Biotech Ingredients Industry Overview
The global biotech ingredients market size was valued at USD 1.61 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2020 to 2027.
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.
Rapid industrialization has led to the large-scale consumption of flavored or scented products, such as food and beverages, personal care products, and cleaning and household products. This is expected to drive the market for biotech ingredients in the coming years. Both flavors and fragrances can be naturally derived or synthetically made. However, there has been an increasing shift towards natural and organic products owing to consumer awareness regarding the ill effects of synthetic ingredients.
Gather more insights about the market drivers, restrains and growth of the Global Biotech Ingredients Market
There is limited availability of raw material due to unpredicted weather conditions. Moreover, stringent environmental regulations pose significant hurdles for the companies producing these ingredients. As a result, the leading players in the flavors and fragrances industry are focusing on developing new and sustainable ways of producing these ingredients, which can be labeled as “natural” and will also meet consumer expectations.
Increasing shift towards organic and natural beauty products is also compelling the manufacturers of cosmetic products to incorporate these ingredients into their products. Thus, it is likely to provide immense growth opportunities for biotechnology-based active ingredients, especially for cosmetics. Currently, biotechnologically produced active ingredients for pharmaceuticals hold a significant market share as compared to the cosmetics market.
Currently, the biotechnological route is still at the novice stage, especially for fragrances and active ingredients for cosmetics. However, it is not only expected to provide the companies an alternative way to produce substitutes for existing products but also open new avenues for more innovation in the flavors and fragrances industry.
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- Oleoresin Market – The global oleoresin market size was valued at USD 1.43 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030. Growing demand from healthcare, pharmaceutical, food, and beverage industries are driving forces of the global oleoresin market. Oleoresins are made from varied ingredients and spices, which are found all around the world. It is usually found in semi-solid extract form. A variety of oleoresins has multiple characteristics based on the spice they are derived from.
- Fragrance Market – The global fragrance market size was valued at USD 70.70 billion in 2018 and is anticipated to register a CAGR of 3.7% during the forecast period. The rising importance of personal hygiene and grooming among both men and women is expected to remain one of the key driving factors. Also, increasing awareness regarding physical fitness among adults has increased the number of gym-goers and thus, in turn, will promote the demand for body odor controller products, such as deodorants.
Biotech Ingredients Market Segmentation
Grand View Research has segmented the global biotech ingredients market on the basis of flavors, fragrances, active cosmetic ingredients, and region:
Biotech Ingredients Flavors Outlook (Revenue, USD Million, 2016 – 2027)
- By Source
- Filamentous Fungi
- By Product
- By Carbonyls
Biotech Ingredients Fragrances Outlook (Revenue, USD Million, 2016 – 2027)
- By Application
- Fine Fragrances
Biotech Ingredients Active Cosmetic Ingredients Outlook (Revenue, USD Million, 2016 – 2027)
- By Application
- Hair Care
- Skin Care
- Sun Care
- Makeup and color cosmetics
Biotech Ingredients Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Market Share Insights
- June 2019: Symrise acquired Cutech, an Italian biotech company, which offers screening for cosmetic ingredients and formulations.
Key Companies profiled:
Some prominent players in the global biotech ingredients market include
- Givaudan SA
- International Flavors & Fragrance (IFF), Inc.
- Firmenich SA
- Amyris, Inc.
- Novocap Group
- Evolva S.A.
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