White biotechnology products are gaining popularity across several industries owing to the growing awareness among consumers regarding the environment-friendly benefits associated with these products. As a result of this, government bodies and organizations are taking initiatives to spread awareness and enhance the deployment of white biotechnology products across industries to promote green technologies.
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In terms of application, at present, the energy sector is the leading consumer of white biotechnology products. The segment held a share of approximately 32% in 2015 and is expected to witness moderate growth over the next couple of years. The growing demand for renewable energy sources is the key factor driving the deployment of white biotechnology products in the energy sector. It is expected that the segment will present a CAGR of 4.8% during the forecast period.
The global white biotechnology market is anticipated to exhibit a CAGR of 4.5% from 2016 to 2024. In 2015, the market stood at US$178.1 bn and is likely to reach US$262.3 bn by the end of 2024, owing to the mass adoption of white biotechnology products across end-use industries.
Market to Witness Promising Growth Owing to Rising Government Initiatives
White biotechnology products are gaining popularity across different sectors due to the wide range of benefits associated with their use. End users can gain from the development of innovative white biotechnology products. With regard to this, governments across the world are in the course of allocating considerable budgets and investing significantly in the deployment of white biotechnology across several industries. Government initiatives have also improved the production of biofuel, which is an essential white biotechnology product. The consumption of white biotechnology products is also expected to intensify as countries strive to reduce their dependence on gas and oil imports. The implementation of stringent emission norms has also impelled industries to adopt white biotechnology products.
The trend of using pesticides and fertilizers to make the most out of the growing demand for bio-crops has led to the over-exploitation of agricultural lands, resulting in a decline in their fertility. This has adversely affected the production of bio-crops, thus negatively impacting the overall market growth of white biotechnology. However, the fact that biofuel crops can be produced in the less productive agricultural lands is likely to provide growth opportunities to manufacturers.
Asia Pacific to Offer Stiff Competition to North America
In 2015, North America emerged dominant with a share of 35%. It is expected that the region will maintain its lead until 2024. The growth of the white biotechnology market in this region can be attributed to the noteworthy amount of funds provided by the governments to help promote the adoption of white biotechnology products. Rising investments in research and development projects in the field is also a major factor propelling the North America market. Owing to the growing applications of white biotechnology products across several industries such as feed, energy, food, and pharmaceuticals, the demand for the same is likely to gain momentum over the next couple of years.
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Exhibiting a strong CAGR of 5.0% during the course of the forecast period, Asia Pacific is expected to sturdily compete with North America in terms of the consumption of white biotechnology products. The wide availability of raw materials in the region required to produce these products is the main reason for the rapid growth in APAC.