Global Food Biotechnology Market: Overview
Food biotechnology is a technology to alter the microorganisms, animals, and plants genome for producing new species that have desired nutritive value.It also helps genetically modified plants and animals to improve taste, nutrition, food quality, and shelf life. Even in past, biotechnology found massive application in food processing. For instance, fermentation a kind of biotechnology- has been used since many years to manufacture bread, wine, and beer. Hybridization of rice, wheat, and corn has produced myriad kinds of enhanced yields with the help of food biotechnology.
Global Food Biotechnology Market: Growth Factors
Food biotechnology market is expected to register a massive growth over the coming years, subject to large-scale penetration of new technologies for producing new products through gene alteration of various plants, microbes, and animals. Additionally, acceptance of healthy lifestyles coupled with escalating demand for food has prompted food & beverage manufacturers to enhance the nutrient value of their food products, thereby offering new growth avenues for the industry participants.
Moreover, robust development in functional food & beverages and dietary supplements sector will catalyze the food biotechnology market expansion in the coming years. Additionally, high growth witnessed across food sector and low cost of biotechnology solutions in emerging economies will proliferate the market demand. Nonetheless, thriving organic food sector is predicted to curtail the demand for genetically modified crops and this, in turn, will inhibit the expansion of food biotechnology market. However, strict legislations to improve the product quality and shelf life will contribute notably towards the market size, thereby nullifying the impact of the hindrances on the market progression.
Global Food Biotechnology Market: Segmentation
The food biotechnology market can be sectored intotype and application. On the basis of type, the industry can be segmented into transgenic and synthetic biology derived items. Application wise, the food biotechnology marketis divided into plants and animals.
Global Food Biotechnology Market: Regional Analysis
Region wise, the food biotechnology market can be divided into five main regions: North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Food biotechnology market in North America is projected to witness a lucrative surge over the years ahead. The regional growth can be accredited to massive investments in development of new technologies along with massive customer expenditure on nutritious food items. Apart from this, the huge presence of multinational corporations, rise in the number of private & government funding of research & development activities, and legislations favoring use of food biotechnology in the countries such as the U.S. will embellish the industry trends. Additionally, large-scale genetically altered yeast production in manufacturing of new kinds of alcoholic drinks will catalyze the regional expansion.
Food biotechnology industry in Asia Pacific regionis slated to experience a lucrative surge over the forthcoming years, owing to escalating demand for food supplements as a result of healthy lifestyle adoption by the population of the region. Additionally, product innovation along with increase in the per capita expenditure will steer the industry growth in the region. Furthermore, rapidly rising population has generated the necessity for more crop yield and this has been transformed into more market demand.
Global Food Biotechnology Market: Competitive Players
Few of the main participants in food biotechnology market are AquaBounty Technologies, Arcadia Biosciences, BASF SE, Dow AgroSciences LLC, ABS Global, Bayer CropScience AG, Camson Bio Technologies Ltd., BDF Ingredients Zuchem, and Monsanto.
Global Food Biotechnology Market: Regional Segment Analysis
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