The rising awareness regarding the enormous benefits of the eco-friendly products manufactured through the application of white biotechnology principles has paved the way for the development of the global white biotechnology market in the past few years. Government bodies are increasingly focusing on raising awareness regarding the need for adopting greener technologies such as white biotechnology across the industrial segment. Funds allocated for increasing R&D activities in the field and instigation of strict emission regulations are compelling industries to increasingly adopt white biotechnology principles and products.
Transparency Market Research states that the global white biotechnology market will expand at a healthy CAGR of 4.5% over the period between 2016 and 2024. Rising at this pace, the market, which held an opportunity of US$178.1 bn in 2015, will reach US$262.3 bn by 2024.
Applications across Energy Industry to Offer Favorable Returns
Application-wise, the energy segment is presently the largest contributor to the global white biotechnology market. In 2015, the segment accounted for a share of over 32% of the global market, which is expected to rise moderately by 2024. The pharmaceutical industry is the second-largest application area, accounting for a nearly 29% share in the global market in 2015. The energy segment held the most prominent position in the global white biotechnology market owing to the increased demand for bioenergy in developed economies.
The increased ease of application of white biotechnology has also made it more easily replaceable across applications that prominently used non-renewable energy sources. Additionally, the increased awareness regarding the cleaner nature of white biotechnology products have also increased their adoption across the energy industry in the past few years. Over the period between 2016 and 2024, the segment is expected to retain its dominance and expand at a healthy 4.8% CAGR.
North America to Retain Dominance but Asia Pacific to Present Most Promising Growth Opportunities
North America is presently the largest regional market for white technology, accounting for a dominant share of over 35% of the overall market in 2015. Substantial funds provided by the government for research and development in the field and increase in demand for green products from consumers are the key factors strengthening North America’s position in the global market. In the next few years as well, the North America market for white biotechnology is expected to remain the largest contributor to the market’s overall revenues, chiefly owing to an increase set of applications across industries such as pharmaceuticals, food, energy, and feed.
Nevertheless, the market for white biotechnology in Asia Pacific is expected to exhibit the highest CAGR of 5% in terms of revenue contribution to the global market over the period of 2016 and 2024. The Asia Pacific market will be driven primarily by the rising demand for renewable resources across developing countries in the region. The abundance of raw materials that can be used for producing white technology products will also enable the regional market to emerge as the most promising region for investments.
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Some of the key vendors operating in the global white biotechnology market are Archer Daniels Midland Company, Novozymes, BASF SE, Cargill, Inc., DuPont, Corbion, and Lesaffre.
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