Industrial biotech poised for 10-fold growth to $100bn

23 January 2003 17:53  [Source: ICIS news]

HOUSTON (CNI)--The global industrial biotechnology market is poised for ten-fold growth this decade and should be worth $100bn (Euro92.5bn) by 2010 - up from a range of $6bn-10bn in 2001, McKinsey & Company was reporting Thursday.

The consultancy's latest report on industrial biotechnology is being released today in New York City at a one-day conference on the subject for financial analysts, hosted by the US Biotechnology Industry Organization (BIO).

BIO calls industrial biotechnology the "third wave" of biotechnology development, following its earlier inroads in pharmaceuticals and agriculture.

BIO's president, Carl Feldbaum, said: "Industrial biotechnology is transforming the way we manufacture a wide variety of industrial and consumer goods. Most importantly, it is doing so in a way that creates significant environmental benefits."

The Washington, DC-based organisation believes it is not widely known that biotechnology is now being applied to turn "nature's most abundant crops" into environmentally sound fuels, chemicals and consumer materials.

BIO said examples include:

• Bio-based plastic derived from corn sugar to make clothing, carpeting, bedding, upholstery, auto parts, candy wrappers and cups.
• High fructose corn syrup from enzymes for use as a sweetener in soft drinks.
• Proteases to aid laundry detergents in the removal of protein impurities such as food and grass stains from clothes.
• Enzymes that can create a stylishly faded look in jeans, replacing the traditional method of repeated washings that can weaken the fabric.

Feldbaum said: "If more companies adopt this technology in the future, industrial biotechnology could reduce pollution more than all of the command and control regulations currently in place."

BIO told CNI it is expecting as many as 200 members of the financial community to attend Thursday's conference, which is featuring presentations from a wide range of experts.

By: Gary Taylor
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