The global market for biotech ingredients was valued at $51.3 billion in 2020 and is anticipated to reach $75.3 billion by 2028, growing at a CAGR of 4.8% from 2021 to 2028, according to research by Allied Market Research. The worldwide market for biotech ingredients is expanding due to customer demand shifting from synthetic to bio-based chemicals and advances in biotechnology. Despite the constraints of the restricted supply of raw resources due to the COVID-19 pandemic, the business is anticipated to have profitable growth due to benevolent governmental policies and technical developments in bioengineering.
The market for biotech ingredients is examined in terms of type, product, expression methods, and geography. The active pharmaceutical ingredients (APIs) category, which is categorized by type, had over three-fifths of the market share overall in 2020 and is predicted to dominate the roost by the end of 2028. Further, the segment for biosimilars would have the quickest CAGR of 5.0% throughout the projection period. In terms of revenue generated by the product, the monoclonal antibodies section made up more than one-fifth of the total in 2020 and is predicted to take control by 2028. The category for hormones and growth factors will report the fastest CAGR, at 5.5%, from 2021 to 2028.
According to geographical aspects, Europe captured nearly two-fifths of the global market in 2020. The market in Asia-Pacific will reach the quickest CAGR of 5.2% between 2021 and 2028. LAMEA and North America are among the additional key areas examined in the paper.
Pfizer Inc., Novartis International AG, AstraZeneca plc, Teva Pharmaceutical Industries Ltd., Mylan Inc., Boehringer Ingelheim, Sanofi, AbbVie, Eli Lilly, and Company, and Merck & Co. are some of the major market participants evaluated in the study on the global biotech ingredients market. To strengthen their position in the market, these firms have adopted a number of methods, such as joint ventures, growth, cooperation, and partnerships.