Biotechnology and bioengineering not only play an important role in academic research but also are increasingly being applied in industrial production and processing of various goods. These multifarious opportunities lead to forecasting a two-digit annual growth expectation of the global industrial biotechnology market.
Industrial or white biotechnology refers to making use of biological systems, living organisms and derivates thereof in terms of production of industrial goods and industrial processes. The practise of generating technological and competitive advantages by utilizing microorganisms and enzymes to produce goods is already being adopted in multiple industries such as energy, chemicals, food, agricultural as well as pharmaceuticals. For instance, the use of biotechnology allows to generate chemical substances such as biofuels and other biorefinery products with specific and demand-related capabilities that conventional petrochemical processes cannot facilitate.
Besides paving the way for creating new markets and reducing production costs, industrial biotechnology offers businesses the opportunity to generate lower raw material consumption and wastage and thus stands out due to its environmentally friendly character. In combination with its global deploy ability these substantial benefits of applying industrial biotechnology lead to forecasting an annual growth rate of 10.5%.
Recently, the ATI project has published a product watch report about an interesting niche of this market: the flavours and fragrances market. This report can be found here on the ATI-website:
https://ati.ec.europa.eu/reports/product-watch/bio-based-flavours-and-fragrances