The latest report by IMARC Group, titled “Biotech Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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.
Biotech components come from species that have had their DNA edited in order to optimize their metabolic processes, such as bacteria, yeast, or algae. They are a more economical and sustainable option than foods that are treated with petrochemicals. They provide a viable alternative for making plant-based extracts that slow down aging and fight oxidative damage. Because of this, biotech compounds are widely used by beauty companies worldwide to investigate and improve the efficacy of natural active substances on the skin.
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Biotech Ingredients Market Trends and Drivers:
The increasing use of biotech components in novel cosmetic formulations as a result of consumers’ growing inclination toward sophisticated, safe, and efficient cosmetics is the main factor propelling the worldwide biotech ingredients market. Additionally, the growing market growth is being positively impacted by the increasing use of biotech components in hybrid skincare products due to the growing desire for sustainable and organic products. In an effort to launch novel products, major firms are also investing more in research and development (R&D) efforts. Accordingly, the market has grown as a result of the growing use of biomimetics, 3D bioprinting, and plant tissue culture technologies in next-generation beauty products. The market is expanding in part because biotech ingredients are becoming more and more popular in the food and beverage (F&B) sector for boosting flavor and emulsifier and enzyme functioning. Further reasons that are expected to propel the market forward include the growing consumer awareness of the harmful effects of synthetic substances, the increasing demand for generic medications, and the explosive growth of the personal care sector.
Report 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
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AbbVie Inc.
- Advanced Biotech
- Amyris Inc.
- Bell Flavors & Fragrances Inc.
- Bruker Corporation
- Evolva AG
- Evonik Industries AG
- GlaxoSmithKline plc.
- International Flavors & Fragrances Inc.
- Merck KGaA
- Sanofi SA.
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