White biotechnology is the use of living cells in the development of industrial products that need less energy, are easily degradable, present improved performance, and result in less wastage. White biotechnology finds application in several industries such as pharmaceutical, food and feed, pulp and paper, energy, and textile. It is also used in the extraction of biocontrol agents such as pesticides and insecticides as well as metal ions.
The opportunity in the global white biotechnology market is poised to rise at a 4.5% CAGR from 2016 to 2024, with the valuation increasing from US$178.1 bn in 2015 to US$262.3 bn by 2024. North America is a significant market for white biotechnology and is fueled primarily by strong support from the government in the research and development of this technology. Asia Pacific, on the other hand, offers immense promise for growth thanks to the abundance of raw materials available in the region. Rising awareness about bio-synthesized and eco-friendly products also aids the APAC white biotechnology market.
Commercialization of White Biotechnology to Help Boost Adoption
One of the key factors boosting the global market for white biotechnology is strong support from governments around the world. The rapid increase in the adoption and application of white biotechnology in industries such as food, pharmaceuticals, bioremediation, and chemicals has resulted in several governments allocating considerable budgets and stimulants for its development. The U.S. government, for instance, has introduced a project called Vision 2020, which is aimed propelling the usage of white biotechnology throughout the country.
On the flip side, consumer skepticism about technologies in the food and beverages sector acts as a major deterrent on the white biotechnology market. Biotechnology involves several abstract and complex ideas and an increasing number of people have expressed uncertainties regarding its potential risks. The preference for traditionally-grown food products and raw materials continues to remain high. This inadvertently hampers the white biotechnology market.
However, this can be overturned by creating a higher level of awareness among consumers about the benefits of white biotechnology. In most developing nations, the degree of awareness is low as far as the advantages and potential risks of this technology is concerned. Companies and governments are, as a result, making efforts to commercialize white biotechnology.
Presence of Several Large Players Resulting in Competitive Pricing
Some of the leading players in the global white biotechnology market are DuPont, Archer Daniels Midland Company, Cargill, Inc., BASF SE, Corbion, Lesaffre, DSM, and Novozymes. The highly competitive nature of this market can be attributed to the growing presence of large players operating on a global scale. As far as the white biotechnology market in developing countries is concerned, the degree of rivalry is moderate. However, when it comes to developed nations, the vendor landscape is fragmented and is characterized by intense competition.
Browse the full Global White Biotechnology Market report at : http://www.mrrse.com/white-biotechnology-market
Most companies are focused on providing consumers products at competitive prices. Diversifying their product portfolio, expanding operations in emerging markets, and acquiring smaller companies to strengthen their presence are some of the top growth strategies adopted by players in the white biotechnology market.