Biofortification Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Crop Supply (Sweet Potato, Cassava, Rice, Corn, Wheat, Bean, Pearl Millet, Others), By Nutrient Type (Zinc, Iron, Vitamins, Amino Acids, Others), By Technique (Conventional Plant Breeding, Agronomy, Biotechnology), And By Geography - Forecasts From 2022 To 2027

Published:  Apr 2022 Report Code: KSI061612289 Pages: 115

The biofortification market is projected to grow at a CAGR of 9.42% during the forecast period to reach US$243.852 million by 2027, from US$129.852 million in 2020.

The process of improving the nutritional quality of food harvests by traditional plant breeding, agronomic methods, or modern biotechnology is known as biofortification. Biofortification aims to boost nutrient levels in crops during plant growth instead of using manual crop processing methods like traditional fortification. Biofortification may thus be a viable option for reaching populations where supplements and traditional fortification methods are limited or difficult to apply. Primary food crops provide around 60-70 percent of calories for poor people, according to Building Nutritious Food Baskets (BNFB) Project. Dietary diversification is likely to ensure a balanced diet that includes the micronutrients required by the rural poor population in the long run.

Increasing demand for high-nutrition food

The Biofortification market is being driven by factors such as rising demand for high-nutrition food and soaring consumer health consciousness owing to health issues, including occurrences of nutritional deficiencies and malnutrition. 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. The global biofortification market is benefiting from rising technological improvements as well as higher investments in agricultural growth. 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. As a result of surging demand, the worldwide biofortification market is predicted to increase in the projected period.

Lack of knowledge about biofortification

However, a lack of knowledge regarding the advantages of biofortified crops is expected to stifle the biofortification market's expansion. Numerous restrictions put on the production of genetically modified crops have the potential to impede the biofortification market's growth. Trait diversity in the primary, secondary, or tertiary gene pools of the chosen crop is required for biofortification which limits the diversity.

Key Developments

The Philippines announced that it would formally legalize the commercial cultivation of golden rice, which is genetically modified to synthesize beta-carotene, in July 2021. Fedearroz BioZn035, Colombia's first biofortified zinc rice, was launched in October 2021. Owing to many health benefits, it is projected to generate considerable demand in rural areas. HarvestPlus announced on the Intake website in November 2020 that the CSDietary software would be available. Intake is a pioneer in using dietary data to establish evidence-based policies and programs to solve global nutrition concerns.

By crop supply, the biofortification market can be segmented into sweet potato, corn, wheat, cassava, rice, beans, pearl millet, and others. The sweet potato category accounts for a significant market share owing to expanding technical breakthroughs to boost nutritive value. The demand for biofortified crops such as orange-fleshed sweet potato and cassava has surged due to the requirement of the high carbohydrate content in the human diet.

By nutrient type, the biofortification market can be segmented into iron, amino acids, zinc, vitamins, and others. Iron and vitamin segments are expected to have sizable market shares. Vitamins are utilized in the animal nutrition business as feed supplements and additives. The increased demand for good quality meat contributes to the rising demand for the vitamin segment.

By technique, the biofortification market can be segmented into Biotechnology, Conventional crop breeding techniques, and Agronomy. Agronomy comprises applying minerals like zinc or iron as foliar or soil applications based on plant management and characteristics and soil variables to increase the number of critical micronutrients in the plants.

By geography, the biofortification market can be segmented into the Asia Pacific, North America, the Middle East and Africa, South America, and Europe. The biofortification market is dominated by the Asia Pacific region owing to the transformation of agriculture and improved nutritional value of food in the region. Agrarian countries such as China and India have expanded the potential for the biofortification market substantially. North America is also expected to grow rapidly in the projected period.

COVID-19 Insights

The COVID-19 epidemic impacted the biofortification 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. COVID-19 may result in a drop in global food consumption and a significant loss of markets and jobs.

Biofortification Market Scope:

Report Metric Details
 Market size value in 2020  US$129.852 million
 Market size value in 2027  US$243.852 million
 Growth Rate  CAGR of 9.42% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments covered  Crop Supply, Nutrient Type, Technique, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Syngenta AG, The Mauro Seed Company, HarvestPlus, DowDuPont, LemnaTec GMBH, Bayer AG, BASF SE, Corteva agriscience, Charles River, ArborGen Inc.
 Customization scope  Free report customization with purchase

 

Key Market Segments

  • By Crop Supply
    • Sweet Potato
    • Cassava
    • Rice
    • Corn
    • Wheat
    • Bean
    • Pearl Millet
    • Others
  • By Nutrient Type
    • Zinc
    • Iron
    • Vitamins
    • Amino acids
    • Others
  • By Technique
    • Conventional plant breeding
    • Agronomy
    • Biotechnology
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the biofortification market size by 2027?
A1. The biofortification market is projected to reach a total market size of US$243.852 million by 2027. 


Q2. What are the growth prospects for the biofortification market?
A2. The global biofortification market is projected to grow at a CAGR of 9.42% during the forecast period. 


Q3. What is the size of the global biofortification market?
A3. Biofortification Market was valued at US$129.852 million in 2020. 


Q4. What factors are anticipated to drive biofortification market growth?
A4. The Biofortification market is being driven by factors such as rising demand for high-nutrition food, rising consumer health consciousness owing to health issues including occurrences of nutritional deficiencies and malnutrition. 


Q5. Which region holds the largest market share in the biofortification market?
A5. The Asia Pacific region dominates the biofortification market owing to the transformation of agriculture and improvement in the nutritional value of food in the region.

1. INTRODUCTION
1.1. Market Definition
1.2. Market Segmentation

2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis

5. BIOFORTIFICATION MARKET, BY CROP SUPPLY 
5.1. Introduction
5.2. Sweet Potato
5.3. Cassava
5.4. Rice
5.5. Corn
5.6. Wheat
5.7. Bean
5.8. Pearl Millet
5.9. Others

6. BIOFORTIFICATION MARKET, BY NUTRIENT TYPE 
6.1. Introduction
6.2. Zinc
6.3. Iron
6.4. Vitamins
6.5. Amino acids
6.6. Others

7. BIOFORTIFICATION MARKET, BY TECHNIQUE
7.1. Introduction
7.2. Conventional plant breeding
7.3. Agronomy 
7.4. Biotechnology

8. BIOFORTIFICATION MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. United Kingdom 
8.4.2. Germany
8.4.3. France
8.4.4. Italy
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. Israel
8.5.3. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. India
8.6.4. South Korea
8.6.5. Indonesia
8.6.6. Thailand
8.6.7. Taiwan 
8.6.8. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES 
10.1.  Syngenta AG
10.2. The Mauro Seed Company
10.3. HarvestPlus
10.4. DowDuPont
10.5. LemnaTec GMBH
10.6. Bayer AG
10.7. BASF SE
10.8. Corteva agriscience
10.9. Charles River 
10.10. ArborGen Inc.

Syngenta AG

The Mauro Seed Company

HarvestPlus

DowDuPont.

LemnaTec GMBH

Bayer AG

BASF SE

Corteva agriscience

Charles River

ArborGen Inc.

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