The global biofortification market can capitalize with an impressive CAGR of 8% and be valued, worth USD 160 Million by 2027
Biofortification is the process of enhancing the nutrient profile of crops through various methods. Market Research Future (MRFR) has recently published an in-depth report on the global Biofortification Market and has projected to the market to capture a steady CAGR over the forecast period of 2019-2024.
The process of breeding crops to improve their nutritional composition is known as biofortification. Biofortification Market Analysis Rising initiatives by government and non-government organizations to lower nutrition deficiency is a major determinant driving market growth. Biofortification has strong growth potential in the developing economies in Africa and Asia-Pacific owing to the presence of an unregulated market environment and high prevalence of undernourishment. Initiatives such as the Harvest Plus program are focusing on delivering crops with enhanced potential to increase the bioavailability and amount of essential nutrients required by the human body. Market players are collaborating with genetic engineers, nutrition scientists, and plant breeders to achieve the goal of providing nutrient-rich food to the global population.
Major Key Players:
DowDuPont (US), BASF SE (Germany), Bayer (Germany), HarvestPlus (US), and Syngenta (Switzerland) are key players in the biofortification market.
Biofortification Market - Segmentation:
The biofortification market has been segmented based on targeted crop, approach, and targeted nutrient.
By targeted crop, the biofortification market has been segmented into cereals and grains, fruits and vegetables, legumes and pulses, oilseeds, and others. The cereals and grains segment is anticipated to reign the global market over the forecast period. Cereals and grains such as wheat, pearl millet, and rice are generally consumed as staple food in numerous developing countries. Not only are they affordable but are produced in large quantities in APAC. Moreover, cereals and grains are increasingly being genetically modified for the enhancement of nutrient content and overcome zinc and iron deficiencies.
By approach, the global biofortification market has been segmented into transgenic, conventional breeding, and agronomy. The transgenic segment is likely to be the largest segment over the forecast period. Transgenic method requires less time to produce biofortified crops and is thus the preferred method. Transgenic method is commonly used for legumes, oilseeds, cereals, fruits, fodder, and vegetables. Moreover, multiple crops can be targeted through transgenic-based approach. The conventional approach is desirable when genetic diversity is available; however, conventional breeding techniques require almost seven to eight years to produce biofortified crops.
By targeted nutrient, the biofortification market has been segmented into vitamins, minerals, amino acids, and others. The minerals segment is the largest segment and is anticipated to dominate the market over the forecast period. Surging prevalence of diseases caused by mineral deficiencies is expected to boost the growth of the segment. The vitamins segment is anticipated to capture the highest CAGR over the forecast period. Vitamin deficiencies is the root cause of various diseases and thus researchers are trying to develop biofortfied crops with vitamins.
Biofortification Market- Regional Analysis:
Region-wise, the biofortification market has been segmented into Latin America, Asia Pacific (APA), Rest-of-the-World (RoW), and Africa.
APAC accounts for the largest share of the biofortification market. Expanding agricultural industry and increased cultivation and acceptance of biofortified crops among end users is driving the growth of the market. In addition, rising investments in agricultural research by the governments of the region are supporting the growth of the market.
The Africa biofortification market is anticipated to capture the highest CAGR over the forecast period. The governments in the region are investing heavily on the agriculture sector and there has been a sudden shift to biofortified crops due to growing visibility regarding the importance of nutrient rich food. Nigeria, Malawi, Ghana, Congo are the key country-specific markets within Africa.
Leading market players have considerable presence in APAC and Africa and these players have also set up their research facilities in these regions, which provides an edge to these markets.
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/biofortification-market-7791
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