Biotech Ingredients Market Value To Cross $75.3 billion By 2028| Growth With Recent T rends & Demand

Biotech ingredients are chemical compounds that are similar to compounds found in nature. These ingredients have similar structure to that of natural ones and are produced through several complex processes. Genetic engineering, recombinant DNA technology, hybridoma technology, and gene transfer are some technologies that are used to produce these compounds. These ingredients are experiencing rapid growth from personal care, aromatic, and herbal products, which drives growth of the biotech ingredients market.

The global biotech ingredient 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.

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There is a notable shift in demand from synthetic ingredients to biotech ingredients. This is attributed to rise in awareness in consumers regarding harmful effects of synthetic products. In-addition, rise in use of generic medicines has also led to rise in demand for organic or herbal generics, i.e., generics made from biotech ingredients, which propels the market growth. Moreover, growth in use of biotech ingredients in the food and beverages industry also significantly acts as growth driver for the biotech ingredients market growth. However, limited availability of raw material acts as restraint for the biotech ingredients market growth.

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The biotech ingredient market is segmented on the basis of type, product, application, and region. Depending on type, the market is bifurcated into active pharmaceutical ingredients (API) and Biosimilars. By product, it is categorized into monoclonal antibodies, vaccines, hormones & growth factors, cytokines, fusion proteins, therapeutic enzymes, and blood factors. By expression systems, it is divided into mammalian expression systems, microbial expression systems, yeast expression systems, plant expression systems, and insect expression systems. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

Key Market Players:

PFIZER INC., Merck & Co., NOVARTIS INTERNATIONAL AG, AstraZeneca plc, ELI LILLY AND COMPANY, TEVA PHARMACEUTICAL INDUSTRIES LTD., Boehringer Ingelheim, .MYLAN N.V., Abbvie, SANOFI S.A.

COVID-19 Impact Analysis:
The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most industrial units across the globe. Furthermore, the global economy was deeply impacted by implementation of lockdown, as many activities came to halt. The biotech ingredients market saw a decline in its growth as the pandemic progressed. This can be attributed to the fact that research and development activities were halted as funds were being directed for sustaining economic unrest by many players. Moreover, supply demand chain for raw materials was disrupted that only added to already scarce availability pertaining in the market.
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