PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235858
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235858
Biofortification Market Forecasts to 2028 - Global Analysis By Crop Type, Technique, Target Nutrient and By Geography
According to Stratistics MRC, the Global Biofortification Market is accounted for $100.8 billion in 2022 and is expected to reach $187.5 billion by 2028 growing at a CAGR of 10.8% during the forecast period. Biofortification also known as biological fortification refers to nutritionally enriched food crops with better bioavailability to the human population which is developed and grown with the help of the modern biotechnology techniques, agronomic practices and conventional plant breeding. The biofortified food crops, mainly cereals, legumes, fruits and vegetables are offering adequate level of micronutrients to the targeted populations.
According to Forbes, by 2050, the world's population is expected to reach 9.7 million people, requiring a 70 percent increase in global food production in the next 30 years to feed everyone. According to WHO, this technology can help with curing nearly 2 billion people suffering from iron deficiency-induced anemia.
Market Dynamics:
Driver:
Rising health consciousness
The demand for biofortification is predicted to rise in response to the increasing rates of nutritional deficiencies and the number of children suffering from malnutrition. Malnutrition in developing countries acts as a driver since biofortification can be a solution for the same. However, rising technological improvements as well as higher investments in agricultural growth is boosting the market. Hence, these are the factors driving the growth of the market.
Restraint:
Lack of awareness
Lack of knowledge regarding the advantages of biofortified crops is expected to strangle the market. Trait diversity in the primary, secondary, or tertiary gene pools of the chosen crop is required for biofortification which limits the diversity. Restriction on the production of genetically modified crops is a challenge for the biofortification market.
Opportunity:
Increasing investments in Agrigenomics
The strong advancements in the agricultural sector, rising implementation of biofortification in crops and emerging technologies have a positive impact on the growth of this market. Additionally, biofortification is less expensive, and the expenses of cultivating biofortified foods are small and reduce the micronutrient deficiencies in the population which is highly impacting the growth of the market.
Threat:
Health risks
They adversely affect performance, productivity and are a major hindrance to economic development. Moreover, due to the colour changes in the grain, people hesitate to accept biofortified food as in the case of golden rice. Hence, these are the factors hampering the growth of the market.
COVID-19 Impact
The COVID-19 epidemic impacted the market significantly. The global epidemic has created difficulties like indirect consequences on soil quality, including detrimental effects on soil nutritive balances. Food production has become a significant concern as food poverty is rising worldwide. This has several consequences, including restrictions on the movement of goods and persons between and within countries, as well as market access, particularly in the agricultural sector. This resulted in a drop in food consumption and a significant loss of markets and jobs.
The sweet potato segment is expected to be the largest during the forecast period
The sweet potato segment is estimated to have a lucrative growth, due to high carbohydrate content, sweet potatoes have been a significant source of energy in human diets for generations. With technical advancements to boost nutrient content, demand for biofortified foods including sweet potato and cassava has surged, especially in sweet potato orange pulp. Therefore, these factors are enhancing the segment growth.
The vitamins segment is expected to have the highest CAGR during the forecast period
The vitamins segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increased need for high nutrient content in food, biofortified plants are becoming more popular. The expanding need for vitamins as food supplements or drink mixes out from the animal nutrition sector, as well as the growing desire for high-quality meat products, have all contributed to the increased demand for vitamins globally.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased cultivation and consumption of biofortified crops in food processing and direct consumption. The growth of the agriculture industry and increasing R&D investments in agricultural operations are also fuelling regional market growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the growing adoption of new and improved technologies in farming activities in emerging countries. Moreover, the strong advancements in the agricultural sector, rising implementation of biofortification in crops also serves as drivers for increasing the demand for market.
Key players in the market
Some of the key players profiled in the Biofortification Market include: Syngenta AG, The Mauro Seed Company, BASF SE, Intrexon Corporation, DowDuPont, Bayer AG, Church & Dwight Co, LemnaTec GMBH, HarvestPlus, Intertek, Agro BioSciences Inc, Monsanto, Charles River, Corteva agriscience, ArborGen Inc., Evogene Ltd, Mahyco and AgBioForum.
Key Developments:
In September 2022, Syngenta Seedcare and Bioceres Crop Solutions collaborate to bring innovative biological seed treatments to market. Customers seeking cutting-edge biological seed treatment solutions will benefit from a global commercial and R&D collaboration announced between Syngenta Seedcare business and Bioceres Crop.
In March 2018, Monsanto Company and Pairwise Plants established a collaboration to advance agricultural research and development by utilising gene-editing technologies. This would aid farmers in producing greater harvests and the company's product development.
Crop Types Covered:
- Rice
- Sweet Potato
- Corn
- Bean
- Cassava
- Pearl Millet
- Wheat
- Other Crop Types
Techniques Covered:
- Agronomy
- Biotechnology
- Conventional plant breeding
Target Nutrients Covered:
- Zinc
- Vitamins
- Iron
- Amino Acids
- Other Target Nutrients
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Emerging Markets
- 3.7 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Biofortification Market, By Crop Type
- 5.1 Introduction
- 5.2 Rice
- 5.3 Sweet Potato
- 5.4 Corn
- 5.5 Bean
- 5.6 Cassava
- 5.7 Pearl Millet
- 5.8 Wheat
- 5.9 Other Crop Types
6 Global Biofortification Market, By Technique
- 6.1 Introduction
- 6.2 Agronomy
- 6.3 Biotechnology
- 6.4 Conventional plant breeding
7 Global Biofortification Market, By Target Nutrient
- 7.1 Introduction
- 7.2 Zinc
- 7.3 Vitamins
- 7.4 Iron
- 7.5 Amino Acids
- 7.6 Other Target Nutrients
8 Global Biofortification Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Syngenta AG
- 10.2 The Mauro Seed Company
- 10.3 BASF SE
- 10.4 Intrexon Corporation
- 10.5 DowDuPont
- 10.6 Bayer AG
- 10.7 Church & Dwight Co
- 10.8 LemnaTec GMBH
- 10.9 HarvestPlus
- 10.10 Intertek
- 10.11 Agro BioSciences Inc
- 10.12 Monsanto
- 10.13 Charles River
- 10.14 Corteva agriscience
- 10.15 ArborGen Inc.
- 10.16 Evogene Ltd
- 10.17 Mahyco
- 10.18 AgBioForum
List of Tables
- Table 1 Global Biofortification Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Biofortification Market Outlook, By Crop Type (2020-2028) ($MN)
- Table 3 Global Biofortification Market Outlook, By Rice (2020-2028) ($MN)
- Table 4 Global Biofortification Market Outlook, By Sweet Potato (2020-2028) ($MN)
- Table 5 Global Biofortification Market Outlook, By Corn (2020-2028) ($MN)
- Table 6 Global Biofortification Market Outlook, By Bean (2020-2028) ($MN)
- Table 7 Global Biofortification Market Outlook, By Cassava (2020-2028) ($MN)
- Table 8 Global Biofortification Market Outlook, By Pearl Millet (2020-2028) ($MN)
- Table 9 Global Biofortification Market Outlook, By Wheat (2020-2028) ($MN)
- Table 10 Global Biofortification Market Outlook, By Other Crop Types (2020-2028) ($MN)
- Table 11 Global Biofortification Market Outlook, By Technique (2020-2028) ($MN)
- Table 12 Global Biofortification Market Outlook, By Agronomy (2020-2028) ($MN)
- Table 13 Global Biofortification Market Outlook, By Biotechnology (2020-2028) ($MN)
- Table 14 Global Biofortification Market Outlook, By Conventional plant breeding (2020-2028) ($MN)
- Table 15 Global Biofortification Market Outlook, By Target Nutrient (2020-2028) ($MN)
- Table 16 Global Biofortification Market Outlook, By Zinc (2020-2028) ($MN)
- Table 17 Global Biofortification Market Outlook, By Vitamins (2020-2028) ($MN)
- Table 18 Global Biofortification Market Outlook, By Iron (2020-2028) ($MN)
- Table 19 Global Biofortification Market Outlook, By Amino Acids (2020-2028) ($MN)
- Table 20 Global Biofortification Market Outlook, By Other Target Nutrients (2020-2028) ($MN)
- Table 21 North America Biofortification Market Outlook, By Country (2020-2028) ($MN)
- Table 22 North America Biofortification Market Outlook, By Crop Type (2020-2028) ($MN)
- Table 23 North America Biofortification Market Outlook, By Rice (2020-2028) ($MN)
- Table 24 North America Biofortification Market Outlook, By Sweet Potato (2020-2028) ($MN)
- Table 25 North America Biofortification Market Outlook, By Corn (2020-2028) ($MN)
- Table 26 North America Biofortification Market Outlook, By Bean (2020-2028) ($MN)
- Table 27 North America Biofortification Market Outlook, By Cassava (2020-2028) ($MN)
- Table 28 North America Biofortification Market Outlook, By Pearl Millet (2020-2028) ($MN)
- Table 29 North America Biofortification Market Outlook, By Wheat (2020-2028) ($MN)
- Table 30 North America Biofortification Market Outlook, By Other Crop Types (2020-2028) ($MN)
- Table 31 North America Biofortification Market Outlook, By Technique (2020-2028) ($MN)
- Table 32 North America Biofortification Market Outlook, By Agronomy (2020-2028) ($MN)
- Table 33 North America Biofortification Market Outlook, By Biotechnology (2020-2028) ($MN)
- Table 34 North America Biofortification Market Outlook, By Conventional plant breeding (2020-2028) ($MN)
- Table 35 North America Biofortification Market Outlook, By Target Nutrient (2020-2028) ($MN)
- Table 36 North America Biofortification Market Outlook, By Zinc (2020-2028) ($MN)
- Table 37 North America Biofortification Market Outlook, By Vitamins (2020-2028) ($MN)
- Table 38 North America Biofortification Market Outlook, By Iron (2020-2028) ($MN)
- Table 39 North America Biofortification Market Outlook, By Amino Acids (2020-2028) ($MN)
- Table 40 North America Biofortification Market Outlook, By Other Target Nutrients (2020-2028) ($MN)
- Table 41 Europe Biofortification Market Outlook, By Country (2020-2028) ($MN)
- Table 42 Europe Biofortification Market Outlook, By Crop Type (2020-2028) ($MN)
- Table 43 Europe Biofortification Market Outlook, By Rice (2020-2028) ($MN)
- Table 44 Europe Biofortification Market Outlook, By Sweet Potato (2020-2028) ($MN)
- Table 45 Europe Biofortification Market Outlook, By Corn (2020-2028) ($MN)
- Table 46 Europe Biofortification Market Outlook, By Bean (2020-2028) ($MN)
- Table 47 Europe Biofortification Market Outlook, By Cassava (2020-2028) ($MN)
- Table 48 Europe Biofortification Market Outlook, By Pearl Millet (2020-2028) ($MN)
- Table 49 Europe Biofortification Market Outlook, By Wheat (2020-2028) ($MN)
- Table 50 Europe Biofortification Market Outlook, By Other Crop Types (2020-2028) ($MN)
- Table 51 Europe Biofortification Market Outlook, By Technique (2020-2028) ($MN)
- Table 52 Europe Biofortification Market Outlook, By Agronomy (2020-2028) ($MN)
- Table 53 Europe Biofortification Market Outlook, By Biotechnology (2020-2028) ($MN)
- Table 54 Europe Biofortification Market Outlook, By Conventional plant breeding (2020-2028) ($MN)
- Table 55 Europe Biofortification Market Outlook, By Target Nutrient (2020-2028) ($MN)
- Table 56 Europe Biofortification Market Outlook, By Zinc (2020-2028) ($MN)
- Table 57 Europe Biofortification Market Outlook, By Vitamins (2020-2028) ($MN)
- Table 58 Europe Biofortification Market Outlook, By Iron (2020-2028) ($MN)
- Table 59 Europe Biofortification Market Outlook, By Amino Acids (2020-2028) ($MN)
- Table 60 Europe Biofortification Market Outlook, By Other Target Nutrients (2020-2028) ($MN)
- Table 61 Asia Pacific Biofortification Market Outlook, By Country (2020-2028) ($MN)
- Table 62 Asia Pacific Biofortification Market Outlook, By Crop Type (2020-2028) ($MN)
- Table 63 Asia Pacific Biofortification Market Outlook, By Rice (2020-2028) ($MN)
- Table 64 Asia Pacific Biofortification Market Outlook, By Sweet Potato (2020-2028) ($MN)
- Table 65 Asia Pacific Biofortification Market Outlook, By Corn (2020-2028) ($MN)
- Table 66 Asia Pacific Biofortification Market Outlook, By Bean (2020-2028) ($MN)
- Table 67 Asia Pacific Biofortification Market Outlook, By Cassava (2020-2028) ($MN)
- Table 68 Asia Pacific Biofortification Market Outlook, By Pearl Millet (2020-2028) ($MN)
- Table 69 Asia Pacific Biofortification Market Outlook, By Wheat (2020-2028) ($MN)
- Table 70 Asia Pacific Biofortification Market Outlook, By Other Crop Types (2020-2028) ($MN)
- Table 71 Asia Pacific Biofortification Market Outlook, By Technique (2020-2028) ($MN)
- Table 72 Asia Pacific Biofortification Market Outlook, By Agronomy (2020-2028) ($MN)
- Table 73 Asia Pacific Biofortification Market Outlook, By Biotechnology (2020-2028) ($MN)
- Table 74 Asia Pacific Biofortification Market Outlook, By Conventional plant breeding (2020-2028) ($MN)
- Table 75 Asia Pacific Biofortification Market Outlook, By Target Nutrient (2020-2028) ($MN)
- Table 76 Asia Pacific Biofortification Market Outlook, By Zinc (2020-2028) ($MN)
- Table 77 Asia Pacific Biofortification Market Outlook, By Vitamins (2020-2028) ($MN)
- Table 78 Asia Pacific Biofortification Market Outlook, By Iron (2020-2028) ($MN)
- Table 79 Asia Pacific Biofortification Market Outlook, By Amino Acids (2020-2028) ($MN)
- Table 80 Asia Pacific Biofortification Market Outlook, By Other Target Nutrients (2020-2028) ($MN)
- Table 81 South America Biofortification Market Outlook, By Country (2020-2028) ($MN)
- Table 82 South America Biofortification Market Outlook, By Crop Type (2020-2028) ($MN)
- Table 83 South America Biofortification Market Outlook, By Rice (2020-2028) ($MN)
- Table 84 South America Biofortification Market Outlook, By Sweet Potato (2020-2028) ($MN)
- Table 85 South America Biofortification Market Outlook, By Corn (2020-2028) ($MN)
- Table 86 South America Biofortification Market Outlook, By Bean (2020-2028) ($MN)
- Table 87 South America Biofortification Market Outlook, By Cassava (2020-2028) ($MN)
- Table 88 South America Biofortification Market Outlook, By Pearl Millet (2020-2028) ($MN)
- Table 89 South America Biofortification Market Outlook, By Wheat (2020-2028) ($MN)
- Table 90 South America Biofortification Market Outlook, By Other Crop Types (2020-2028) ($MN)
- Table 91 South America Biofortification Market Outlook, By Technique (2020-2028) ($MN)
- Table 92 South America Biofortification Market Outlook, By Agronomy (2020-2028) ($MN)
- Table 93 South America Biofortification Market Outlook, By Biotechnology (2020-2028) ($MN)
- Table 94 South America Biofortification Market Outlook, By Conventional plant breeding (2020-2028) ($MN)
- Table 95 South America Biofortification Market Outlook, By Target Nutrient (2020-2028) ($MN)
- Table 96 South America Biofortification Market Outlook, By Zinc (2020-2028) ($MN)
- Table 97 South America Biofortification Market Outlook, By Vitamins (2020-2028) ($MN)
- Table 98 South America Biofortification Market Outlook, By Iron (2020-2028) ($MN)
- Table 99 South America Biofortification Market Outlook, By Amino Acids (2020-2028) ($MN)
- Table 100 South America Biofortification Market Outlook, By Other Target Nutrients (2020-2028) ($MN)
- Table 101 Middle East & Africa Biofortification Market Outlook, By Country (2020-2028) ($MN)
- Table 102 Middle East & Africa Biofortification Market Outlook, By Crop Type (2020-2028) ($MN)
- Table 103 Middle East & Africa Biofortification Market Outlook, By Rice (2020-2028) ($MN)
- Table 104 Middle East & Africa Biofortification Market Outlook, By Sweet Potato (2020-2028) ($MN)
- Table 105 Middle East & Africa Biofortification Market Outlook, By Corn (2020-2028) ($MN)
- Table 106 Middle East & Africa Biofortification Market Outlook, By Bean (2020-2028) ($MN)
- Table 107 Middle East & Africa Biofortification Market Outlook, By Cassava (2020-2028) ($MN)
- Table 108 Middle East & Africa Biofortification Market Outlook, By Pearl Millet (2020-2028) ($MN)
- Table 109 Middle East & Africa Biofortification Market Outlook, By Wheat (2020-2028) ($MN)
- Table 110 Middle East & Africa Biofortification Market Outlook, By Other Crop Types (2020-2028) ($MN)
- Table 111 Middle East & Africa Biofortification Market Outlook, By Technique (2020-2028) ($MN)
- Table 112 Middle East & Africa Biofortification Market Outlook, By Agronomy (2020-2028) ($MN)
- Table 113 Middle East & Africa Biofortification Market Outlook, By Biotechnology (2020-2028) ($MN)
- Table 114 Middle East & Africa Biofortification Market Outlook, By Conventional plant breeding (2020-2028) ($MN)
- Table 115 Middle East & Africa Biofortification Market Outlook, By Target Nutrient (2020-2028) ($MN)
- Table 116 Middle East & Africa Biofortification Market Outlook, By Zinc (2020-2028) ($MN)
- Table 117 Middle East & Africa Biofortification Market Outlook, By Vitamins (2020-2028) ($MN)
- Table 118 Middle East & Africa Biofortification Market Outlook, By Iron (2020-2028) ($MN)
- Table 119 Middle East & Africa Biofortification Market Outlook, By Amino Acids (2020-2028) ($MN)
- Table 120 Middle East & Africa Biofortification Market Outlook, By Other Target Nutrients (2020-2028) ($MN)
