The global white biotechnology market is anticipated to project a remarkable growth in the coming years owing to the increased focus from biofuel extraction and manufacturing like that of biodiesel and bioethanol, as per the reports of Transparency Market Research. The market is considered to be highly consolidated because of major players accounting for a collective share of almost 71% of the entire market. Apart from that, small players are also focusing on merger and acquisition strategies in order to collectively give tough competition to the major players and maintain their position in the market.
Prominent players of the global white biotechnology market are Archer Daniels Midland Company, Novozymes, Cargill Inc., BASF SE, DuPont, and Novozymes. Leading players are also putting in more funds in order to invest in research and development strategies so as to produce better and more effective results.
According to the TMR reports, the global white biotechnology market is prognosticated to reach a value of US$262.3 bn by 2024 with a progressive CAGR of 4.50%. The forecast period is seen to be from 2016 to 2024 and the market is anticipated to be rising its revenue share in the years to come with the increasing usage of technology in the market in near future. With respect to segmentation based on product variety, the market is dominated by the biofuel segment with an account of 31.16% share as per the 2015 records.
On the basis of application, energy industry is projected to lead the other application segmentation with almost 33% of the market share globally. With respect to geographical segmentation, the market is envisaged to be dominated by the North America market with a revenue share of more than 35% in the global market.
Reliability of Various Industries to Hamper Market Growth
There are a number of factors adding to the growth of the white biotechnology market in the world. One of them being the rise in technological advancements across all the industries. This is not only because of time and effort saving factor but also because of the fact that the innovative machines are now environment friendly and hence approved by the government as well. On the other hand, government is lending its full support to the growth of the white biotechnology market with fund raising on research and development schemes as well as merging programs in order to produce better results.
Another important factor anticipated to boost the global market for white biotechnology is the increase in demand for green chemicals by consumers. Green chemicals are gaining popularity mainly in the European and North American region and are paying green premium or higher price for it. This is because of the fact that green chemicals have countless renewable products which in turn will boost the market for white biotechnology in the long run.
Apart from being environment friendly, white technology is also being preferred by different industries because it offers low generation of waste with efficient methods of production. Aprt from that the consumption of raw materials is also presumed to add beneficiaries and boost the global white biotechnology market in the future years.
White biotechnology is also cost efficient and has low cost curves as compared to that of various other chemical processes that can be used primarily on fossil fuels. This takes less time and production methods and the energy consumption during this process is also low. Moreover, the white biotechnology does not compete with the crop and oil prices because of its volatile pricing rates. Thus, the future market of white biotechnology can be estimated to witness massive growth at a global level.
Land Infertility to Hamper Future Market Growth
The decline in fertility of the agricultural lands may however act as a restrain in the growth of the market. This is because of the misuse or overuse of fertilizers upon crops that have made the land less fertile over the years. Because of the infertility issue, there has been untimely fluctuations in the production of yield and bio-crops all over. This, in turn is also hampering the overall market for white biote4chnology in the years to come.
The information presented above is a thorough report based on research by TMR, titled, “White Biotechnology Market (Product – Biochemical, Biofuel, Biomaterial, Bioproduct; Application – Food and Feed, Pharmaceuticals, Pulp and Paper, Textile, Energy; Feedstock – Grains and Starch Crops, Agricultural Residues, Food Waste, Forestry Material, and Animal) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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