Market Size of White Biotech Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.95 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
White Biotech Market Analysis
The white biotech market is currently valued at USD 315 billion and is projected to register a CAGR of 9.95% during the forecast period.
- White or industrial biotechnology is one of the most promising approaches to pollution prevention, resource conservation, and cost reduction, as it can reduce carbon dioxide emissions, energy consumption, and water consumption by 50%, 20%, and 75%, respectively. Moreover, as the fight against climate change becomes increasingly important, people worldwide are willing to pay more for sustainability.
- Consumers are increasingly making purchasing decisions based on environmental considerations and seeking products that use sustainable materials or processes with minimal adverse environmental effects. Such changes in purchase patterns encourage retailers and manufacturers to adopt white biotechnology to produce value-added chemicals from renewable sources.
- White biotechnology provides valuable components for the food, pharmaceutical, and agricultural sectors, as well as other industries. Many companies and brands are aware of the ongoing trend toward protecting the environment and are taking steps to promote sustainability. One such effort is that various consumers from industries, including automotive and consumer goods, focus on white biotechnology to meet sustainability targets and boost sales.
- Government bodies of several countries support emerging biofuel industries via subsidies, mandates, fuel tax adjustments, and incentives for using flex-fuel vehicles. For example, the United States, the European Union, Brazil, China, and others have started developing extra incentives for second-generation biofuels.
- Furthermore, in countries like India, the ban on single-use plastics and emphasis on utilizing recycled and reused materials to reduce dependency on fossil fuel sources, such as crude oil import, encourages companies to develop innovative eco-friendly packaging materials. Thus, such initiatives are accelerating the global white biotechnology market growth.
