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Biofortification Market Analysis, Growth, Share, Trends, & Forecast to 2023
The market for biofortification is estimated at USD 78 million in 2018, and it is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023.
The report "Biofortification Market by Crop (Sweet Potato, Cassava, Rice, Corn, Wheat, Beans, and Pearl Millet), Target Nutrient (Zinc, Iron, and Vitamins), and Region (Latin America, Africa, and Asia Pacific) - Global Forecast to 2023", The market for biofortification is estimated at USD 78 million in 2018, and it is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023. Biofortification is most widely used for crops such as sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and other crops such as tomato, banana, sorghum, and barley. The growth of the biofortification market is driven by the rising demand for high nutritional content in food.
The sweet potato segment is projected to be the largest revenue contributor in the biofortification market during the forecast period.
The sweet potato segment is estimated to hold the largest share of the biofortification market in 2018. The demand for biofortified crops such as sweet potato and cassava has increased with the rising technological advancements to increase the nutrient content, particularly in orange-fleshed sweet potato (OFSP). Sweet potato has been an important source of energy in the human diet for centuries owing to its high carbohydrate content.
The vitamins segment is projected to be the fastest-growing market during the forecast period.
On the basis of target nutrient, the biofortification market is segmented into iron, zinc, vitamins, and others. The vitamins segment is the fastest-growing target nutrient in the biofortification market from 2018 to 2023. The demand for biofortified crops is increasing due to the increasing demand for high nutrient content in food. The rising demand for vitamins as feed additives or in premixes from the animal nutrition industry and the increasing demand for high-quality meat products have also been essential factors responsible for the increase in the demand for vitamins across the world.
Asia Pacific is projected to account for the largest market size during the forecast period
The biofortification market, on the basis of region, is segmented into Latin America, Asia Pacific, and Africa. The Asia Pacific is projected to dominate the biofortification market throughout the forecast period. This is because biofortification has strong growth potential in agriculture and also improves the nutrition content in food. The biofortification market has grown considerably over the last five years, and this trend is expected to continue in the near future.
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Key Market Players:
Key players identified in this market include Syngenta (Switzerland), Bayer (Germany), BASF (US), and DowDuPont (US). They are focusing on increasing their presence through acquisitions and expansions and developing products specific to consumer preferences. These companies have a strong presence in the Asia Pacific and Africa. They have also set up research laboratories in various regions and have strong distribution networks.
- In November 2018, Intertek developed its local capabilities and services at its laboratory in Beira, Mozambique. This would help the company to expand its business in Mozambique as well as in the East African region.
- In September 2018, Bayer acquired Monsanto (US), for USD 128 per share. This would help combine the companies¡¯ leading innovation capabilities and R&D technology platforms in the agricultural industry.
- In October 2016, DuPont Pioneer and Africa Harvest Biotech Foundation International, a research firm from Johannesburg, South Africa, entered into a collaboration to conduct research on the increasing vitamin E and beta-carotene production in sorghum to improve the availability and longevity of beta-carotene.
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