According to the report published by Zion Market Research, global demand for Biofortification market was valued at approximately USD 80 Million in 2019, and is expected to generate revenue of around USD 124.5 Million by end of 2026, growing at a CAGR of around 8.9% between 2020 and 2026
Global Biofortification Market: Overview
Biofortification is another way by which crops are breed to upgrade their healthy benefit. It varies from customary fortress as Biofortification focuses on creating progressively nutritious plant sustenance’s over the way toward including supplements in the nourishments.
Biofortification is a new concept in which crops are breed to enhance their nutritional value. It differs from conventional fortification as Biofortification concentrates on producing more nutritious plant foods over the process of adding nutrients in the foods after food processing. In fact, Biofortification is a strategy that deals with micronutrient deficits across the emerging economies. Biofortification uses three methods, namely, selective breeding, seed priming, and genetic modification to enhance the nutritional value of the food in plants
Global Biofortification Market: Growth Factors
Increase in capital funding for agronomic activities and technological advancements are anticipated to spur the growth trends for Biofortification market in the coming years. Massive use of Biofortification in yields such as beans, wheat, corn, sweet potato, cassava, rice, and pearl millet are anticipated to impel the business growth in the ensuing years. In addition enormous application of Biofortification in tomato, banana, sorghum, and barley to enhance their nutritional value will create lucrative growth avenues for Biofortification market in the forthcoming years. Micronutrient deficiency most commonly affects the population in the developing regions and most of the people in these economies are affected due to iron, zinc, and vitamin A deficiencies. However, Biofortification enhances the micronutrient proportions in staple foods and helps in reducing the micronutrient deficiencies in population and mostly children. This, in turn, has produced huge demand for Biofortification in the emerging economies. In addition, Biofortification is inexpensive and the costs of implementation of cultivating biofortified foods are negligible. This, in turn, will further drive Biofortification market revenue in the coming years. With growing demand for food with high nutritional content for improving the physical as well as intellectual growth in children will catapult Biofortification market size over the next few years.
Global Biofortification Market: Segmentation
The global Biofortification market can be divided based on Crop and Target Nutrient. Based on the crop, the market can be segmented into sweet potato, pearl millet, cassava, wheat, rice, beans, and corn. On the basis of target nutrient, the market can be divided into zinc, vitamins, and iron.
Global Biofortification Market: Regional Analysis
Based on regions, the global Biofortification market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia Pacific is the dominating region in the global Biofortification market and is likely to continue its domination in the near future. In addition, Biofortification has massive growth potential in farming activities, and it also enhances the nutrition value of food contents. The Biofortification market in APAC has expanded significantly over the past five years, and this trend is expected to continue in the coming decade. Thus, the escalating consumer demand for high nutritional food ingredients will propel the demand for biofortified crops in the region, thereby providing momentum to the growth of Biofortification market.
North America and European markets have huge growth potential. Introduction of new technologies in farming activities in countries such as the U.S, Canada, Mexico, UK, Germany, and France have contributed notably towards the growth of the regional markets.
The Middle East and Africa and Latin American markets are likely to register massive growths in the coming years.
Global Biofortification Market: Competitive Players
Some of the most prominent players of Biofortification market include Syngenta, Bayer, BASF SE, and DowDuPont among others.
Global Biofortification Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Increase in capital funding for agronomic activities and technological advancements are anticipated to spur the growth trends for Biofortification market in the coming years. Massive use of Biofortification in yields such as beans, wheat, corn, sweet potato, cassava, rice, and pearl millet are anticipated to impel the business growth in the ensuing years.
According to Zion Market Research, global demand for Biofortification market is expected to generate revenue of around USD 124.5 Million by end of 2026, growing at a CAGR of around 8.9% between 2020 and 2026.
Asia Pacific is the dominating region in the global Biofortification market and is likely to continue its domination in the near future. In addition, Biofortification has massive growth potential in farming activities, and it also enhances the nutrition value of food contents.
Some main participants of the Biofortification market are Syngenta, Bayer, BASF SE, and DowDuPont among others.
