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Post at: Sep 30 2022

India Bioeconomy Report 2022

    The bio-economy can be defined as "the production of renewable biological resources and the conversion of these resources and waste streams into value added products, such as food, feed, bio-based products and bioenergy.  Bioeconomy -the emerging cross-cutting economic sector that produces, transforms, and uses bio-based materials and products – is at the center of sustainable economic strategies of countries worldwide. 
About India Bio-economy Report, 2022

  • Released on : July 19, 2022
  • Released by : Dr Jitendra Singh (Minister of State (Independent Charge) of the Ministry of Earth Sciences)
  • Released : India Bioeconomy Report 2022
  • Report prepared for : “Make In India Facilitation Cell for Biotechnology”  of Biotechnology Industry Research Assistance Council (BIRAC) by Association of Biotechnology Led Enterprises (ABLE).

Key Highlights

  • India’s Bio-Economy in 2021 registered 14.1% growth over 2020.
  • The Indian Bio-Economy for the period January-December 2021 is valued at $80.12 billion over $70.2 billion in 2020.
    • Indian Bio-Economy share in India’s GDP is about 2.6 percent in 2021.
  • Three Biotech Startups  were incorporated everyday in 2021.
    • A Total of 1,128 Biotech Startups were setup in 2021.
  • India is among the top 3 in South Asia and top 12 destinations for biotechnology in the world, with approximately 3% share in the global Biotechnology industry.
  • India has 2nd highest number of USFDA approved manufacturing plants outside the US.
  • Biotech industry invested over  $ 1 billion in  Research & Development in 2021.
  • As per report, India’s Bioeconomy will touch 300 billion US dollars by 2030 from 80 billion US Dollars in 2021.
  • BioPharma sector accounts for the largest share of the Bio-Economy.
    • It accounted for 49 percent share of the Bio-Economy.

Bio-Economy Key Segment (% Share) 2021

How The $ 150 Billion Magic Will Happen By 2025:

  • It is possible when the BioPharma sector races to hit the $120-125 billion mark and each of the three segments—Agriculture including animal biotech and marine biotech, Bioindustrial segment and the Bio-Services segment of Contract research, contract manufacturing, and, Bio-IT services cross the $60 billion mark.
  • In the BioPharma segment, country can leapfrog in the Vaccines and Therapeutics segment.
    • These two together accounting for nearly 50 percent share of the BioPharma and the Diagnostics labs, medical devices, and services segment estimated to reach $60 billion.
    • The Biofuels segment is forecast to contribute nearly $50 billion in value, while enzymes will rake in $20 billion. 
    • The Bio-Services segment is likely to touch $50- 60 billion or even more.


 


 


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