by The global Plant-based Biologics Market is estimated to be valued at US$ 19.4 million in 2020 and is expected to exhibit a CAGR of 3.4% over the forecast period, according to a new report published by Coherent Market Insights.
Market Overview:
The Plant-based Biologics Market is driven by the increasing demand for sustainable and environmentally friendly products in various industries. Plant-based biologics are derived from plants and offer several advantages over traditional biologics derived from animal sources. These products are non-toxic, have a lower risk of contamination, and are more cost-effective to produce. Plant-based biologics find applications in pharmaceuticals, agriculture, cosmetics, and food and beverages, among others.
Market Dynamics:
The market dynamics of the Plant-based Biologics Market are primarily driven by two factors:
1. Growing demand for sustainable products: With increasing concerns about climate change and environmental degradation, there is a rising preference for products that have a lower carbon footprint and are produced using sustainable practices. Plant-based biologics offer a sustainable alternative to traditional biologics derived from animal sources, leading to increased adoption across various industries.
For example, in the pharmaceutical industry, plant-based biologics are being used in the production of vaccines, antibodies, and therapeutic proteins, offering a safe and sustainable solution.
2. Advancements in biotechnology: Technological advancements in biotechnology have facilitated the development and production of plant-based biologics. Innovative techniques such as agrobacterium-mediated transformation and transient expression systems have significantly improved the efficiency and scalability of plant-based biologics production. These advancements have further fueled the adoption of plant-based biologics in various industries.
Segment Analysis:
The Plant-based Biologics Market can be segmented based on product type, application, and end-user. The pharmaceuticals segment is expected to dominate the market due to the increasing demand for plant-based biologics in the production of vaccines, antibodies, and therapeutic proteins. Within the pharmaceutical segment, vaccines are expected to hold a significant market share as plant-based biologics offer a safe and cost-effective solution for vaccine production.
PEST Analysis:
Political: There is a growing focus on sustainable practices and reducing dependence on animal-derived products globally, which creates a favorable political environment for the adoption of plant-based biologics.
Economic: Plant-based biologics offer cost advantages due to their scalability and lower production costs compared to traditional biologics. This economic advantage is expected to drive their adoption across industries.
Social: Increasing consumer awareness and preference for sustainable and environmentally friendly products are driving the demand for plant-based biologics.
Technological: Technological advancements in biotechnology, such as improved expression systems and production techniques, have facilitated the development and production of plant-based biologics.
Key Takeaways:
– The Global Plant-based Biologics Market Demand is expected to witness high growth, exhibiting a CAGR of 3.4% over the forecast period, due to increasing demand for sustainable and environmentally friendly products.
– The pharmaceutical segment is expected to dominate the market, driven by the growing adoption of plant-based biologics in vaccine production.
– North America is expected to be the fastest-growing region, owing to the presence of key market players and increasing investments in biotechnology research and development.
– Key players operating in the global Plant-based Biologics Market include Leaf Expression Systems, Zea Biosciences, Planet Biotechnology Inc., InVitria, PlantForm Corporation, IBIO, Inc., Mapp Biopharmaceutical, Inc., Pfizer Inc., Ventria Bioscience Inc., Medicago Inc., Eleva GmbH, Kentucky Bioprocessing, LLC, Solarvest Bioenergy Inc., and Byondis B.V.
In conclusion, the Plant-based Biologics Market is witnessing significant growth due to the increasing demand for sustainable and environmentally friendly products. Technological advancements in biotechnology and the economic advantages offered by plant-based biologics are driving their adoption across various industries. Key players in the market are actively involved in research and development to further enhance the efficiency and scalability of plant-based biologics production.
