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Rising at this pace, the market, which held an opportunity of $178.1 bn in 2015, will reach $262.3 bn by 2024.
The global market for white biotechnology is largely consolidated, with the top five companies collectively accounting for over 71% of the market in 2015.
The firm states in a recent report that these prominent vendors, including Cargill., BASF, Novozymes, DuPont, and Archer Daniels Midland, have focused largely on expanding their global footprint, mergers and acquisitions, and diversifying product portfolios.
The January 2016 inauguration of a new $100 mn worth corn milling plant in Davangere, India, by Cargill 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.