by The global Plant-Based Biologics Market is estimated to be valued at Us$ 21.45 Mn in 2023 and is expected to exhibit a CAGR Of 3.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plant-based biologics are therapeutic proteins produced through plant cell cultures, plant tissue cultures, or whole plants. Various plants such as tobacco plants, alfalfa, moss, rice, and others serve as production platforms for biologics. Plant systems have advantages over traditional systems as they can perform human-like post-translational modifications. Additionally, production in plants is more cost-effective and scalable compared to microbial systems. The market is expected to witness significant growth due to ongoing research and development for low-cost production of biopharmaceuticals and vaccines using plant platforms.
Market key trends:
One of the key trends in the plant-based biologics market is the increasing investment in plant-based biomanufacturing facilities. Rising production costs through traditional methods are encouraging companies to invest in establishing large-scale plant-based production platforms. For instance, in July 2022, Anthropic raised $135 million in a Series B funding round to scale plant-based biomanufacturing utilizing their AI-assisted organism design platform. Such investments are expected to make plant-derived biologics cost-competitive while meeting large-scale commercial production demands. This will boost adoption of plant-based platforms for biologics development and production over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the R&D and regulatory requirements for bringing new biological products require huge capital investments and time commitments. However, the growing market size is attracting new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the buyers have the option to switch between plant-based and conventional biologics. However, buyers prefer products offering benefits over cost.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material suppliers cannot influence prices due to availability of alternatives. However, suppliers of key ingredients can exploit their position if alternatives are limited.
Threat of new substitutes: The threat of new substitutes is moderate as new therapeutic areas are emerging. However, substitutes require huge investments and time to reach commercialization.
Competitive rivalry: The competition in the plant-based biologics market is high due to increasing product launches.
Key Takeaways
The Global Plant-Based Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing demand for sustainable and affordable biologics.
Regional analysis:
North America dominates the global plant-based biologics market currently due to supportive regulatory environment and funding for R&D activities in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing government support for developing biosimilars in countries like China and India.
Key players:
Key players operating in the plant-based biologics market are 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. Leaf Expression Systems specializes in molecular farming platforms to develop sustainable alternatives to traditional mammalian cell cultures. Zea Biosciences focuses on developing novel vaccines and therapeutic proteins using plant-based expression systems.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
