The global white biotechnology market is largely consolidated, with the top five companies collectively accounting for over 71% of the market in 2015. Transparency Market Research states in a recent report that these prominent vendors, including Cargill Inc., BASF SE, Novozymes, DuPont, and Archer Daniels Midland Company, have focused largely on expanding their global footprint, mergers and acquisitions, and diversifying product portfolios.
The January 2016 inauguration of a new US$100 mn worth corn milling plant in Davangere, India, by Cargill, Inc., is an instance of the several expansion strategies that the companies in the market are pursuing to strengthen their positions in the highly competitive global market. Entry barriers in developing regional markets are relatively less intense and competition is moderate. Developed countries such as the U.S. feature fragmented markets and the presence of several companies operating amid intense competition.
Government Initiatives Aimed at Raising Awareness and Increasing Usage to Fuel Global White Biotechnology Market
The vast environment-related benefits linked with the use of white biotechnology products across a number of application areas has led to the increased focus on the field’s development from industries as well as government bodies in the past few years. Most governments have either already allocated or are in the process of allocating substantial budgets for the implementation of white biotechnology technology in the industrial sector. Focus has also improved on attempts for increasing the production of biofuel, one of the most notable products of the field of white biotechnology, with the aim of reducing dependence on oil and gas imports, especially in countries with no or very sparse oil reserves. Strict emission norms are also compelling industries to adopt white biotechnology across an increasing number of application areas.
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These factors are expected to have a significant impact on the overall development of the global white biotechnology market in the next few years. At the same time, the market is also expected to benefit from rapid technological developments in the field of production of white biotechnology products, making them cheaper and competitively priced as compared to conventional alternatives, such as, for instance, fossil fuels.