Biofortification Market Research Report includes various topics like total Market Size, Key Market Drivers, Challenges, Growth Opportunities, Industry Share, Growth, Demand, Outlook etc. Furthermore, it covers key market updates, the impact of regulations and technological updates in. The report addresses the need to stay updated in this competitive market conditions and this provides and comprehensive data for making strategies and decision to stimulate the market growth and profitability.
Market Analysis
Biofortification is a cost-effective and sustainable method that helps in delivering essential micronutrients to a global population with limited access to a diverse nutrient-rich diet. Biofortification is a promising method to suppress micronutrient malnutrition among the global population, especially in developing countries. However, vendors active in the market are facing certain challenges such as the lengthy regulatory approvals process for transgenically fortified crops, adoption of time-consuming conventional breeding methods, and need for high investments. Another major challenge being faced by market players is the development of crops with high nutrient potential that are resistant to the frequently changing climate. Thus, agricultural organizations are focusing on promoting biofortified crops in the climate-smart villages of the world, which in turn is expected to offer lucrative opportunities to the players active in the global biofortification market.
Key Players
Some of the key players in the global Biofortification Market are
- DowDuPont (US),
- Syngenta (Switzerland),
- Bayer (Germany),
- Harvest Plus (US) and
- BASF SE (Germany).
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Regional Analysis
The global biofortification market has been segregated by region into, Latin America, Africa, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to gain the largest revenue share of the global biofortification market owing to the growth of the agriculture industry in the region. Governments in various nations, market players, and non-government organizations are investing heavily in agricultural R&D which is catalyzing the growth of the regional biofortification market. India, China, Pakistan, Indonesia, and the Philippines are the major countries contributing to regional market growth. Asia-Pacific is a prominent region for the cultivation of released biofortified crops including sweet potato, cowpea, rice, Irish potato, and lentils.
Africa is also a prominent regional market projected to register the highest CAGR during the forecast period due to the increasing penetration of market players. High R&D investments in Africa’s agriculture industry has enabled the launch of testing operations of various biofortified crops in the region such as banana, beans, pearl millet, maize, lentils, and cassava. Moreover, the increasing prevalence of nutritional disorders and rising health awareness in the region are boosting market growth.
The Latin American biofortification market is expected to garner a significant share during the assessment period due to the production and consumption of biofortified crops in certain parts of the region. A larger number of biofortified crops in the region are being tested as compared to the number of biofortified crops that are being cultivated and consumed.
In RoW, Europe and North America are the major markets for biofortification due to the increasing awareness regarding the benefits of consuming nutritionally rich food products. However, the implementation of stringent regulations, mainly in Europe, is a key determinant limiting the growth of these regional markets.
Industry Segment
The Global Biofortification Market has further been segmented by targeted crop, approach, and targeted nutrient.
By targeted crop, the global biofortification market has been classified as cereals and grains, fruits and vegetables, legumes and pulses, oilseeds, and others. The cereals and grains segment is expected to be the largest while the fruits and vegetables segment is projected to register the highest growth rate during the forecast period.
Based on approach, the global biofortification market has been classified as transgenic, conventional breeding, and agronomy. The transgenic segment is expected to garner the largest revenue share and exhibit the highest growth rate during the forecast period.
The global biofortification market has also been segregated, on the basis of targeted nutrient, into vitamins, minerals, amino acids, and others. The minerals segment is expected to be the largest; however, the vitamins segment is expected to register the highest growth rate during the forecast period.
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