Global Biofortication Market was value US$ 80.00Mn in 2017 and is expected to reach US$ 160.05Mn by 2026 at a CAGR of 9.05 %.
Biofortication is a new and advance concept in which crops are breed to enhance their nutritional value. It differs from conventional fortification as biofortification concentrates on generating more nutritious plant foods over the process of adding nutrients in the foods after food processing.
Demand for high nutritional content foods increasing funds for agrigenomics technological advancements ensures strong market growth. Huge use of Biofortification in yields such as beans, cassava, wheat, corn, sweet potato, rice, and pearl millet are expected to impel the business growth in the ensuing years. In addition, enormous application of biofortication in banana, tomato, sorghum, and barley to enhance their nutritional value will create lucrative growth avenues for biofortification market in the upcoming years.
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Lower awareness about the benefits of bio fortified crops is the major restraint of the market. Opportunity is an unregulated environment for biofortification strong market potential in developing countries. Restriction on the production of genetically modified crops is a challenge in front of a biofortication market.
The sweet potato segment, based on crop is projected to account for the largest share of the biofortification market in 2018.The demand for biofortified crops such as sweet potato and cassava has increased with the mounting technological advancements to increase the nutrient content, particularly in orange-fleshed sweet potato (OFSP). Africa is estimated to be the fastest-growing market in the sweet potato segment owing to the ease of biofortifying sweet potato with nutrients such as zinc, iron, and vitamins.
Vitamins segment is expected to be the fastest growing over the forecast period. Growth in demand for functional and enriched processed food products, prevalence of vitamin deficiencies, and feed fortification due to the increasing global meat and dairy product consumption are driving factors for the biofortification market.
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Region-wise, Asia Pacific is the dominating region in the global Biofortification market and is likely to remain its domination in the near future. Furthermore, Biofortification has massive growth potential in farming activities, and it also improves the nutrition value of food contents. The Biofortification market in Asia Pacific has expanded significantly over the past five years, and this trend is expected to continue in the upcoming decade. So, the escalating consumer demand for high nutritional food ingredients will boost the demand for biofortified crops in the region, thereby providing momentum to the growth of biofortification market.
In primary research, several primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. In the secondary research, various secondary sources for instance Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to, in order to identify and collect information for this study.
Global biofortication market report includes PESTLE analysis, competitive landscape, and Porterâ€™s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
Key players operating in global biofortication market, Syngenta, DowDuPont, Bayer, BASF, and Monsanto.
Scope of Global Biofortication Market
Global Biofortication Market, by Crop
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Global Biofortication Market, by Target nutrient
Global Biofortication Market, by Region
Middle East and Africa
Key players operating in Global Biofortication Market
Agro BioSciences Inc.