will combine Amgen’s experience in the fields of novel antibody treatment and immunology with Adaptive’s patented immune medicine platform to find virus-neutralizing antibodies and create promising new medicines against SARS-CoV-2.
• Biofuel segment accounted for largest revenue share in 2021. Fuels that have been extracted from plants and crops are known as biofuels. As prices of crude oil are soaring day by day, most people are switching to biofuels to save money and reduce their dependence on crude oil. Biofuels are produced from wheat, corn, soybeans, and sugarcane, which can be produced again and again on demand, so they are sustainable. It also helps in reducing greenhouse gases up to much extent by emitting less pollution.
• Agricultural residues segment accounted for largest revenue share in 2021. Agricultural residues are rich in bioactive compounds. Agro-industrial wastes are used for manufacturing biofuels, enzymes, vitamins, antioxidants, animal feed, antibiotics, and other chemicals through solid-state fermentation (SSF). The use of agro-industrial wastes as raw materials can help to reduce the production cost and reduce the pollution load from the environment. Such factors are contributing to growth of the segment.
• Food and feed segment is expected to register a rapid growth rate during the forecast period. Production of feed and inorganic supplements is energy-intensive and the undigested nutrients excreted by the livestock into the environment lead to pollution problems. Enzymes are capable of degrading complex components in the feed, and addition of industrially produced enzymes increases energy and nutrient value of feed and reduces emissions into the environment, thus driving segment revenue growth.
• Market in Europe accounted for largest revenue share in 2021. Substantial funds invested by the government for research and development (R&D) in the field and growing demand for green products and chemicals from consumers are principal factors driving market growth in the region.
• Companies profiled in global market report include BASF SE, Amyris, Inc, Borregaard AS, Global Bioenergies, Codexis, Inc., Deinove SAS, Fermentalg, Evolva, Gevo, Inc., and Novozymes.

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