Press release
Biotech Ingredient Market Analysis 2023: Market Growth Rate And Industry Forecast To 2032
Biotech Ingredient Market
The Business Research Company's Biotech Ingredient Global Market Report 2023 identifies rising demand for generic medicines as the major driver for the Biotech Ingredient market's growth in the forecast period. 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.
The global biotech ingredients market size 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 global biotech ingredients market size is expected to reach $71.01 billion in 2027 at a CAGR of 5.8%.
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Major competitors 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.
A key trend in the Biotech Ingredient market includes technological advancement. 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.
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The Biotech Ingredient market is segmented -
• By Type: Active Pharmaceutical Ingredients, Biosimilars
• By Expression Systems: Mammalian Expression Systems, Microbial Expression Systems, Yeast Expression Systems, Plant Expression Systems, Insect Expression Systems
• By Application: Food And Beverages, Personal Care And Cosmetics, Cleaning Products, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the Biotech Ingredient market.
The Business Research Company's "Global Biotech Ingredient Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Biotech Ingredient Market Include:
1. Executive Summary
2. Biotech Ingredient Market Characteristics
3. Biotech Ingredient Market Trends And Strategies
4. Biotech Ingredient Market - Macro Economic Scenario
5. Biotech Ingredient Market Size And Growth
………………………………………………………….
26. Africa Biotech Ingredient Market
27. Biotech Ingredient Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Biotech Ingredient Market
29. Biotech Ingredient Market Future Outlook and Potential Analysis
30. Appendix
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