Global Bioengineered Foods Market Size, Share, Opportunities, And Trends By Product Type (Crops, Livestock, Processed Foods, Others), By Application (Food & Beverage, Animal Feed, Pharmaceuticals, Others), And By Geography - Forecasts From 2024 To 2029

Bioengineered foods can be defined as food products that contain genetic material that has been modified through vitro recombinant deoxyribonucleic acid (rDNA) techniques and other laboratory techniques. This type of modification is not attainable through conventional breeding methods or found naturally in nature.  Bioengineered foods are common in the current market, due to the wide range of benefits that bioengineered products provide, which include increased nutrition, increased yield production in agriculture, and many others.

Some of the well-known varieties of food products that are bioengineered include oil, sugar, crackers, confectionery products, processed food products, and many others. A globally produced genetically modified crop includes corn and soybeans, which have been modified to increase yield, increase resistance against pests and herbicides, and increase nutrients.

Introduction:

The global bioengineered foods market is expected to witness a significant increase in growth during the forecasted period of 2024-2029, due to factors such as the wide range of benefits and the increase of the global population, which further influences the increase in food demand and genetically engineered crop seeds for higher yield and nutrition.

Market Drivers:

• Benefits: Bioengineered food products are known to provide a wide range of benefits, ranging from enhanced yield and increased yield. The process of creating bioengineered food products is through the processing of genetically modified crops that are used in the production of food products or animal feed. The wide range of benefits that bioengineered foods provide include increased nutrition, enhanced taste, disease, and drought-resistant crops, fewer resources required for agriculture, increased shelf life, faster production of crops, an enhanced growth rate of animals, food with desirable traits (such as potato with lesser cancer-causing substances when fried), and medicinal or functional food that could be used as vaccines or other medicines.

Some of the well-known genetically modified food products and crops in the market include corn, soybeans, apples, papayas, potatoes, and squash. The increase in food demand worldwide will boost the demand for increased food, further driving the growth of bioengineered food products and genetically engineered crops that provide increased yield and nutritional value.

• Growing population: The increase in the size of the global population leads to an increase in demand for food, increasing the demand for crops that can produce increased yield and nutrition as food sources in the market. As per the United Nations, the global population will reach 8 billion people in 2022 and is expected to increase by 2 billion people to reach 9.7 billion by 2050 and around 10.4 billion by the mid-2080s. The increase in the global population leads to an increase in demand for food, which further influences the increase in demand for genetically modified crops that allow farmers to increase yield and reduce food waste, and crop loss.

As per the Federation of Seed Industry of India, genetically modified crops help reduce food waste, improve food security, and minimize crop loss and food wastage. The increase in demand for genetically modified crops arose due to the increasing population. It is stated that half of the population around the world does not have enough food and have also been found that one-third of the food produced for human consumption goes to waste. Therefore, the increase in bioengineered food products is driven by the increase in food insecurity, food waste, and global population during the forecasted period, further increasing the bioengineered food market growth during the forecast period of 2024-2029.

Key Players:

• Bayer AG: A global leader that is known for commercializing genetically modified traits in a wide variety of crops, which include corn, canola, cotton, soybeans, and squash, and provides a wide range of bioengineered products and solutions to the agricultural and food and beverage industries.
• BASF SE: A German company and one of the global leaders, known for genetically modifying crops to make agriculture more efficient and sustainable. They are known to have a wide range of genetically modified crops, which include maize, soy, cotton, canola, sugarcane, sugar beet, and potatoes.

Regional Analysis:

The North American region is expected to witness significant growth in the bioengineered foods market during the forecasted period of 2024-2029. The factors that contribute to the market growth in the region are the established biotechnology infrastructure and the high adoption of genetically modified crops in the region, which include corn and soybeans. Bioengineered foods can be defined as food products that have genetically modified properties, which further increase the nutritional value and also yield in production during the agricultural process. The United States accounts for the majority of the growth, due to the high adoption of biotechnology in food products. Crops such as corn and soybeans are widely known to be genetically modified, providing an increased yield during agriculture and increased nutrients in the crop.

For instance, the Food and Drug Administration stated that in 2020, bioengineered soybeans accounted for 94% of the total soybeans planted. The other crops that are known to be genetically modified include papaya, corn, potato, summer squash, canola, apple, sugar beet, pink pineapple, and alfalfa. It was also stated that 95% of the animals used for meat and dairy in the United States consume feed that contains genetically modified crops. It was also stated by the US Department of Agriculture that 93% of the total corn produced is genetically modified, which includes properties such as herbicide tolerance, insect resistance, and stacked gene varieties. The increasing use of bioengineered foods in animal feed and human food products provides extra nutrients that are beneficial to the body, further driving the bioengineered foods market growth during the forecasted period.

Segmentation:

• By Product Type:
  • Crops
  • Livestock
  • Processed Foods
  • Others
• By Application:
  • Food & Beverage
  • Animal Feed
  • Pharmaceuticals
  • Others
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others