Biotech Ingredients Market Expected to Reach USD 42.56 Billion By 2032

Posted 2023-10-09 10:37:13

According to a new report by Reports and Data, the Biotech Ingredients market is projected to reach USD 42.56 Billion by 2032. One of the primary drivers of market growth is the increasing focus of beauty brands on utilizing these ingredients in their products. The incorporation of these ingredients helps promote the products and highlights their sustainability. The changing consumer buying patterns, along with the growing demand for organic and natural products in the cosmetic and personal care sector, have led to increased emphasis on research and development for these ingredients. Additionally, the COVID-19 pandemic has boosted the demand for cleaning, household, and personal care products, further driving market expansion.

The COVID-19 pandemic has had an immediate impact on the market, with a surge in demand for personal care and household cleaning products. Consumers have altered their purchasing behavior, seeking brands that prioritize safety and environmental responsibility. The importance of personal hygiene in preventing the spread of the disease has contributed to the increased demand for these products. This growing demand is expected to support market growth. New companies entering the sector should consider consumer expectations and demands to successfully penetrate the market.

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Other notable findings from the report include:

The yeast segment held a significant market share of over 35.0% in 2019, owing to its versatility in biotechnology and extensive use in manufacturing biotech ingredients.
Natural flavors are projected to occupy over 40.0% of the market by 2032, driven by increasing consumer demand for sustainable and bio-based products.
The cleaning and household products segment is expected to witness a considerable growth rate of 8.8% during the forecast period, driven by increasing awareness of health and hygiene, especially in developing regions.
Key participants in the market include Bell Flavors & Fragrances, Inc., Advanced Biotech, Sigma-Aldrich (Millipore Sigma), Frutarom Industries Limited, International Flavors & Fragrance (IFF), Inc., Givaudan SA, Firmenich SA, T.Hasegawa Co., Ltd., Hayashibara Co., Ltd., and Amyris, Inc.

In terms of deals and acquisitions, in 2018, IFF announced its plan to merge with Frutarom to create a global leader in scent, taste, and nutrition. Frutarom expanded its presence in Latin America through various acquisitions, strengthening its position in the market.

The Biotech Ingredients market has been segmented by Reports and Data based on Ingredient Source, Flavor, Application, and region:

Source Outlook:

Yeast
Bacteria
Filamentous Fungi
Others

Flavor Outlook:

Natural flavor
Synthetic flavor

Application Outlook:

Foods and Beverages
Cleaning and household products
Personal care and cosmetics
Others

Regional Outlook:

North America (U.S)
Europe (U.K, France)
Asia Pacific (China, India, Japan)
MEA
Latin America (Brazil)

Biotech Ingredients Market: Drive factors

The growth of the Biotech Ingredients market is driven by several factors:

Emphasis on Sustainability: Many beauty brands are focusing on incorporating biotech ingredients into their products to promote sustainability. These ingredients are derived from renewable sources and are considered more environmentally friendly compared to traditional ingredients. The consumer demand for sustainable products has led to the increased adoption of biotech ingredients in the market.
Changing Consumer Buying Patterns: There has been a shift in consumer preferences towards organic and natural products in the cosmetic and personal care sector. Consumers are becoming more conscious about the ingredients used in their products and are actively seeking out biotech ingredients due to their perceived health benefits and eco-friendly nature. This changing consumer behavior has created a demand for biotech ingredient-based products.
COVID-19 Pandemic: The COVID-19 pandemic has had a significant impact on the market. The increased emphasis on personal hygiene and cleanliness has resulted in a higher demand for cleaning and household products, including those containing biotech ingredients. Consumers are more conscious of the need for effective and safe products, leading to a surge in the demand for biotech ingredient-based cleaning and personal care products.

These driving factors are fueling the growth of the Biotech Ingredients market, as more brands and consumers recognize the benefits of using these ingredients in various applications.

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