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Major Market Shift in Biochemical Industry: Biobased Precursors Driving Innovation In The Biochemical Market
Biochemical Market
The biochemical market has experienced significant growth in recent years. It is projected to expand from $83.52 billion in 2024 to $91.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.8%. The past growth can be attributed to the increasing demand for sustainable products, supportive government policies and regulations, a shift towards bio-based fuels, heightened consumer awareness, and a broader range of applications across industries.
The biochemical market is projected to grow to $125.23 billion by 2029 with a CAGR of 8.1%. The growth is attributed to the expanding biopharmaceutical sector, focus on the circular economy, global climate change efforts, biorefinery developments, and rising consumer demand for green products. Trends include technological innovation in bioprocessing, increased research and development investments, collaborations, and advancements in biotechnology, along with a shift towards precision and synthetic biology.
What Factors Are Propelling the Expansion of the Biochemical Market?
The growing demand for bio-based products is anticipated to drive the expansion of the biochemical market in the future. Bio-based products are materials sourced from renewable biological resources like plants, animals, and microorganisms. Biochemicals contribute to the creation of bio-based products by offering sustainable alternatives to conventional petrochemicals and minimizing environmental impact. For example, in May 2023, the Organic Trade Association, a U.S.-based non-profit business organization, reported that the U.S. organic food market experienced an exceptional growth in sales, reaching $61.7 billion in 2022, a 4.4% increase from $59.1 billion in 2021. Furthermore, European Bioplastics, a Germany-based association representing the bioplastics industry in Europe, noted that global bioplastics production capacity is predicted to grow from 2.2 million metric tons in 2022 to approximately 6.3 million metric tons by 2027. This growing demand for bio-based products is driving the biochemical market's growth.
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Which Businesses Are at the Forefront of Biochemical Market Development?
Major companies operating in the biochemical market report are Cargill Inc., Archer Daniels Midland Company, Pfizer Inc., Johnson & Johnson, BASF SE, F. Hoffmann-La Roche AG, Merck & Co. Inc., Dow Chemical Company, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca PLC, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Evonik Industries AG, Solvay S.A., DuPont de Nemours Inc., Ajinomoto Co. Inc., Biogen Inc., Vertex Pharmaceuticals, Agilent Technologies, Illumina, Renewable Energy Group Inc., Bio-Rad Laboratories, Hansen A/S, Naturex SA, Arboris LLC, AMINO GmbH, LIPO Foods
What Are the Latest Innovations in the Biochemical Market?
Leading companies in the biochemical market are enhancing their offerings with products like bio-based precursors to gain a competitive advantage. A bio-based precursor is derived from renewable sources and serves as a raw material for producing bio-based products. For example, Advanced Biochemical, a biochemical company from Thailand, launched Epinity, a bio-based, drop-in epichlorohydrin (ECH) in July 2022. This product is used in the production of epoxy resins, which are applied in industries like marine coatings and industrial adhesives, providing a sustainable alternative to traditional ECH and chemical compounds.
How Is the Biochemical Market Segmented?
The biochemical market covered in this report is segmented -
1) By Type: Biodiesel, Amino Acids, Fine Chemicals, Phytochemicals, Antibiotics, Dyes And Stains
2 By Application: Fuel, Power Generation, Other Applications
3) By End-User: Pharmaceuticals, Dairy, Automotive, Agriculture, Textile, Food Processing
Subsegments:
1) By Biodiesel: Vegetable Oil-Based Biodiesel, Animal Fat-Based Biodiesel, Algae-based Biodiesel
2) By Amino Acids: Essential Amino Acids, Non-essential Amino Acids, Conditioned Amino Acids
3) By Fine Chemicals: Specialty Chemicals, Pharmaceutical Intermediates, Agrochemicals, Phytochemicals
4) By Phytochemicals: Flavonoids, Alkaloids, Terpenoids, Phenolics
5) By Antibiotics: Penicillin, Tetracycline, Cephalosporins, Macrolides
6) By Dyes And Stains: Synthetic Dyes, Natural Dyes, Fluorescent Dyes, Biochemical Stains
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Where Is the Biochemical Market Growth Most Prominent?
Asia-Pacific was the largest region in the biochemical market in 2024. The regions covered in the biochemical market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Biochemical Global Market Report?
- Market Size Analysis: Analyze the Biochemical Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Biochemical Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Biochemical Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Biochemical Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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