Biological Product Market

The global biological product market is projected to see a steady increase over the next eight years, with consumption and production levels on the rise. Market performance is expected to grow at a CAGR of +4.2% in volume and +5.2% in value from 2022 to 2030, reaching 1.9M tons and $889.9B respectively by the end of 2030. In 2022, global consumption contracted to 1.3M tons but had shown strong growth over the previous decade. China was the largest consumer of biological products, with impressive growth rates. The United States, Japan, and Belgium were the top markets in terms of value. Production and exports also experienced fluctuations but overall showed growth trends. Import prices surged in 2022, with the United States and Vietnam showing the highest and lowest average prices respectively. Ireland, Germany, and the United States led in exports, while Poland saw the highest growth rates in export value over the period 2012-2022.

Market Forecast

Driven by increasing demand for biological products worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market volume to 1.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $889.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Biological Products (except Diagnostic)

Global biological product consumption contracted to 1.3M tons in 2022, with a decrease of -2.7% compared with the previous year's figure. In general, the total consumption indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.4% against 2020 indices. Over the period under review, global consumption attained the peak volume at 1.4M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global biological product market revenue rose remarkably to $594.2B in 2022, increasing by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, posted a buoyant increase. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in years to come.

Consumption By Country

The country with the largest volume of biological product consumption was China (428K tons), accounting for 32% of total volume. Moreover, biological product consumption in China exceeded the figures recorded by the second-largest consumer, India (125K tons), threefold. The third position in this ranking was taken by Russia (62K tons), with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +12.0%. In the other countries, the average annual rates were as follows: India (+8.2% per year) and Russia (+7.0% per year).

In value terms, the largest biological product markets worldwide were the United States ($67B), Japan ($58.9B) and Belgium ($46.4B), with a combined 29% share of the global market.

Belgium, with a CAGR of +19.6%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of biological product per capita consumption in 2022 were Belgium (2,252 kg per 1000 persons), Canada (1,127 kg per 1000 persons) and South Korea (720 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Belgium (with a CAGR of +12.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Biological Products (except Diagnostic)

In 2022, the amount of biological products produced worldwide shrank to 1.2M tons, reducing by -9.6% on 2021. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.1% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 34%. Global production peaked at 1.4M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, biological product production shrank slightly to $466.6B in 2022 estimated in export price. Overall, production, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 34%. Over the period under review, global production attained the maximum level at $471.8B in 2021, and then reduced slightly in the following year.

Production By Country

China (425K tons) constituted the country with the largest volume of biological product production, accounting for 35% of total volume. Moreover, biological product production in China exceeded the figures recorded by the second-largest producer, India (125K tons), threefold. The United States (84K tons) ranked third in terms of total production with a 6.9% share.

In China, biological product production expanded at an average annual rate of +11.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+7.8% per year) and the United States (-3.9% per year).

Imports

World Imports of Biological Products (except Diagnostic)

In 2022, purchases abroad of biological products decreased by -50.3% to 407K tons for the first time since 2015, thus ending a six-year rising trend. In general, imports, however, posted a perceptible increase. The growth pace was the most rapid in 2021 with an increase of 90%. As a result, imports reached the peak of 819K tons, and then fell notably in the following year.

In value terms, biological product imports shrank markedly to $253.1B in 2022. Overall, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 48%. As a result, imports reached the peak of $362.2B, and then reduced dramatically in the following year.

Imports By Country

In 2022, Canada (57K tons), followed by the United States (36K tons), Germany (21K tons), Austria (19K tons), France (19K tons) and Colombia (18K tons) represented the main importers of biological products, together comprising 42% of total imports. The following importers - the Netherlands (18K tons), Australia (17K tons), Italy (12K tons), Switzerland (10K tons), China (9.3K tons), Vietnam (9.3K tons) and Spain (9.1K tons) - together made up 21% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Australia (with a CAGR of +19.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest biological product importing markets worldwide were the United States ($55.2B), Germany ($28.3B) and Switzerland ($15.4B), together accounting for 39% of global imports. The Netherlands, China, France, Italy, Canada, Austria, Spain, Australia, Colombia and Vietnam lagged somewhat behind, together accounting for a further 24%.

The Netherlands, with a CAGR of +26.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average biological product import price stood at $621,344 per ton in 2022, surging by 41% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($1,553,767 per ton), while Vietnam ($48,755 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Biological Products (except Diagnostic)

In 2022, after ten years of growth, there was significant decline in shipments abroad of biological products, when their volume decreased by -63.3% to 293K tons. In general, exports, however, continue to indicate noticeable growth. The growth pace was the most rapid in 2021 with an increase of 102% against the previous year. As a result, the exports attained the peak of 796K tons, and then fell remarkably in the following year.

In value terms, biological product exports declined sharply to $237.1B in 2022. Over the period under review, exports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2021 with an increase of 53% against the previous year. As a result, the exports reached the peak of $370.1B, and then reduced sharply in the following year.

Exports By Country

The United States represented the largest exporter of biological products in the world, with the volume of exports resulting at 75K tons, which was near 25% of total exports in 2022. Germany (22K tons) held the second position in the ranking, followed by Poland (15K tons), Austria (15K tons), the UK (14K tons), Spain (14K tons) and Canada (13K tons). All these countries together took near 32% share of total exports. Argentina (13K tons), the Netherlands (13K tons), France (11K tons), Ireland (10K tons), Belgium (9.9K tons) and Italy (7.8K tons) followed a long way behind the leaders.

Exports from the United States increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, Canada (+28.2%), Poland (+26.8%), Ireland (+25.5%), the Netherlands (+15.2%), Austria (+9.2%), Argentina (+4.8%), Germany (+1.9%) and Italy (+1.1%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in the world, with a CAGR of +28.2% from 2012-2022. Spain experienced a relatively flat trend pattern. By contrast, Belgium (-1.2%), the UK (-2.4%) and France (-5.1%) illustrated a downward trend over the same period. Poland (+4.6 p.p.), Canada (+4.1 p.p.), Ireland (+3 p.p.), the Netherlands (+2.9 p.p.) and Austria (+2.2 p.p.) significantly strengthened its position in terms of the global exports, while Spain, Belgium, the UK and France saw its share reduced by -1.5%, -1.9%, -3.5% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest biological product supplying countries worldwide were Ireland ($36.7B), Germany ($35.8B) and the United States ($33.2B), together comprising 45% of global exports. Belgium, the Netherlands, Italy, Austria, the UK, France, Spain, Poland, Canada and Argentina lagged somewhat behind, together accounting for a further 25%.

In terms of the main exporting countries, Poland, with a CAGR of +31.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average biological product export price amounted to $810,272 per ton, jumping by 74% against the previous year. In general, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ireland ($3,610,394 per ton), while Argentina ($8,467 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+17.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform