Abundance of Raw Materials to Make Asia Pacific Most Promising White Biotechnology Market
Increasing Government Funding for R&D Activities in White Biotechnology to Fuel Action
Governments across the globe are consistently increasing their concerns regarding harmful emissions. They are promoting the adoption of greener technologies such as white biotechnology, which will give a significant boost to the global white biotechnology market. The enormous environment-related benefits pertaining to the use of white biotechnology has led to the increase in research and development activities funded by industries as well as government bodies in the recent times. Several governments worldwide are allocating substantial funds for the implementation of the white biotechnology across various industries. Various organizations are also shifting their imperative focus towards biofuel, which is also a product of the field of white biotechnology. This shift is likely to reduce the dependence on oil and gas.
Geographically, North America presently holds the most prominent position. The substantial budgets allocated by the government for research and development in the field of white biotechnology and rising demand for green products have fuelled the growth of this regional market. Moreover, the growth of this region can be attributed to increasing implementation of white biotechnology across various industries such as food, energy, feed, and pharmaceuticals.
However, the Asia Pacific is anticipated to grow at a noteworthy growth rate between 2016 and 2024 owing to the growing demand for renewable resources across emerging economies in the region. The abundant availability of raw materials required to manufacture white biotechnology products will attract players to operate in this regional market.