Biochemical Market, By Type Outlook (Fine Chemicals, Phytochemicals, Biodiesel, Amino Acids, Antibiotics, Dyes & Stains), By Application Outlook (Pharmaceuticals, Dairy, Automotive, Agriculture, Textile, Food Processing), By Region – Global Analysis Forecast Till 2030

The Worldwide Biochemical Market size was estimated at USD 82.40 billion in 2022 and is projected to hit around USD 150.6 billion by 2030, growing at a CAGR of 8.12% during the forecast period from 2022 to 2030.

Biochemicals are produced using various raw materials such as corn, sugar cane, sugar beet, wheat, and cassava. Overall, making bio-based chemicals is less expensive than traditional non-renewable chemicals due to the lower manufacturing costs of these raw materials. Moreover, there are no barriers to the bulk synthesis of these primitives. Biochemistry refers to any compound produced artificially or organically using industrial biotechnology. Biochemicals are more environmentally friendly than chemicals made from fossil fuels.

These bio-based chemicals can share structural properties with other chemicals already in use or have completely unique structures that open up innovative possibilities. Biochemicals are becoming more and more popular in sustainable business, increasing demand. Leading packaging manufacturers are implementing sustainable technologies to provide environmentally friendly products to combat plastic pollution.

Market Dynamics:

Drivers:

Growing Demand for Phytochemicals - An aging population, especially in Europe, will see the nutraceutical industry become increasingly interested in the rapid integration of phytochemicals and plant extract ingredients into product lines for chronic disease treatment, dietary supplements, and anti-aging product lines has been produced. Accordingly, the demand for phytochemical products is continuously increasing. In addition, plant extracts and phytochemicals have seen significant expansion in the dietary supplement sector.

Restraints:

Laws and Regulations - New laws and regulations are needed to expand the biochemical market. There is also a lack of data available on biochemicals as alternatives to currently used chemicals. These factors are expected to hit the biochemical market.

Key players:

• 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

• And Others

Market Segmentation:

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 Geography

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

Based on geography, the global biochemical market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is currently the largest market for biochemical due to the growing demand for biofuels, increasing use of biochemical in the pharmaceutical and food processing industries, and trend towards greener products.

The biochemical market in India is expected to grow due to factors such as rising consumer spending, rising interest in healthy lifestyles, expansion of end-use industries, and promotion of clean fuels by the Government of India. In addition, expansion of amino acid production and increased exports of feed additives to China and Japan are driving the growth of the amino acid market in the region. High demand for amino acids to treat liver and cardiovascular diseases, slow muscle degeneration and fatigue, and meet the needs of growing young population in emerging countries such as India as well as china is expected to further propel the biochemical market growth.

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