LONDON, March 27, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s biochemical global market report 2024, the biochemical market is poised for robust expansion in the coming years, driven by a burgeoning demand for bio-based products worldwide. According to recent market analysis, the biochemical market size is projected to grow from $75.86 billion in 2023 to $83.52 billion in 2024, with a compound annual growth rate (CAGR) of 10.1%. Moreover, the biochemical market is forecasted to reach $116.07 billion by 2028, exhibiting a CAGR of 8.6%.
Rising Demand for Bio-Based Products
The escalating demand for bio-based products is a key driver propelling the growth of the biochemical market. Bio-based products, derived from renewable biological resources such as plants, animals, and microorganisms, offer sustainable alternatives to traditional petrochemicals, thus reducing environmental impact. Recent reports indicate a significant surge in the sales of bio-based products across various sectors. For instance, in May 2023, the U.S. organic food market witnessed record-breaking sales, reaching $61.7 billion in 2022. Additionally, global bioplastics production capacity is expected to rise from 2.2 million metric tons in 2022 to approximately 6.3 million metric tons by 2027, further driving the demand for biochemical market.
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Companies Intensify Efforts in Sustainable Product Development
Major players in the biochemical market, including Cargill Inc., BASF SE, and Pfizer Inc., are focusing on introducing novel sustainable products to gain a competitive edge. These efforts include the development of biobased sustainable additives, which are natural or renewable chemical compounds used to enhance the properties, performance, or environmental sustainability of various products. For instance, BYK recently launched a line of bio-based, sustainable additives called CERAFLOUR, designed to provide natural-looking surfaces to coatings used in various applications. Moreover, strategic acquisitions, such as UPM Biochemicals GmbH's acquisition of SunCoal Industries GmbH, are further expanding companies' portfolios of renewable chemicals and strengthening their positions in the bio-based products market.
Segmentation of the Biochemical Market
The biochemical market is segmented based on type, application, and end-user. By type, segments include biodiesel, amino acids, fine chemicals, phytochemicals, antibiotics, dyes, and stains. Applications encompass fuel, power generation, and other applications, while end-users span pharmaceuticals, dairy, automotive, agriculture, textile, and food processing.
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Asia-Pacific Leads the Biochemical Market
In 2023, Asia-Pacific emerged as the largest region in the biochemical market, indicating significant growth opportunities in the region.
The biochemical market is experiencing robust growth, fueled by the increasing demand for bio-based products worldwide. Major companies are actively engaged in developing sustainable solutions to meet this demand, driving innovation and market expansion. With a strong projected growth trajectory and diverse opportunities across regions and segments, the biochemical market presents promising prospects for investors, stakeholders, and industry players alike.
Biochemical Global Market Report 2024 by The Business Research Company provides insights on the biochemical market size, biochemical market segments, biochemical market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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