Plant-based Biologics Market Predicted to Make a Strong Comeback After the Covid-19 Pandemic by Generating a Revenue of $182.9 Million in the 2022-2031 Timeframe | Research Dive
The global plant-based biologics market is expected to witness significant growth by 2031, due to the growing demand for sustainable alternatives to traditional animal-based biologics. The North America region was dominant in 2021.
NEW YORK, July 4, 2023 /PRNewswire/ --
Global Plant-based Biologics Market Forecast Analysis:
As per the report published by Research Dive, the global plant-based biologics market is anticipated to generate a revenue of $182.9 million and grow at a CAGR of 4.8% over the analysis timeframe from 2022 to 2031.
Segments of the Plant-based Biologics Market
The report has divided the plant-based biologics market into the following segments:
- Product Type: leaf-based, seed-based, fruit-based, and others
- Leaf-Based – Held the highest market share in 2021
The increasing use of plant leaves to produce huge amounts of protein and for easy genetic modification is expected to foster the growth of the market sub-segment during the estimated period. - Source: carrot, tobacco, rice, duckweed, and others
- Tobacco – Generated the highest market share in 2021
The increasing use of tobacco plants to produce biologics owing to their high tendency to take foreign proteins and low-care needs, and cost-effectiveness in biologics synthesis is predicted to foster the growth of the market sub-segment in the coming period. - Target Disease: gauchar disease, fabry disease, and others
- Fabry – Generated the highest revenue in 2021
The increasing research on plant-based biologics to provide a potential therapy for Fabry disease is expected to augment the growth of the market sub-segment during the forecast analysis. - Region: North America, Europe, Asia-Pacific, and LAMEA.
- North America – Held the dominant market share in 2021
The supportive regulatory environment and strong research infrastructure in this region attract businesses to develop and market plant-based biologics which is expected to boost the regional growth of the market over the analysis period.
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Dynamics of the Global Plant-based Biologics Market
The improvements in plant molecular biology to produce superior plant-based biologics having equal potential compared to animal-based biologics in terms of safety and efficacy are expected to foster the growth of the market over the estimated timeframe. Moreover, the growing benefits of plant-based biologics over traditional biologics such as lower risk of contamination, more eco-friendly manufacturing process, and reduced production costs are predicted to create immense growth opportunities for the market during the forecast period. However, the difficulty in achieving consistent yields and quality may restrict the growth of the market throughout the analysis period.
Covid-19 Impact on the Global Plant-based Biologics Market
The rise of the novel coronavirus has moderately impacted the plant-based biologics market. This is mainly due to the growing need for sustainable alternatives to conventional animal-based biologics during the pandemic. In addition, the importance of developing new drugs to treat infectious diseases over that period has created huge growth opportunities for the market. However, the disruption in the supply chain has affected the development and distribution of plant-based biologics.
Key Players of the Global Plant-based Biologics Market
The major players of the plant-based biologics market include
- Eleva GmbH
- Leaf Epression Systems
- Medicago Inc.
- Zea Biosciences
- Ventria Bioscience Inc.
- Planet Biotechnology Inc.
- Pfizer Inc.
- IBIO Inc.
- Mapp Biopharmaceutical Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
For instance, in August 2021, Lumen Bioscience, a clinical-stage biotechnology company announced its partnership with Google, a leading American multinational technology company. With this partnership, the companies aimed to advance the development of plant-based biologic drugs and leverage the power of machine learning to enhance the scalability of medicines based on spirulina.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Plant-based Biologics Market:
- Plant-based Biologics: Harnessing the Power of Plants for Sustainable Biologics
- Increasing Demand for Sustainable and Ethical Alternatives to Traditional Animal-based Biologics to Propel the Growth of the Plant-based Biologics Market by 2031
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