India’s bioeconomy has seen substantial growth, reaching a valuation of USD 151 billion by the end of 2023, according to a new report. This growth shows the sector’s vital role in national development, contributing 4.25 percent to the country’s GDP and positioning India among the top five global bioeconomies, reported PTI.
Prepared by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology Led Enterprises (ABLE), the report, released at the Global Bio-India Summit 2024, highlights significant advances in biotechnology, agricultural innovation, healthcare, and biomanufacturing that are driving this expansion.
The report attributes much of this growth to the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy. This policy focuses on bio-based chemicals, precision biotherapeutics, climate-resilient agriculture, and advanced marine and space research, while also promoting the use of Artificial Intelligence (AI) in biomanufacturing through the establishment of biomanufacturing and Bio-AI hubs.
These initiatives are expected to generate new job opportunities, particularly in tier-II and tier-III cities, and support the integration of biotechnology across various industries.
The bioindustrial sector remains the largest contributor to India’s bioeconomy, accounting for USD 72.6 billion, or 48.09 percent of the total market. This sector includes biofuels, bioplastics, and enzymatic applications in industries such as textiles and detergents. Biofuels, especially ethanol, have seen significant growth, with production capacity reaching 13.8 billion liters in 2023, making India the world’s third-largest producer of ethanol. The Ethanol Blended Petrol (EBP) program, which promotes domestic ethanol production, has been crucial in reducing dependency on imported fuels and enhancing energy security.
The biopharma sector also experienced notable growth, contributing USD 53.8 billion, or 35.65 percent, to the bioeconomy. India remains a global leader in vaccine production, with companies like the Serum Institute of India (SII) producing over 3 billion doses annually. Major breakthroughs, such as the R21/Matrix-M malaria vaccine and India’s first quadrivalent Human Papillomavirus (HPV) vaccine, showcase India’s strength in vaccine production.
The diagnostics and medical devices segment grew to USD 19.4 billion, playing a crucial role in advancing healthcare through improvements in early disease detection and personalized medicine.
In the bioagri sector, which accounted for USD 12.44 billion, or 8.24 percent, agricultural biotechnology continues to drive innovations in sustainable farming practices. Technologies like genetically modified crops and bio-based products, such as biopesticides, are increasingly adopted to enhance productivity. The report highlights Bt cotton as a prime example of biotechnology improving crop resilience and yields.
India’s bioservices sector, valued at USD 12.1 billion, or 8.02 percent, has become a key support system for the bioeconomy, offering contract research, clinical trials, and biotech software services. This sector grew by 30 percent in 2023, reflecting India’s expanding role as a global hub for research and development. The growth is expected to continue with rising demand for outsourced research and specialized bioservices.
Looking forward, the report predicts that India’s bioeconomy will continue its robust expansion, targeting a valuation of USD 300 billion by 2030. This growth will be driven by advancements in bioindustrial, biopharma, and bioagri sectors, along with strategic government policies such as the BioE3 initiative. The bioeconomy is also expected to support over 35,000 startups and create 35 million jobs by the end of the decade, highlighting its potential as a key driver of India’s sustainable development and economic growth.
To read more about Ethanol Industry News, continue reading BioEnergyTimes.com
