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Pulished Date January, 2021
ID: 10856
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Biofortification Market Segmentation By Method (Plant Breeding Techniques, Agronomical Practices, Biotechnological Methods), By Crop (Wheat, Rice, Beans, Cassava, Corn, Pearl Millet, Sweet Potato, Others), By Target Nutrients (Zinc, Vitamins, Iron, Proteins, Others) and Region - Industry Analysis, Share, Growth, and Forecast 2021-2026.

Pulished: January, 2021
ID: 10856
Pages: 180

Biofortification Market Size & Growth (2021-2026)

The global biofortification market was calculated to be USD 78 million in 2021 and is predicted to grow at a CAGR of 8.6% to attain a value of USD 118 million by 2026. The growth of the biofortification market is driven by increased funding for agronomic practices and technological advances. Biofortification is mainly used for crops such as sweet potatoes, cassava, rice, corn, wheat, beans, pearl millet, tomato, banana, sorghum, and barley. The worldwide biofortification market is anticipated to record a surge in demand because of the rising number of biotechnological tools’ applications in breeding of plants and by the farmers’ interest in increasing their agricultural investments to obtain better yields.

Biofortification is the process of selecting crops to increase their nutritional value. It is carried out by conventional selective selection or by genetic engineering. It differs from regular fortification in that it aims to make plant foods more nutritious as the plants grow, rather than adding nutrients to the food as it is processed. Biofortification, or the improvement of micronutrient-wealthy staple crops via traditional breeding technology and current biotechnology, has the ability to rise the nutritional cost of crops and advantage humans around the globe who suffer from micronutrient deficiencies

IMPACT OF COVID-19 ON BIOFORTIFICATION MARKET:

Since the coronavirus outbreak in December 2019, the disease has spread to more than 180 countries around the world and the World Health Organization has declared it a public health emergency. The worldwide effects of coronavirus 2019 are already starting to be felt and could drastically have an effect on the biofortification marketplace in 2020.COVID-19 can affect the worldwide financial system in three important ways: directly affecting manufacturing and demand, disruptions in the supply chain and the marketplace, and through its economic effect on businesses and financial markets.

Recent Developments:

A drip in India's ranking on the Global Hunger Index (GHI) has rightly caused a sensation in the country. The continuous focus on calories and ignorance of the nutritional aspects of food are responsible for the distressed state of our country's food and nutritional system.

Strong partnerships are key to making healthy diets affordable and addressing global nutritional challenges, says Natalia Palacios, a CIMMYT researcher, at the Africa Green Revolution Forum 2020.

Drivers and Restraints of Biofortification Market:

Drivers:

The growing demand for foods with high nutritional value increases the demand for fortification and biofortification. The rising need for foods with high nutritional value, increasing health problems, together with the increasing incidence of malnutrition and nutritional deficiencies are some of the main factors driving the global biofortification market. Growing consumer health awareness is determined to drive the global biofortification business. With emerging advancements in technologies, as well as increased investments in agricultural development, the global biofortification market is supposed to expand rapidly. The increasing incidence of nutritional deficiencies, as well as the number of children suffering from malnutrition, is likely to drive the demand for biofortification. So, with growing demand, the worldwide biofortification marketplace is anticipated to see positive growth throughout the foreseen period. 

Restraints:

However, a lack of awareness about the benefits of biofortified crops is estimated to limit the growth of the biofortification market, while the various constraints placed on the production of genetically modified crops have the potential to undermine the growth of the biofortification business.

Biofortification Market Segmentation:

By Method:

  • Plant Breeding Techniques

  • Agronomical Practices
  • Biotechnological Methods

By Crop:

  • Wheat
  • Rice
  • Beans
  • Cassava
  • Corn
  • Pearl Millet
  • Sweet Potato
  • Others

 The sweet potato segment accounted for the biggest percentage of the biofortified crop marketplace in 2018. The demand for biofortified crops such as sweet potato and cassava has increased with technological advances to increase nutrient content, particularly in sweet potato orange pulp (OFSP). Sweet potatoes have been an important source of energy in the human diet for centuries due to their high carbohydrate content. However, its vitamin A content from carotene was only recognized in the last century. Through the use of biofortification, the cultivation of sweet potatoes in Africa focuses on higher yields, sweeter taste and higher dry matter, which increases its concentration of carotene.

By Target Nutrients:

  • Zinc
  • Vitamins
  • Iron
  • Proteins
  • Others

Based on the target nutrient, the biofortification market is segmented into iron, zinc, vitamins, and others. The nutrients segment is the quickest developing goal nutrient within the biofortification marketplace. The call for biofortified plants is growing because of the growing need for excessive nutrient content in food. The increasing demand for vitamins as feed additives or premixes from the animal nutrition industry and the growing need for high-quality meat products have also been key factors responsible for the augmented demand for vitamins in the worldwide industry.

Biofortification Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa

a. Middle East

b. Africa

The North American markets have enormous growth potential. The introduction of new technologies in agricultural activities in countries such as the United States, Canada, Mexico, and others have contributed in particular to the growth of regional markets. Asia-Pacific is the dominant region in the global biofortification market and will likely continue to dominate in the future. Also, biofortification has enormous growth potential in agricultural activities and also improves the nutritional value of food content. The biofortification market in the APAC region has grown significantly over the past five years and this trend is foreseen to continue over the next decade. Thus, the growing consumer demand for food ingredients with high nutritional value will drive the demand for biofortified crops in the area, thus driving the growth of the global biofortification market.

Key Players of Market:

The major players in the global market:

  • Agro Biosciences Inc.
  • BASF SE
  • Bayer AG
  • Charles River
  • HarvestPlus
  • Intertek Group plc
  • LemnaTec GmbH
  • Monsanto Company
  • Syngenta

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Biofortification Market, By Method                 

                                6.1.1 Plant Breeding Techniques              

                                6.1.2 Agronomical Practices        

                                6.1.3 Biotechnological Methods

                                6.1.4 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.5 Y-o-Y Growth Rate Analysis              

                                6.1.6 Market Attractiveness Index           

                6.2 Biofortification Market, By Crop                        

                                6.2.1 Wheat      

                                6.2.2 Rice            

                                6.2.3 Beans        

                                6.2.4 Cassava    

                                6.2.5 Corn          

                                6.2.6 Pearl Millet             

                                6.2.7 Sweet Potato         

                                6.2.8 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.9 Y-o-Y Growth Rate Analysis              

                                6.2.10 Market Attractiveness Index        

                6.3 Biofortification Market, By Target Nutrients                 

                                6.3.1 Zinc            

                                6.3.2 Vitamins  

                                6.3.3 Iron            

                                6.3.4 Proteins   

                                6.3.5 Market Size Estimations & Forecasts (2021-2026)   

                                6.3.6 Y-o-Y Growth Rate Analysis              

                                6.3.7 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Method             

                                7.2.3 By Crop    

                                7.2.4 By Target Nutrients             

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Method             

                                7.3.3 By Crop    

                                7.3.4 By Target Nutrients             

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Method             

                                7.4.3 By Crop    

                                7.4.4 By Target Nutrients             

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Method             

                                7.5.3 By Crop    

                                7.5.4 By Target Nutrients             

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Method             

                                7.6.3 By Crop    

                                7.6.4 By Target Nutrients             

8. Key Player Analysis                                    

                8.1 Agro Biosciences Inc.                              

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 BASF SE                        

                8.3 Bayer AG                     

                8.4 Charles River                              

                8.5 HarvestPlus                

                8.6 Intertek Group plc                   

                8.7 LemnaTec GmbH                      

                8.8 Monsanto Company               

                8.9 Syngenta                     

9. Market Outlook & Investment Opportunities                                 

10. Appendix                                    

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Biofortification Market By Region, From 2021-2026 ( USD Billion )
  2. Global Biofortification Market By Method, From 2021-2026 ( USD Billion )
  3. Global Plant Breeding Techniques Market By Region, From 2021-2026 ( USD Billion )
  4. Global Agronomical Practices Market By Region, From 2021-2026 ( USD Billion )
  5. Global Biotechnological Methods Market By Region, From 2021-2026 ( USD Billion )
  6. Global Biofortification Market By Crop, From 2021-2026 ( USD Billion )
  7. Global Wheat Market By Region, From 2021-2026 ( USD Billion )
  8. Global Rice Market By Region, From 2021-2026 ( USD Billion )
  9. Global Beans Market By Region, From 2021-2026 ( USD Billion )
  10. Global Cassava Market By Region, From 2021-2026 ( USD Billion )
  11. Global Corn Market By Region, From 2021-2026 ( USD Billion )
  12. Global Pearl Millet Market By Region, From 2021-2026 ( USD Billion )
  13. Global Sweet Potato Market By Region, From 2021-2026 ( USD Billion )
  14. Global Biofortification Market By Target Nutrients, From 2021-2026 ( USD Billion )
  15. Global Zinc Market By Region, From 2021-2026 ( USD Billion )
  16. Global Vitamins Market By Region, From 2021-2026 ( USD Billion )
  17. Global Iron Market By Region, From 2021-2026 ( USD Billion )
  18. Global Proteins Market By Region, From 2021-2026 ( USD Billion )

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