White Biotechnology Market
White Biotechnology Market (Product - Biochemical, Biofuel, Biomaterial, Bioproduct; Application - Food and Feed, Pharmaceuticals, Pulp and Paper, Textile, Energy; Feedstock - Grains and Starch Crops, Agricultural Residues, Food Waste, Forestry Material, and Animal) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
White Biotechnology Market: Snapshot
With the increasing awareness level of consumers pertaining to the benefits of white biotechnology-based eco-friendly products, the market for white biotechnology is gaining significant traction across the world. As the governments across a number of economies is increasingly focusing on raising the level of awareness among people regarding the need for taking up greener technologies, especially white biotechnology, across a number of industries.
Funds allocated to increase the research and development activities in this area and the implementation of stringent emission regulations are encouraging industries to uptake white biotechnology products and principles. This, as a result, is reflecting greatly on the worldwide market for white biotechnology.
In 2015, the global white biotechnology market was worth US$178.1 bn. Expanding at a 4.50% CAGR between 2016 and 2024, the market is anticipated to reach US$262.3 bn by the end of the 2024.
North America to Retain Dominant Position
Europe, the Middle East and Africa, Asia pacific, Latin America, and North America are the key regional markets for white biotechnology across the world. Presently, North America leads the global market and had held a share of more than 35% in the overall market in 2015. With the support of large government funds for research and development activities in the field of white biotechnology and the increasing demand for green products, this regional market is anticipated to remain on the dominant position over the next few years. The expanding range of applications across various industries, such as energy, food, pharmaceuticals, and feed, is also projected to boost the North America market for white biotechnology in the near future.
The Asia Pacific market for white biotechnology will also be witnessing a high-paced growth over the forthcoming years, thanks to the augmenting demand for renewable resources in emerging economies, such as India and China, in the region. The plenty of raw materials that can be utilized for the manufacturing of white technology products will also support the Asia Pacific white biotechnology market in gaining momentum in the years to come.
Biofuel to Continue to Witness High Demand
Biochemical, biomaterial, biofuel, and bioproducts are the key type of products available in the global white biotechnology market. In 2015, the biofuel segment led the overall market with a share of 38.16%. Researchers anticipate the demand for biofuel to remain strong throughout the period of the forecast.
White biotechnology solutions find a widespread application in the pharmaceuticals, food and feed, pulp and paper, energy, and the textile sector. Currently the demand for these solutions is significantly high in the energy sector and the scenario is likely to continue like this in the years to come.
The global market for white biotechnology is mostly consolidated, with DuPont, Cargill Inc., Novozymes, BASF SE, and Archer Daniels Midland Co. largely driving the market. Other prominent players in this market are Lesaffre, DSM, and Corbion.
Rapid Depletion of Fossil Fuels to Increase the Demand across the White Biotechnology Market
The white biotechnology market is estimated to gain a considerable growth-share across the forecast period of 2016-2024. The growing demand for embracing sustainability will serve as a prominent growth factor. The booming population is increasing the energy demand extensively. All these factors bring profitable growth opportunities for the white biotechnology market during the assessment period of 2016-2024.
- The demand for biofuels and biodiesels has increased considerably over the years. The exhausting reserves of fossil fuels have urged many sectors to develop and use eco-friendly fuels. White biotechnology is referred to as the adoption of biotechnology for developing novel methods and techniques to replace petroleum-based synthetics. Biocatalysts are the vital tools of white biotechnology. The growing use for biofuels will serve as a profitable opportunity for the growth of the white biotechnology market.
- The heightening consumer demand for green chemicals is prognosticated to gain a promising growth share for the white biotechnology market. The growing need from diverse industries such as consumer goods and automotive to attain sustainability targets will accelerate the growth of the white biotechnology market. Various countries are promoting the use of biofuels through diverse awareness campaigns and initiatives. These factors will bring immense growth prospects for the white biotechnology market.
- The process of white biotechnology is not tedious and is affordable as compared to the fossil fuel production process. It has fewer energy needs and is not affected by price volatility. All these aspects play a massive role in increasing the growth rate of the white biotechnology market.
- The COVID-19 pandemic has affected various sectors and businesses. The white biotechnology market is no exception. The stringent lockdown restrictions led to a decrease in the demand for white biotechnology as all manufacturing units and production facilities were closed for a brief period. Nevertheless, the easing of lockdown restrictions will provide relief to the players in the white biotechnology market.
This report on the white biotechnology market studies the current as well as future prospects of the market globally. Environment concerns related to emission of greenhouse gases and dependence on non-renewable resources are the major challenges in the developed and developing nations.
This research report provides a detailed analysis of the white biotechnology market and helps understand the various driving factors for the growth of the market. The market overview section analyzes market dynamics and trends such as drivers, restraints, and opportunities that influence the current nature and future status of the market. Porter’s Five Forces Analysis has been covered in terms of bargaining power of buyers and suppliers, threat of new entrants and substitutes, and competitive rivalry in the global white biotechnology market. Value chain analysis and other market dynamics factors such as market attractiveness analysis have also been explained in order to deliver a thorough analysis of the overall competitive scenario of the global casting and splinting (supplies and equipment) market.
The white biotechnology market has been segmented based on product, application, feedstock, and region. Based on product, the market has been segmented into biochemical, biofuel, biomaterial, and bioproduct. In terms of application, the market has been categorized into food & feed, pharmaceuticals, pulp & paper, textile, energy, and others. Based on feedstock, the market has been segmented into grains & starch crops, agricultural residues, food waste, forestry material, animal by-product, energy crops, and urban & suburban waste.
The executive summary provides detailed insights about the report and the market in general. This elaborate executive summary provides a glimpse into the present scenario of the global white biotechnology market, which includes a market snapshot that provides overall information of various segments and sub-segments. The executive summary also provides overall information and data analysis of the global white biotechnology market with respect to market segments based on product, application, feedstock, and geographic regions. The market for white biotechnology has been extensively analyzed based on usefulness, effectiveness, sales revenue, and geographic presence. The market size and forecast in terms of US$ Bn for each product type, application, and feedstock has been provided for the period from 2016 to 2024. This report on the white biotechnology market also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2016 to 2024, considering 2015 as the base year.
Geographically, the white biotechnology market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and forecast for each of these regions have been provided for the period from 2016 to 2024, along with CAGR (%) for the forecast period from 2016 to 2024. The research study also incorporates the competitive scenario in these regions.
A list of recommendations has been provided for new entrants as well as existing players to help establish a strong presence in the market and increase market share. The report also profiles major players in the white biotechnology market based on various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include Archer Daniels Midland Company, BASF SE, Cargill, Inc., DuPont, Corbion, DSM, Novozymes, and Lesaffre.
The global white biotechnology market has been segmented as follows:
- Global White Biotechnology Market, by Product
- Global White Biotechnology Market, by Application
- Food & Feed
- Pulp & Paper
- Global White Biotechnology Market, by Feedstock
- Grains & Starch Crops
- Agricultural Residues
- Food Waste
- Forestry Material
- Animal By-product
- Energy Crops
- Urban & Suburban Waste
- Global White Biotechnology Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa