Biotech Ingredients Market: An Overview
The global biotech ingredients market is likely to expand at a healthy pace, this is mainly because of the rising demand for biotech flavors and fragrance by the consumers.
Biotech ingredients are natural ingredients that comprise of essential oils, oleoresins, and other plant extracts. These ingredients are commonly derived using four major techniques: steam distillation, solvent extraction, cold pressing or compression, and carbon dioxide extraction.
Biotech Ingredients Market: Notable Developments
Some of the recent development in biotech ingredients market are-
Researchers have developed a technique to use biotech ingredients in the cosmetic industry with the help of cell biology. This will help increase demand for biotech ingredients in cosmetics industry. Prominent players in cosmetics industry have already started using biotech ingredients in their product.
For instance, Novozymes, a biotech company has developed a special method for hyaluronic acid using microbial fermentation. It is used in the formulation of various skin care products such as facial creams and lotions.
Key players in biotech ingredients market such as Evolva S.A.; International Flavors and Fragrances, Inc. are expanding their market presence with the setting up of new facilities and distribution centers.
Some of the key players operating in the biotech ingredients market are Dickinson and Company, bioMérieux SA, Becton, Cepheid Inc., Roche Diagnostics, Beckman Coulter, Inc., and Bruker Corporation.
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Biotech Ingredients Market: Key Trends
Flourishing food and beverages industry to augment growth in the biotech ingredients market
One of the prominent factors expected to drive the growth of the global biotech ingredients market is rising consumer shift towards natural and organic products. This can be attributed to the gowing awareness regarding ill effects of synthetic ingredients.
Apart from this, growing application of biotech ingredients is another factor anticipated to fuel growth in the global biotech ingredients market. Some of the end use industry of the biotech ingredients market are food and beverage, cosmetic, and pharmaceuticals.
However, limited availability of raw materials for the manufacturing of biotech ingredients is a strong factor expected to impede growth in the biotech ingredients market. This is because of the unpredictable weather conditions during crop season such as drought and rainfalls. Due to this, there is a significant gap in the demand and supply of raw material. In addition to this, issues like water scarcity and shifting customer preference toward cereal crops or oil-producing plant to gain higher profits is another factor likely to hamper market growth.
Nevertheless, rising consumer shift from synthetic to natural beauty products is also forcing manufacturers to launch products based on biotech ingredients. This is expected to offer immense opportunities for the growth of biotechnology ingredients market.
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Biotech Ingredients Market: Regional Outlook
Geographically, Europe is expected to lead the global biotech ingredients market. This is mainly because of the increasing demand for biotech ingredients in cosmetics and fragrances. The increase in demand in the region, can be attributed to development of innovative value chains for producing bio-based ingredients, government initiatives, and increasing production capacities of bio-based chemicals, growing popularity among people. Apart from this, presence of key players in the region is another factor expected bolster growth in the region.
The world has undergone a major shift in the way of living since the COVID-19 pandemic struck. A notable change in the functioning of various businesses and sectors has influenced their working mechanisms extensively. The food and beverage sector is no stranger to this change. Transparency Market Research (TMR) has studied many aspects concerning the difference between the trends in the pre-pandemic and post-pandemic world across the food and beverage industry.
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