The Global Biofortification Market was valued at US$ 80.00Mn in 2019 and is expected to reach US$ 160.05Mn by 2026 at a CAGR of 9.05% during the forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
The Global Biofortification Market Dynamics
Bio fortification is a new and advanced concept in which crops are breaded to enhance their nutritional value. It differs from conventional fortification as bio fortification concentrates on generating more nutritious plant foods over the process of adding nutrients in the foods after food processing.
Demand for high nutritional content foods and increasing funds for agrigenomics technological advancement ensures strong market growth. The massive use of Bio fortification in yields such as beans, cassava, wheat, corn, sweet potato, rice, and pearl millet is expected to impel the business growth in the forecasted year. In addition, enormous application of bio fortification in banana, tomato, sorghum, and barley to enhance their nutritional value which will create beneficial growth avenues for the bio fortification market in the upcoming years.
Lower awareness about the benefits of bio fortified crops is the major restraint of the market. Restriction on the production of genetically modified crops is a challenge for the bio fortification market.
The Global Biofortification Market Segment Analysis
The sweet potato segment, based on crop is projected to account for the largest share of the bio fortification market in 2019 The demand for bio fortified crops such as sweet potato and cassava has increased with the mounting technological advancements to increase the nutrient content, particularly in orange-fleshed sweet potato (OFSP). Africa is estimated to be the fastest-growing market in the sweet potato segment owing to the ease of bio fortifying sweet potato with nutrients such as zinc, iron, and vitamins.
The Vitamins segment is expected to be the fastest-growing over the forecast period. Growth in demand for functional and enriched processed food products, prevalence of vitamin deficiencies, and feed fortification due to the increasing global meat and dairy product consumption are driving factors for the bio fortification market.
The Global Biofortification Market Regional Insights
Region-wise, Asia Pacific is the dominating region in the global Bio fortification market and is likely to remain its dominant in the near future. Furthermore, Bio fortification has massive growth potential in farming activities, and it also improves the nutrition value of food contents.
The Bio fortification market in Asia Pacific has expanded significantly over the past five years, and this trend is expected to continue in the upcoming decade. So, the escalating consumer demand for high nutritional food ingredients will boost the demand for bio fortified crops in the region, thereby providing momentum to the growth of bio fortification market.
In primary research, several sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. In the secondary research, various secondary sources for instance Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to, in order to identify and collect information for this study.
Global bio fortification market report includes PESTLE analysis, competitive landscape, and Porter’s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
Global Bio fortification Market, Key Highlights:
• Global Bio fortification Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Bio fortification Market
• Global Bio fortification Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Bio fortification Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Bio fortification Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Bio fortification Market are also profiled.
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Scope of the Global Biofortification Market
Global Biofortification Market, by Crop
• Sweet Potato
• Cassava
• Rice
• Corn
• Wheat
• Beans
• Pearl Millet
Global Biofortification Market, by Target nutrient
• Zinc
• Iron
• Vitamins
Global Biofortification Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• South America
Global Biofortification Market Key Players
• Syngenta
• DowDuPont
• Bayer
• BASF
• Monsanto
• Charles River
• LemnaTec
• MAURO Seed Co
• Mahyco
• AgBioForum,
• Evogene Ltd
• HarvestPlus
• LemnaTec
• Intertek
• Agro BioSciences Inc.
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