The 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 the 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 raise the nutritional cost of crops and advantage humans around the globe who suffer from micronutrient deficiencies
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.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021 – 2026 |
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Base Year |
2020 |
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Forecast Period |
2022 - 2027 |
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CAGR |
8.6% |
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Segments Covered |
By Method, By Crop, By Target Nutrients, |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
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Market Segmentation:
Biofortification Market By Method:
Plant Breeding Techniques
Biofortification Market By Crop:
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.
Biofortification Market By Target Nutrients:
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:
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:
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