Blog

Apr 09, 2023

Biotech Ingredient Global Market Report 2023

Major players in the biotech ingredient market are Merck & Co. Inc., Sanofi

Major players in the biotech ingredient market are Merck & Co. Inc., Sanofi S.A., AbbVie Inc., International Flavors & Fragrance (IFF) Inc., Novartis AG, Pfizer Inc., Teva Pharmaceutical Industries Ltd.

New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biotech Ingredient Global Market Report 2023" - https://www.reportlinker.com/p06464207/?utm_source=GNW , Mylan Inc., Boehringer Ingelheim International GmbH, AstraZeneca plc., Givaudan, Firmenich SA, Amyris Inc., Advanced BioTech Inc., Sollice Biotech, Novocap S.A., Eli Lilly and Company, Bristol-Myers Squibb Company, and GlaxoSmithKline plc.The global biotech ingredients market is expected to grow from $53.09 billion in 2022 to $56.76 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biotech ingredients market is expected to reach $71.01 billion in 2027 at a CAGR of 5.8%.The biotech ingredient market consists of sales of shea butter, coconut oil, mango butter, frankincense essential oil, patchouli essential oil, and licorice extract.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Biotech ingredients refer to chemical components produced by microbes, most commonly yeast, yeast-like organisms, or algae that have their DNA edited such that their metabolism results in a commercially viable compound. These ingredients are safer and are often less expensive for consumers.Europe was the largest region in the biotech ingredient market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of biotech ingredients are active pharmaceutical ingredients and biosimilars.An active pharmaceutical ingredient (API) refers to a component of an OTC or prescription medication that causes the desired health effects.The various expression systems include mammalian expression systems, microbial expression systems, yeast expression systems, plant expression systems, and insect expression systems that are used in various applications, including food and beverages, personal care and cosmetics, cleaning products, and others.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.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.In February 2022, Kerry Group plc, an Ireland-based taste and nutrition company, acquired c-LEcta for $226 million.Through this acquisition, Kerry aims to strengthen its innovation activities in enzymatic engineering, fermentation, and biotechnological development.Kerry also plans to invest in the advancement of cutting-edge sustainable technologies that will drive the development of sustainable food and health systems in the future. c-LEcta is a Germany-based biotechnology innovation firm that specializes in highly precise fermentation, optimized bio-processing, and bio-transformation to produce high-value targeted biomolecules and ingredients.The countries covered in the Biotech Ingredient market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The biotech ingredient market research report is one of a series of new reports that provides biotech ingredient market statistics, including biotech ingredient industry global market size, regional shares, competitors with a biotech ingredient market share, detailed biotech ingredient market segments, market trends and opportunities, and any further data you may need to thrive in the biotech ingredient industry. This biotech ingredient market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06464207/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________