According to the Market Statsville Group (MSG), the global biotech ingredient market was valued at USD 23,405.7 million in 2021 and is anticipated to generate USD 34,057.4 million by 2030. The market is projected to grow at a CAGR of 4.8% from 2022 to 2030. Biotech ingredients are experiencing high demand over the synthetic ingredients marking a huge shift in the consumer base. This is attributed to a rise in the awareness among consumers regarding the health benefits of organic and herbal medicines.
Furthermore, the use of generic medicines has also increased significantly. Current stress, lifestyles, and working habits have led to the various health disease concerns, which act as a driving factor for the generic medicines. An increase in the demand for generic medicines has also led to an increase in the shift toward biotech ingredients. Additionally, the rise in consumption in the food & beverages industry and various health supplements also drive the growth of the biotech ingredients market. However, the unavailability of raw materials is hampering the market growth of the biotech ingredients market.
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Global Biotech Ingredients Market Definition
Biotech ingredients are compounds that consist of components with essential oils, natural extracts, and bio-engineered substances. These compounds are found in plants, micro-organisms, animals, and any natural living organisms
Global Biotech Ingredients Market Dynamics
Drivers: Shift in consumer preference from synthetic to bio-based ingredients
Consumers are more aware of the basis of personal care items, herbs, and scented products and the process of their synthesis. There has been a notable rise in awareness related to the harmful effects of such products on self and the environment. This has led to a certain shift of consumption pattern from synthetic-based products to herba