Biotech Ingredients Market Expected to Reach $75.3 Billion by 2028

According to a new report published by Allied Market Research titled, “Biotech Ingredients Market By Type, Product, And Expression Systems: Global Opportunity Analysis And Industry Forecast, 2021–2028,” the global biotech ingredients market size was valued at $51.3 billion in 2020 and is anticipated to generate $75.3 billion by 2028. The market is projected to experience growth at a CAGR of 4.8% from 2021 to 2028.

Biotech ingredients are biological compounds that are synthesized through hybridoma technology, genetic engineering, and recombinant DNA technology. These ingredients are organic and have low to no side effects on consumption whilst offering same function as synthetic ingredients. 

Rise in consumption of generic drugs with organic content has led to growth in demand for biotech ingredients in the market. These ingredients are produced by extracting, tracing, or genetically engineering natural substances or microorganisms that offer remedial benefits. They are produced through DNA recombinant technology, hybridoma technology, or gene mapping. Moreover, rise in application of these ingredients in food & beverages and health supplements act as a driving factor for the biotech ingredients market growth. However, lower availability of raw material is expected to restrain the market growth. 

The biotech ingredient market is segmented on the basis of type, product, application, and region. Depending on type, the market is segmented into active pharmaceutical ingredients (API) and biosimilars. The API segment led the market for biotech ingredients in 2020, and is projected to grow at a faster pace during the forecast period. By product, the market is categorized into monoclonal antibodies, vaccines, hormones & growth factors, cytokines, fusion proteins, therapeutic enzymes, and blood factors. The monoclonal antibodies segment dominated the market for 2020, however, the hormones & growth factors segment is projected to grow at a faster rate during the forecast period.  On the basis of expression systems, the market is divided into mammalian expression systems, microbial expression systems, yeast expression systems, plant expression systems, and insect expression systems. The microbial expression systems segment garnered largest share for 2020, and the mammalian expression systems segment is projected to grow at a higher pace during the forecast period. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Europe dominated the market share for the biotech ingredients market; however, Asia-Pacific is expected to grow at higher pace during the forecast period. 

The key players operating in the market are Pfizer Inc., Novartis International AG, Merck & Co., Teva Pharmaceutical Industries Ltd., Mylan, Inc., Boehringer Ingelheim, Sanofi, AbbVie, Eli Lilly and Company, and  AstraZeneca plc. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition. 

Key findings of the study

• The global biotech ingredients market size is provided in terms of revenue
• Asia-Pacific is projected to grow at the highest CAGR of approximately 5.2%, in terms of revenue, during the forecast period
• By type, the APIs segment is anticipated to grow with CAGR 4.7%, in terms of revenue, during the forecast period
• The Europe and Asia-Pacific dominated the biotech ingredients market share by over 36.2% and 32.0% in 2020
• A comprehensive analysis of the factors that drive and restrain the biotech ingredients market growth is provided
• The qualitative data in this report aims at the market trends, dynamics, and developments in the biotech ingredients industry
• The biotech ingredients market forecast and estimations are based on factors impacting the market growth