India's bioeconomy has surged to $151 billion by the end of 2023, marking a significant milestone in the nation’s biotechnology sector, according to a new report released at the Global Bio-India Summit 2024.
The report, jointly prepared by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology Led Enterprises (ABLE), highlights the bioeconomy’s vital role in national development, contributing 4.25% to India's GDP and positioning the country among the top five global bioeconomies.
The rapid growth of India's bioeconomy has been driven by the BioE3 Policy (Biotechnology for Economy, Environment, and Employment), which focuses on key areas such as bio-based chemicals, precision biotherapeutics, climate-resilient agriculture, and cutting-edge research in marine and space technologies.
"The India bioeconomy report 2024, launched at the 4th edition of Global Bio India, represents a pivotal moment in India's journey towards global leadership in biotechnology," said Rajesh S. Gokhale, Secretary of the Department of Biotechnology, Chairman of BIRAC, and Director-General of BRIC.
He noted the bioeconomy's growth from $10 billion in 2014 to $151 billion in 2023, largely driven by the increasing demand for vaccines and biopharmaceuticals. The report sets a target of $300 billion by 2030, aiming to build on this momentum.
The bioindustrial sector remains the largest contributor to India's bioeconomy, accounting for $72.6 billion, or 48% of the market.
Key areas within this sector include biofuels, bioplastics, and enzymatic applications, with ethanol production playing a major role. India's ethanol production capacity rose to 13.8 billion litres in 2023, positioning the country as the world’s third-largest producer of ethanol.
India’s biopharma sector also saw substantial growth, contributing $53.8 billion to the bioeconomy. I
ndia continues to lead in vaccine production, with the Serum Institute of India manufacturing over 3 billion doses annually.
Breakthroughs such as the R21/Matrix-M malaria vaccine and the nation’s first quadrivalent Human Papillomavirus (HPV) vaccine further cement India's global leadership in this field.
The diagnostics and medical devices sector grew to $19.4 billion in 2023, driven by advancements in early disease detection and personalised medicine.
Similarly, the bioagri sector, valued at $12.44 billion, saw innovations in sustainable farming practices through genetically modified crops and bio-based products like biopesticides.
India's bioservices sector, valued at $12.1 billion, also expanded, providing critical research, clinical trials, and biotech software services. This segment grew by 30% in 2023, reinforcing India’s position as a global hub for research and development.
Looking ahead, India’s bioeconomy is projected to grow to $300 billion by 2030, driven by advancements in biopharma, bioagriculture, and bioindustrial sectors, as well as strategic government policies such as the BioE3 initiative.
The report estimates that the bioeconomy will support over 35,000 startups and create 35 million jobs by the end of the decade, reinforcing its role as a key driver of India’s sustainable development and economic growth.
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