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SpendEdge has been monitoring the global culture media market and the market is poised to experience spend growth of more than USD 3 billion between 2019-2024 at a CAGR of over 8% during the forecast period. Request Free Sample Pages.
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Read the 130-page research report with TOC and LOE on “The Global Culture Media Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Spend growth in the culture media market will be directly proportional to the growth of the biotechnology industry during the forecast period. This industry will observe an increase in the investments done in livestock gene mapping and the development of improved crop varieties that are tolerant of pests and diseases. This will continue to create an exponential requirement for culture media across the geographies during the forecast period.
The extensive R&D activities conducted in the biotechnology industry will drive the growth prospects for culture media suppliers in the US market. Favorable government policies are resulting in the sanction of more funds to conduct R&D activities that are aimed at developing new medicines. This will have a positive impact on spend growth in the culture media market.
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Insights into the market price trends
- The culture media market will observe a stark scarcity of raw materials such as amino acids, chemicals, and other nutrient supplements that are mostly sourced from China. This supply scarcity was triggered by the shutdown of most of the chemical manufacturing facilities in the country due to non-compliance. Such a limited supply will inflate the prices of raw materials which will have an inflationary impact on the supplier’s OPEX.
- Forecasts of the increase in fuel prices globally will propel suppliers’ transportation costs during the forecast period.
What are the strategies to adopt to optimize procurement spend in this market?
Conduct should-cost modeling
Buyers are advised to conduct should-cost modeling that encompasses all the raw materials and costs involved in the production of culture media. This will enable buyers to understand all the costs incurred by suppliers in the category production. Such an understanding will give buyers the necessary insights required to develop their price negotiation strategies. In the event of a decline in the price of raw materials, buyers can negotiate with suppliers to reduce category prices and save up to 10% on procurement costs.
Structured monitoring of raw material prices
Buyers can monitor the market dynamics of raw materials as most of these inputs will face supply shortages and are derived from crude oil. This can help buyers to calculate the actual cost of culture media manufacturing. Thus, by such monitoring of prices and developing appropriate procurement strategies, buyers can effectively negotiate category prices with their suppliers.
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Some of the key topics covered in this report are:
- Culture media market spend segmentation by region
- Total cost of ownership analysis in the culture media market
- Regional spend opportunity for culture media suppliers
- Culture media suppliers cost structure
- Culture media pricing models analysis
- Culture media procurement best practices
- Category management objectives
- Cost saving opportunities in the culture media market
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