2.3 Sectors in Bangladesh that make up Bangladesh’s Bioeconomy
Agriculture, forestry and fishing
Bangladesh’s bioeconomy predominantly relies on the agricultural sector, which consistently plays a significant role in the nation’s GDP. Agriculture stands as the primary source of income for Bangladesh, contributing notably to its economic well-being. According to data from the Bangladesh Bureau of Statistics, in the fiscal year 2022-2023, crops, livestock, fisheries, and forest products collectively accounted for approximately 11.02% of the country’s total GDP. The agricultural landscape in Bangladesh is predominantly characterized by traditional subsistence farming practices. Key agricultural products produced in the country encompass a wide array, including rice, wheat, maize, legumes, fruits, vegetables, meat, fish, and seafood. While Bangladesh does import certain bulk, commodities as if wheat, soybeans, and pulses, there exist niche opportunities for the import of high-value agricultural products, particularly in more affluent urban hubs like Dhaka and Chittagong. The repertoire of agricultural goods manufactured in Bangladesh extends to dairy products, rice, wheat, maize, legumes, fruits, vegetables, meat, fish, and various other seafood items. Notably, rice takes precedence as the primary dietary component among the populace. Given the constraints posed by limited arable land and scarce natural resources, there is a growing need to focus on the development of innovative agricultural technologies. This includes the creation of seed varieties that are tolerant to salinity and submergence, which can significantly enhance productivity and help meet the future demands of the nation. Additionally, factors such as floods, cyclones, and various biotic and abiotic stresses can influence farm incomes and productivity levels, making the pursuit of resilient agricultural practices all the more imperative (Rahman, M.T., 2017).
Biotechnology and Pharmaceuticals
The industry contributed 1.83% of GDP in 2017–18, according to the Bangladesh Bureau of Statistics (Hashem et al., 2019). The OTC Pharmaceuticals market is expected to bring in $1,315.00 in revenue by 2023. The market is expected to grow at a rate of 11.62% per year (CAGR 2023-2028). The market’s largest segment, vitamins and minerals, is expected to reach a value of US$514.60 million in 2023. In terms of revenue generation, the United States leads the world with US$39,310 million in 2023. Based on population statistics, the production of $7.61 in revenue per person is anticipated in 2023. Online sales will account for 0.3% of OTC pharmaceutical market revenue by 2023.