ID: MRFR/AGR/6321-HCR | February 2021 | Region: Global | 90 pages
Biofortification is the process of enhancing the nutrient content of crops through conventional breeding, agronomy, or a transgenic-based approach. It is a potential strategy used to curb the increasing incidences of undernutrition. The global biofortification market can capitalize with an impressive CAGR of 8% and be valued, worth USD 160 Million by 2027. owing to the surging demand for nutritional food and increasing investments in agrigenomics. Government authorities, private agriculture research institutes, and agri-based firms are investing in public health programmes to provide biofortified crops to undernourished people, especially children. Moreover, technological advancements in agriculture and biotechnology are fuelling market growth as advanced transgenic techniques help in producing biofortified crops in a short duration of time with assured results.
The major factors hampering the growth of the global biofortification market are the lack of awareness about the benefits of nutritionally improved crops and presence of stringent regulations pertaining to the production and commercialization of transgenic crops. Owing to such regulations, the biofortification industry in Europe and North America are registering limited growth.
The global biofortification market has been segmented based on targeted crop, approach, targeted nutrient, and region.
Based on targeted crop, the global market has been divided into cereals and grains, fruits and vegetables, legumes and pulses, oilseeds, and others.
The global market has been classified, on the basis of approach, as transgenic, conventional breeding, and agronomy.
By targeted nutrient, the global market has been categorized as vitamins, minerals, amino acids, and others.
The global biofortification industry has been studied with regard to four key regions—Latin America, Africa, Asia-Pacific, and the rest of the world.
The Latin American biofortification market has further been segmented into Brazil, Guatemala, Mexico, Colombia, and the rest of Latin America. The African biofortification market has been classified as Nigeria, Malawi, Ghana, Congo, and the rest of Africa. The biofortification market in Asia-Pacific has been divided into China, India, Bangladesh, and the rest of Asia-Pacific. The biofortification market in the rest of the world has been segmented into North America, the Middle East, and Europe.
DowDuPont (US), HarvestPlus (US), Syngenta (Switzerland), Bayer (Germany), and BASF SE (Germany) are some of the key players in the global biofortification market.
Regional Market Summary
Asia-Pacific is projected to dominate the biofortification market during the forecast period due to the increased cultivation and consumption of biofortified crops in food processing and direct consumption. The growth of the agriculture industry in Asia-Pacific and increasing R&D investments in agricultural operations are also fuelling regional market growth. However, the African market is expected to register the highest CAGR during the forecast period owing to the increasing government initiatives in the region and rising awareness regarding the importance of nutrient-rich food to curb nutritional disorders.
Global Market, by Targeted Crop
Global Market, by Approach
Global Market, by Targeted Nutrient
Global Market, by Region
Key Players in the Global Market
|Market Size||USD 160 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Targeted Crop, Approach, and Targeted Nutrient|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DowDuPont (US), HarvestPlus (US), Syngenta (Switzerland), Bayer (Germany), and BASF SE (Germany)|
|Key Market Opportunities||Rising initiatives by government and non-government organizations to lower nutrition deficiency is a major determinant driving market growth.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Massive demand for nutritional food is the major driver of the global biofortification market.
Regulations pertaining the growth of transgenic crops can restrain market growth.
The transgenic sub-segment, under the ‘approach’ segment can exhibit the highest growth rate till 2027.
APAC can dominate the global biofortification market due to massive demand for biofortified crops.
Africa can display the highest growth rate in the global biofortification market.
HarvestPlus, DowDuPont, Bayer, BASF SE, and Syngenta are notable players of the global biofortification market.