ALBANY, New York, November 20, 2018
ALBANY, New York, November 20, 2018 /PRNewswire/ --
According to study done by Transparency Market Research, the global white biotechnology market is predicted to expand at a steady CAGR of 4.5% during the forecast period 2016 - 2024. The market which was valued at US$178.1 bn recently, is foreseen to touch a valuation of US$262.3 bn by the end of the tenure period. Based on type, the market is segregated into biofuel, biochemical, bioproduct, and biomaterial. Of these biofuel domain held a whopping share of 38.16% of the overall market. Demand for biofuel segment is likely to rise in during the assessed period. On the basis of region, the market is dominated by North America owing to significant flow of funds from government for research and development activities. The region held a massive share of 35% of the overall market in recent past.
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Agricultural Lands Suffering Reduced Fertility to Deter Market Growth
Rising demand for bio crops, has resulted in the extensive usage of pesticides and fertilizers. This is predicted to impair the agricultural lands. Bio crops are expected to increase the yield procured from a land. However, surge in usage of pesticides and fertilizers are eradicating the fertility properties from the agricultural lands. This is expected to have a tremendous negative impact on the production of bio crops, which is the central element required for the development of the white technology market. This problem is anticipated to deter the growth of the global market. However, usage of less productive lands for producing bio fuels is expected to push the market in the forward direction.
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Stringent Emission Norms to Force Players to Uptake White Biotechnology
Numerous environment related advantages that are associated with the use of white biotechnology products in various applications has helped the market to develop. Several governmental bodies and private players are spending heavily behind the research and development activities to obtain enhanced and more efficient market products. Several governments have already laid out substantial budget to implement white biotechnology in the industrial sector. Another reason driving the market is the rising production rate for biofuels owing to meet the demand. Bio fuel is a significant products of the white biotechnology. This is likely to reduce the level of dependence on other countries for oil and gas imports. Stringent emission norms are forcing industries to espouse white biotechnology in numerous application areas. Apart from these, rapid advancement in the white biotechnological field is likely to provide extra boosts to the market.
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The global white biotechnology market is expected to grow at a stellar rate during the forecast period owing to rapid development in the healthcare industry all across the world. The global white biotechnology market is highly consolidated in nature owing to few players controlling the overall market. Key five players holding a majority share of 71% of the overall market are BASF SE, Cagill Inc., Archer Daniels Midland Company, DuPoint, and Novozymes. Players in the market are undergoing strategic partnership such as merger and acquisitions to expand their global footprint in various pockets of the world. In the developing countries, barriers for entry of new players is less along with lesser competition thus allowing new players to flourish. This is likely to help the market to grow.
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This review is based on a recent market research report published by Transparency Market Research, titled "White Biotechnology Market (Product - Biochemical, Biofuel, Biomaterial, Bioproduct; Application - Food and Feed, Pharmaceuticals, Pulp and Paper, Textile, Energy; Feedstock - Grains and Starch Crops, Agricultural Residues, Food Waste, Forestry Material, and Animal) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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