Microbial Products Market Soars to USD 183.2 Billion in 2021, Set to Expand at 8.4% CAGR 2030
The global microbial products market, which achieved a substantial valuation of USD 183.2 billion in 2021, is poised for impressive growth with a projected Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period. This market surge is fueled by an escalating demand for microbial products in various industries, driven by factors such as the burgeoning demand for dairy products, expanding food and additives sector, and the manufacture of enzymes for applications ranging from food preservation to paper and leather production.
Driving Factors: From Dairy to Pharmaceuticals
The meteoric rise of the dairy industry, supported by the food and additives sector, has been instrumental in propelling the microbial products market. Furthermore, microbial products are revolutionizing healthcare and agriculture by facilitating the creation of environmentally friendly and cost-effective solutions through recombinant genetic technology.
The clinical diagnostics segment has emerged as a significant driver, leading to increased demand for microbial products. A notable success story is that of DMC, which secured Series equity financing in partnership with Sofinnova Partners in July 2019. This funding has accelerated the development of a low-cost fermentation-based manufacturing platform capable of producing diverse microbial products.
Pharmaceuticals and Agriculture: Growth Catalysts
The pharmaceutical industrys increasing reliance on microbial products has catalyzed market expansion. Microorganisms play a pivotal role in the production of vaccines, antibiotics, insulin, and other essential compounds. Innovations in microbial products have paved the way for swift and improved development of antibiotics, in line with regulatory approvals, driving their acceptance by agencies like the US FDA and EMA. Lonzas augmentation of its Swiss production plant by 3,000 liters in August 2020 to meet the surging demand for microbial manufacturing solutions underscores the booming pharmaceutical application of microbial products.
The agriculture sector also stands as a growth catalyst, driven by the expanding trend of organic farming and the increasing adoption of sustainable agricultural practices. With governments and organizations championing sustainable methods and providing financial support, the demand for agricultural microbials is poised for significant growth.
Resilience Amidst COVID-19
Despite challenges posed by the COVID-19 pandemic, the microbial products market has shown remarkable resilience. As consumers gravitate towards healthier and organic alternatives, the demand for microbial products in households has surged. Moreover, the need for biopesticides to safeguard food and grains from pesticides has further contributed to the markets growth.
Challenges and Opportunities
While the market thrives, manufacturing and formulation complexities remain challenges, potentially inhibiting the rapid expansion of microbial products globally. However, continuous technological advancements and innovative breakthroughs continue to open new avenues for growth.
Regional Dominance: North Americas Foothold
North America is poised to dominate the microbial products market, attributed to high healthcare expenditure, robust reimbursement policies, and widespread insurance coverage. The regions emphasis on microbe-based clinical research and organic products has further fueled the markets growth. Europe, particularly the UK, Germany, and France, follows suit, driven by increased focus on bio-industrial manufacturing and microbial-based pest control in agriculture.
A Competitive Landscape
The markets competitive landscape includes key players such as Amgen Inc., Merck & Co. Inc., VALENT Biosciences Corp., GlaxoSmithKline plc., Pfizer Inc., BIOMERIEUX SA, Ajinomoto Co. Inc., SANOFI S.A, Novartis AG, NOVADIGM Therapeutics, and Kyowa Hakko Bio Co. Ltd. Strategic collaborations, technological innovations, and expanding global footprints characterize their dynamic contributions to the microbial products market.
As the world embraces sustainable practices and innovation, the microbial products market is primed to reshape industries, improve health and agriculture, and contribute to a greener future.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/microbial-products-market
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COMTEX_438808612/2840/2023-08-21T09:31:59