White Biotechnology Market: Biofuel to Continue to Witness High Demand
The global white biotechnology market is highly consolidated, as key players are holding 71% share in the global market, reports Transparency Market Research. Prominent players in the market are investing heavily in research and development activities in order to produce effective and better results. These players are also investing in mergers and acquisition, collaboration, partnership, and innovation to get a stronger hold in the market. Apart from key players, few small and medium players are also engaging in these strategies mainly to maintain their position in the market. In this report, researchers have analyzed few leading players including Cargill Inc., Archer Daniels Midland Company, DuPont, BASF SE, and Novozymes.
As per TMR’s report, the global white biotechnology market is expected to rise at 4.50% CAGR over the projected tenure between 2016 and 2024. If the market progresses at this rate, the market’s revenue is likely to reach US$262.3 bn by the end of 2024. In 2015, the market earned US$ US$178.1 bn.
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On the basis of product, the demand in the biofuel segment is high. In 2015, this segment held 31.16% share in the global white biotechnology market. Over the forecast period, this segment is likely to maintain its position. In terms of application, others segment is expected to lead the global market. On the regional front, North America to hold maximum share in the global white biotechnology market. Increasing funding from government for research and development activities in the field of white biotechnology has fueled demand in North America white biotechnology market
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Increasing Government Support to Benefit Growth in White Biotechnology
Rising government initiatives to promote white biotechnology is one of the major factor driving demand in the global white biotechnology market. In addition, white technology is also environment friendly and produces low waste by using efficient methods of production. The white biotechnology cannot be compared with oil and crop prices, as the prices of this technology keep on fluctuating rapidly. Furthermore, growing need from various consumer industries such as consumer goods and automotive to meet sustainability targets is projected to augment technology demand over the projected period.
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Adding further to the growth factors, increasing government support to growth of white biotechnology through research and development activities and schemes are also expected to expand growth opportunities for the global white biotechnology market. Moreover, increasing demand for green chemicals in developed regions who are ready to pay higher prices for renewable products will further accelerate demand in this market.
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Deteriorating Fertility of Agricultural Lands Might Hamper Growth in White Biotechnology Market
The key challenge that might hamper the growth in the global white biotechnology market includes deteriorating fertility of agricultural lands. This takes place due to over and misuse of fertilizers upon crops that resulted in depleting fertility from agricultural lands. Due to over utilization of fertilizers, the prices of bio-crops have been fluctuated, as there was uncertainty of production yield of bio-crops. Moreover, use of traditional foods and fuels by customers is also expected to hamper growth in the global white biotechnology market.
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