Global White Biotechnology market report 2024, Forecast To 2033
4 Mar, 2024
The white biotechnology market has witnessed rapid growth, escalating from$382.86 billion in 2023 to$423.09 billion in 2024, with a compound annual growth rate (CAGR) of 10.5%. This growth in the historic period is attributed to cost competitiveness and economic viability, reduced reliance on fossil fuels, consumer demand for sustainability, investment in research and development, and circular economy initiatives. Looking ahead, the market is expected to see rapid growth, reaching$626.09 billion in 2028, with a CAGR of 10.3%. Factors driving this growth include consumer preference for sustainable products, global shift towards renewable energy, investment and funding growth, and a focus on circular economy and waste reduction. Major trends in the forecast period include cost competitiveness, consumer awareness and preference, product innovations, shift towards circular economy, and reduction in greenhouse gas emissions.
Global White Biotechnology Market Key Driver
Increasing demand for biofuels is expected to propel the growth of the white biotechnology market going forward. Biofuels refer to a type of renewable energy made from biological sources. The most popular biofuels, such as biodiesel, biogas, and others, are produced from organic by-products and corn-based ethanol. There is an increasing demand for biofuels across the globe, and white biotechnology is used for the sustainable synthesis of biofuels using living organisms or their enzymes from renewable sources. For instance, in December 2022, according to a report shared by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, by 2022, 47.4 billion liters of biodiesel will be produced worldwide, up from 45.7 billion in 2021. On the other hand, the amount of ethanol produced has gone up to 114 billion liters in 2022. Therefore, increasing demand for biofuels is driving the growth of the white biotechnology market. The white biotechnology market is projected to reach $XX billion by 2023, with further expansion expected through 2024 and 2028.
Get A Free Sample Of The Global White Biotechnology Market ReportGlobal White Biotechnology Market Segments
The global white biotechnology market covered in this report is segmented –
1) By Product Type: Biofuels, Biomaterials, Biochemicals, Industrial Enzymes
2) By Application Type: Bioenergy, Food and feed additives, Pharmaceutical ingredients, Personal care and household products, Other Applications
By Geography: The regions covered in the white biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the white biotechnology market in 2023. The regions covered in the white biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major White Biotechnology Industry Players
Novozyme A/S., Koninklijke DSM N.V., BASF SE., Du Pont Danisco., Amyris Inc., Henkel AG & Co. KGaA., Kaneka Corporation., Biosphere Corporation., Fujifilm Holdings Corporation., General Electric Company., Solazyme Inc., Bayer AG., Evonik Industries AG., Evolva Holding., EUCODIS Bioscience GmbH., Lonza Group Ltd., Laurus Labs., BioAmber Inc., Borregaard ASA., Codexis Inc., Deinove SA., Fermentalg SA., Gevo Inc., Global Bioenergies SA., Metabolic Explorer SA., Oligomerix Inc., immatics biotechnologies GmbH., Neurimmune Therapeutics AG., AkzoNobel N.V., Saama Technologies Inc.
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White Biotechnology Market Overview
White biotechnology refers to a branch of biotechnology that is committed to industrial production and offers essential components to food, pharmaceutical, agricultural, and other industries. It is also known as environmental biotechnology, which is the contemporary application and usage of biotechnology for the environmentally friendly synthesis of biochemicals, biomaterials, and biofuels from renewable resources using live cells and/or their enzymes. The white biotechnology is used to synthesize products through biological processes.
White Biotechnology Global Market Report 2023 provides data on the global white biotechnology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The white biotechnology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.