Biochemical Market to Cross $173.87 billion Revenue by 2030

Biochemical Market Overview

“The Biochemical Market Predictable at $62.45 billion in 2022, is estimated to increase at a CAGR of 9.89% from $85.10 billion in 2023 to $173.87 billion by 2030.”

Biochemical is a scientific discipline that studies chemical processes and substances within living beings, including proteins, carbohydrates, lipids, and nucleic acids. It also investigates metabolism, nutrition, genetics, vitamin synthesis, energy utilization, and immune responses. Scientists study the structures, roles, and interactions of biological molecules in Biochemical.

The aging population is increasingly interested in nutraceutical products containing phytochemicals and plant extracts, especially in Europe. These components are used to treat chronic illnesses, improve health, and slow the aging process. The market for nutritional supplements containing these components has grown significantly. This trend has led to a surge in biofuel production and a desire to reduce emissions and replace fossil fuels due to environmental concerns.

Biodiesel offers enhanced lubricity and cetane number, making it a sustainable alternative to fossil fuels. As fossil fuels are non-renewable, they are rapidly depleted, making biodiesel a viable alternative. As the demand for conventional fuels increases, so does the population and automotive usage. Regulations on hazardous gas output and restrictions on conventional fuel use present significant opportunities for the biofuel industry.

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Key Takeaways

From 2023 to 2030, the biodiesel industry is anticipated to hold the biggest market share by type.

The automobile industry generated the greatest market share in 2022, by application.

From 2023 to 2030, the Asia-Pacific region accounted for the largest revenue share globally.

Growth Factors

Government focus on environmental issues has led to an increase in biochemicals, as nations and businesses seek renewable resources for sustainable growth. Biochemicals like hormones and enzymes trigger, catalyze, and inhibit various biochemical and physiological responses.

• an expanding market for greener fuels.
• More people are requesting fine chemicals.

Market Dynamics

Growth Drivers

Growing need for cleaner fuels

The market for biodiesel is expected to grow due to the growing demand for cleaner fuels. Biodiesel, made from fats and oils like used cooking oil and soybean oil, is a domestic, eco-friendly, and regenerative fuel for diesel engines. Transesterification is used to create advanced biofuels that meet ASTM D6751 requirements. Both older and new diesel engines have successfully used biodiesel, renewable diesel, and renewable jet fuel, with improved performance and emissions.

The National Biodiesel Board predicts that by 2030, over six billion gallons of fuel will be used for on- and off-road, aviation, and home heating, reducing annual greenhouse gas emissions by 35 million metric tons. By 2050, this usage is expected to rise to 15 billion gallons due to feedstock developments, causing future market expansion.

Greater need for phytochemicals

The use of phytochemicals and plant extracts in nutraceutical products is gaining popularity due to their potential for treating chronic diseases, health supplements, and anti-aging products. This trend is particularly prevalent in Europe, leading to a significant expansion in the market for nutritional supplements containing phytochemicals.

Trends

The largest market share is held by the chromatography segment, which is anticipated to maintain its dominance over the forecast period.

Chromatography reagent demand is significantly influenced by global fluctuations in the pharmaceutical and biopharmaceutical industries, as it has numerous applications in drug delivery, chemical and biomolecule separation, diagnostics, and protein purification, and the increasing incidence of chronic and infectious diseases drives increased spending on pharmaceutical R&D.

The United States has 34,800 HIV infections, with a 12.6 infection rate per 100,000 people, and around 1.2 million people living with HIV. A study published in Nature Journal found that 6.4% of people with idiopathic pulmonary fibrosis have lung cancer. Of the 464 patients with lung cancer, 54.7% had idiopathic pulmonary fibrosis before lung cancer, 27.4% had both conditions at the same time, and 17.9% had lung cancer in addition to idiopathic pulmonary fibrosis.

Chromatography techniques are expected to dominate the drug development and manufacturing process due to their widespread use in chronic diseases and their increased demand in manufacturing quality control, research, and development stages. This growth is attributed to the adoption of advanced therapies and diagnostics approaches, making chromatographic agents a key player in the research segment.

Competitive Landscape of the Biochemical Market

• Archer Daniels Midland
• Marathon Petroleum Corporation
• Hansen A/S
• LIPO Foods
• Neste
• Shell Plc
• Ajinomoto Co., Inc.
• KYOWA HAKKO BIO CO., LTD.
• Evonik Industries AG
• AMINO GmbH
• HERO BX
• Ag Processing Inc.
• VERBIO
• Renewable Energy Group, Inc.

Recent Developments in the Biochemical Market

In December 2020 – Nestle and Carson announced cooperation. One of the first companies to offer renewable diesel in Oregon (U.S.) when the state's Clean Fuels Program was established was Neste, the largest producer of renewable diesel and sustainable aviation fuel in the world.

In December 2021 Sino Biological Inc launched a panel of research reagents for the newly identified Omicron variant of the SARS-CoV-2 virus, which raised concerns around the world.

In March 2021 Promega Corporation launched XpressAmp Direct Amplification reagents that facilitate RNA extraction-free sample preparation that is automation- friendly. 

Regional Insights

The Asia-Pacific region is expected to remain a highly attractive market, accounting for the majority of its revenue share throughout the projection year, and now holds the largest global market for biochemicals due to the surge in biofuel demand.

The Asia Pacific biochemical sector is expected to benefit from the increasing use of biochemicals in pharmaceutical and food processing industries. The Indian biochemical market is expected to grow due to consumer preference for eco-friendly products and the government's support for cleaner fuels, including biodiesel used in railways and transportation.

The demand for amino acids is increasing due to a healthy lifestyle, increased consumer spending, and growth in end-use sectors like nutraceuticals, medicines, personal care, and cosmetics. The production of amino acids is expected to rise, with exports from China and Japan rising. These acids are commonly used to treat liver and cardiovascular conditions, slow muscle aging, and fatigue. The demand is also high due to the expanding populations in developing countries like China and India.

Segments Covered in the Biochemical Market

Biochemical Market By Type

• Biodiesel
• Amino Acids
• Fine Chemicals
• Phytochemicals
• Antibiotics
• Dyes & Stains

Biochemical Market By Application

• Pharmaceuticals
• Dairy
• Automotive
• Agriculture
• Textile
• Food Processing

Biochemical Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the biochemical market size?

Biochemical Market Predictable at $62.45 billion in 2022, is estimated to increase at a CAGR of 9.89% from $85.10 billion in 2023 to $173.87 billion by 2030.

What will be the CAGR of global biochemical market?

The global biochemical market is poised to grow at a CAGR of 9.89% from 2023 to 2030.

Who are the prominent players operating in the biochemical market?

The major players operating in the biochemical market are Archer Daniels Midland, Marathon Petroleum Corporation, Hansen A/S, LIPO Foods, Neste, Shell Plc, Ajinomoto Co., Inc., KYOWA HAKKO BIO CO., LTD., Evonik Industries AG, AMINO GmbH, HERO BX, Ag Processing Inc., VERBIO, Renewable Energy Group, Inc., NOVAOL, Italy, ARGENT ENERGY, MOL Group, Dupont De Nemours & Co ltd, Martin Bauer GmbH &Co. KG, Cargill Inc., Naturex SA, Indena SpA, Linnea SA, BASF SE, Arboris LLC, Cargill Inc.

Which are the driving factors of the biochemical market?

The driving factors of the biochemical market are rising demand for cleaner fuels and rising demand of phytochemicals.