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Biochemical Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | The Business Research Company
Biochemical Global Market
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.
Market Overview -
Biochemical refers to chemical processes that occur in living beings, including the study of chemical substances and vital processes occurring in live organisms. They are used in biotechnology for the production of therapeutic proteins and bioprocessing applications.
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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
Enhancing Product Performance And Sustainability In The Biochemical Market
Major companies operating in the biochemical market are intensifying their efforts towards introducing novel sustainable products such as biobased sustainable additives to gain a competitive edge in the market. Biobased sustainable additives are natural or renewable chemical compounds and substances derived from plant-based, agricultural, or other organic sources that are used to enhance the properties, performance, or environmental sustainability of various products, materials, or processes. For instance, in March 2023, BYK, a subsidiary of Altana AG, a Germany-based chemicals company, launched a new line of bio-based, sustainable additives called CERAFLOUR. These additives are designed to provide a natural look and silky and matte surfaces to coatings used in wood and furniture, coil, and architectural coatings.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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