Top Emerging Trends Of Biotech Ingredients Market Progress Forecast 2027

Posted by Mrudula Anil Karmarkar on February 7th, 2022

The global biotech ingredients market size is expected to reach USD 3.01 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.3% from 2020 to 2027. Growing consumer inclination towards natural and organic products is expected to drive the demand for biotech ingredients over the forecast period.

Biotech ingredients are widely used in several cosmetic product formulations. Key players in the market are using these ingredients as they are more sustainable and efficacious as compared to petroleum-based products. Besides, use of biotechnology in developing active ingredients for use in cosmetic products is cost effective and generates low carbon footprint, thereby making it more favorable. This is expected to boost the growth of active ingredients segment over the forecast period.

Europe is one of the prominent consumers of biotech ingredients. The country’s government is engaged in undertaking several activities and initiatives for promoting and developing bio-based products, along with various strategies and policies to achieve sustainable economic growth. This is likely to foster the demand for biotech ingredients in the region. Commission Expert Group for bio-based products, Circular Economy Package, flagship initiative under Europe 2020 strategy, and European Innovation Partnerships (EIP) are some of the significant programs undertaken, which are contributing to the growth of market in the region.

Moreover, regulatory norms and regulations related to biotech ingredients are strict, which are required to be followed at both the national and international levels. In North America, the FDA (food and drug administration), USDA (U.S. Department of Agriculture), and EPA (U.S. Environmental Protection Agency) regulate plant and animal biotechnology products. Each of these regulatory bodies have chalked out certain regulations and published guidance documents in order to ensure the safety and effectiveness of biotechnology products.

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Several industry participants are involved in new and innovative product launches and strategic alliances, such as mergers & acquisitions. For instance, in October 2020, Mibelle Biochemistry, a cosmetic ingredient manufacturer, launched IceAwake, a biotech ingredient developed using glacial melt. The ingredient reduces the ageing process of skin occurred due to sleep deprivation.The market growth can be attributed to increasing demand for biotech flavors and fragrance ingredients from the food and beverage segment. Flavors and fragrances form an integral component of different types of consumer products as they have a significant impact on consumers’ purchasing decisions.

Biotech Ingredients Market Report Highlights

• In 2020, Europe emerged as the leading market for biotech ingredients in active cosmetics and fragrances ingredients, accounting for 37.4% and 32.7% share respectively. Demand for biotech ingredients is growing in the region on account of large consumer base and end-use sectors
• The industry is consolidated and highly competitive due to the presence of major global players, such as Givaudan, Firmenich SA, Advanced Biotech, and Symrise A.G.

Key players in the market are developing flavors using microbial processes, such as biosynthesis or biotransformation, using bacteria, yeast, or fungi. Companies are focusing on R&D based on biotechnology to invent novel microbial fermentation processes for manufacturing natural vanillin. Moreover, companies such as Evolva S.A., International Flavors and Fragrances, Inc., and other vanillin manufacturers aim to improve their market reach by setting up new production facilities and distribution centers in developing countries as well as expand the production capacities of vanillin at their existing sites. Furthermore, business partnership of companies such as Hallstar Company and Deinove SAS to develop a stable oily active ingredient for the personal care and beauty care industries is projected to foster the growth of market in North America. Some of the prominent players in the global biotech ingredients market include:

• Givaudan SA
• International Flavors & Fragrance (IFF), Inc.
• Firmenich SA
• Amyris, Inc.
• Sollice
• Novocap Group
• Evolva S.A.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.