New Jersey, NJ, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Rising use of biofortification technique in crops such as beans, wheat, corn, sweet potato, rice, and pearl millet and enhanced nutritional content of yields like tomato, banana, sorghum, and barley is pushing the growth of the market. The global biofortification market is expected to grow from USD 62.2 Million in 2017 to USD 130.4 Million by 2025 at a CAGR of 9.7% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
Biofortification is defined as an improvised concept to breed the crops to multiply their nutritional value. It varies from conventional fortification as it focuses on getting more nutritious plant foods during the process. It is an approach to deal with deficiencies of micronutrient across the countries. Biofortification involves three procedures, namely, selective breeding, seed priming, and genetic modification to boost up the nutritional value of the food in plants. The nutrient density of food crops is increased through conventional plant breeding, and/or improved agronomic practices and/or modern biotechnology without sacrificing any characteristic. The biological mechanism for biofortified crops improving nutritional status is simple. For instance, in October 2016, DuPont Pioneer and Africa Harvest Biotech Foundation International went into a collaboration to conduct research on the rising vitamin E and beta-carotene production in sorghum to enhance the availability of beta-carotene.
Biofortification enhances the micronutrient proportions in staple foods and minimises the micronutrient deficiencies in population which is a major factor driving the market growth. Funding of capital for agronomic activities and technological improvements also lead to the growth of the market. In addition, increased use of biofortification technology in crops such as beans, wheat, corn, sweet potato, rice, and pearl millet is also fuelling the growth of the market. But lack of awareness about the benefits of biofortified crops may hamper the growth of the market. However, unrestricted environment for biofortification may boost the market in the coming years.
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Key players operating in the global biofortification market include HarvestPlus, Syngenta AG, Bayer AG, BASF SE, DowDuPont, Monsanto Company, Charles River, LemnaTec GmbH, Intertek Group plc, Church & Dwight Co. Inc, Nestle, Intrexon, Okanagan Specialty Fruits Inc, ArborGen Inc, Arcadia Biosciences, The Mauro Seed Company, Metahelix, Mahyco, Protalix Biotherapeutics, Evogene Ltd., and others. To enhance their market position in the global biofortification market, key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in 2018, the Bill & Melinda Gates Foundation provided a grant of USD 6 million to HarvestPlus-India for expanding its biofortification work in two new states including Odisha and Bihar. This strategy was done for the expansion of the company and to enhance its customer base.
- For instance, in 2016, DuPont Pioneer and Africa Harvest Biotech Foundation International went into a collaboration to conduct research on the rising vitamin E and beta-carotene production in sorghum to enhance the availability of beta-carotene.
Vitamins segment is dominating the biofortification market with the highest market share of 39.60% in 2017
The target nutrient segment is classified into zinc, iron, vitamins and others. The others segment is bifurcated into Β-Carotene, amino acids and proteins. The vitamins segment is dominating the biofortification market with the highest market share in 2017. Growing consciousness over high nutrient content in food has led to subsequent rise in the demand for biofortified crops. The vitamins are used as feed additives or in premixes from the animal nutrition industry. The upsurge in demand for high-quality meat products are also responsible for the growing demand for vitamins across the world.
Food and packaging segment valued around USD 16.42 Million in 2017
Crop segment includes sweet potato, cassava, rice, corn, wheat, beans, pearl millet and others. The others segment is further categorised into tomato, banana, sorghum and barley segment. The others segment will be dominating the market with the highest market share of 26.40% over the forecast period. Due to technological advancement to increase the nutrient content, particularly in orange-fleshed sweet potato (OFSP), the demand for sweet potato has considerably increased. It is also a main source of energy in the human diet as it provides high carbohydrate content.
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Regional Segment Analysis of the Biofortification Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the global biofortification market with USD 26.31 Million in 2017 where as the North America region held the second dominant position in the market. The Asia Pacific region is a dominant region because biofortification has robust growth opportunities in agriculture. It enhances the nutrient content in the food. Increasing consumer preference over high nutritional content in food is projected to fuel the demand for biofortified crops, internationally. North America market is growing at a rapid pace as it has huge growth opportunities. Countries such as the U.S, Canada, Mexico, UK, Germany, and France use new and improved technologies in farming activities, thereby, contributing remarkably towards the growth of this region.
About the report:
The global biofortification market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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