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Biochemical Market Trends, Top Companies, Share, Growth And Forecast 2033
Biochemical Market
The Business Research Company offers in-depth market insights through Biochemical Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The biochemical market size has grown rapidly in recent years. It will grow from $75.86 billion in 2023 to $83.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to rising demand for sustainable products, government initiatives and regulations, shift towards bio-based fuels, consumer awareness and preference, expanding applications in various industries.
The biochemical market size is expected to see strong growth in the next few years. It will grow to $116.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to growing biopharmaceutical sector, increasing focus on circular economy, global efforts to combat climate change, biorefinery developments, consumer demand for green products. Major trends in the forecast period include technological innovation in bioprocessing, investments in research and development, collaborations and partnerships, biotechnological advancements, shift towards precision and synthetic biology.
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Market Segmentation:
The biochemical market covered in this report is segmented -
1) By Type: Biodiesel, Amino Acids, Fine Chemicals, Phytochemicals, Antibiotics, Dyes And Stains
2 By Application: Fuel, Power Generation, Other Applications
3) By End-User: Pharmaceuticals, Dairy, Automotive, Agriculture, Textile, Food Processing
Major Driver - Bio-Based Products Fueling Growth In The Biochemical Market
Increasing demand for bio-based products is expected to propel the growth of the biochemical market going forward. Bio-based products refer to materials that are derived from renewable biological resources, such as plants, animals, and microorganisms. Biochemicals are used in developing bio-based products by providing sustainable alternatives to traditional petrochemicals and reducing environmental impact. For instance, in May 2023, according to a report published by the Organic Trade Association, a US-based non-profit business association, the U.S. organic food market witnessed an unprecedented surge in sales, reaching a new record of $61.7 billion in 2022, an increase of 4.4% compared to $59.1 billion in 2021. Furthermore, in March 2023, according to European Bioplastics, a Germany-based association representing the interests of the bioplastics industry in Europe, global bioplastics production capacity is expected to increase from around 2.2 million metric tons in 2022 to approximately 6.3 million metric tons in 2027. Therefore, increasing demand for bio-based products is driving the growth of the biochemical market.
Competitive Landscape:
Major companies operating in the biochemical market report are Cargill Inc., Archer Daniels Midland Company, Pfizer Inc., Johnson & Johnson, BASF SE, F. Hoffmann-La Roche AG, Merck & Co. Inc., Dow Chemical Company, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca plc, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Evonik Industries AG, Solvay S.A., DuPont de Nemours Inc., Ajinomoto Co. Inc., Biogen Inc., Vertex Pharmaceuticals, Agilent Technologies, Illumina, Renewable Energy Group Inc., Bio-Rad Laboratories, Hansen A/S, Naturex SA, Arboris LLC, AMINO GmbH, LIPO Foods
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