Biofortification Market Forecasts to 2028 – Global Analysis By Crop Type (Rice, Sweet Potato, Corn, Bean, Cassava, Pearl Millet, Wheat and Other Crop Types), Technique (Agronomy, Biotechnology and Conventional plant breeding), Target Nutrient (Zinc, Vitam

Biofortification Market Forecasts to 2028 – Global Analysis By Crop Type (Rice, Sweet Potato, Corn, Bean, Cassava, Pearl Millet, Wheat and Other Crop Types), Technique (Agronomy, Biotechnology and Conventional plant breeding), Target Nutrient (Zinc, Vitamins, Iron, Amino Acids and Other Target Nutrients) and By Geography

According to Stratistics MRC, the Global Biofortification Market is accounted for $100.8 billion in 2022 and is expected to reach $187.5 billion by 2028 growing at a CAGR of 10.8% during the forecast period. Biofortification also known as biological fortification refers to nutritionally enriched food crops with better bioavailability to the human population which is developed and grown with the help of the modern biotechnology techniques, agronomic practices and conventional plant breeding. The biofortified food crops, mainly cereals, legumes, fruits and vegetables are offering adequate level of micronutrients to the targeted populations.

According to Forbes, by 2050, the world's population is expected to reach 9.7 million people, requiring a 70 percent increase in global food production in the next 30 years to feed everyone. According to WHO, this technology can help with curing nearly 2 billion people suffering from iron deficiency-induced anemia.

Market Dynamics:

Driver:

Rising health consciousness

The demand for biofortification is predicted to rise in response to the increasing rates of nutritional deficiencies and the number of children suffering from malnutrition. Malnutrition in developing countries acts as a driver since biofortification can be a solution for the same. However, rising technological improvements as well as higher investments in agricultural growth is boosting the market. Hence, these are the factors driving the growth of the market.

Restraint:

Lack of awareness

Lack of knowledge regarding the advantages of biofortified crops is expected to strangle the market. Trait diversity in the primary, secondary, or tertiary gene pools of the chosen crop is required for biofortification which limits the diversity. Restriction on the production of genetically modified crops is a challenge for the biofortification market.

Opportunity:

Increasing investments in Agrigenomics

The strong advancements in the agricultural sector, rising implementation of biofortification in crops and emerging technologies have a positive impact on the growth of this market. Additionally, biofortification is less expensive, and the expenses of cultivating biofortified foods are small and reduce the micronutrient deficiencies in the population which is highly impacting the growth of the market.

Threat:

Health risks

They adversely affect performance, productivity and are a major hindrance to economic development. Moreover, due to the colour changes in the grain, people hesitate to accept biofortified food as in the case of golden rice. Hence, these are the factors hampering the growth of the market.

Covid-19 Impact

The COVID-19 epidemic impacted the market significantly. The global epidemic has created difficulties like indirect consequences on soil quality, including detrimental effects on soil nutritive balances. Food production has become a significant concern as food poverty is rising worldwide. This has several consequences, including restrictions on the movement of goods and persons between and within countries, as well as market access, particularly in the agricultural sector. This resulted in a drop in food consumption and a significant loss of markets and jobs.

The sweet potato segment is expected to be the largest during the forecast period

The sweet potato segment is estimated to have a lucrative growth, due to high carbohydrate content, sweet potatoes have been a significant source of energy in human diets for generations. With technical advancements to boost nutrient content, demand for biofortified foods including sweet potato and cassava has surged, especially in sweet potato orange pulp. Therefore, these factors are enhancing the segment growth.

The vitamins segment is expected to have the highest CAGR during the forecast period

The vitamins segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increased need for high nutrient content in food, biofortified plants are becoming more popular. The expanding need for vitamins as food supplements or drink mixes out from the animal nutrition sector, as well as the growing desire for high-quality meat products, have all contributed to the increased demand for vitamins globally.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increased cultivation and consumption of biofortified crops in food processing and direct consumption. The growth of the agriculture industry and increasing R&D investments in agricultural operations are also fuelling regional market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the growing adoption of new and improved technologies in farming activities in emerging countries. Moreover, the strong advancements in the agricultural sector, rising implementation of biofortification in crops also serves as drivers for increasing the demand for market.

Key players in the market

Some of the key players profiled in the Biofortification Market include Syngenta AG, The Mauro Seed Company, BASF SE, Intrexon Corporation, DowDuPont, Bayer AG, Church & Dwight Co, LemnaTec GMBH, HarvestPlus, Intertek, Agro BioSciences Inc, Monsanto, Charles River, Corteva agriscience, ArborGen Inc., Evogene Ltd, Mahyco and AgBioForum.

Key Developments:

In September 2022, Syngenta Seedcare and Bioceres Crop Solutions collaborate to bring innovative biological seed treatments to market. Customers seeking cutting-edge biological seed treatment solutions will benefit from a global commercial and R&D collaboration announced between Syngenta Seedcare business and Bioceres Crop.

In March 2018, Monsanto Company and Pairwise Plants established a collaboration to advance agricultural research and development by utilising gene-editing technologies. This would aid farmers in producing greater harvests and the company’s product development.

Crop Types Covered:
• Rice
• Sweet Potato
• Corn
• Bean
• Cassava
• Pearl Millet
• Wheat
• Other Crop Types

Techniques Covered:
• Agronomy
• Biotechnology
• Conventional plant breeding

Target Nutrients Covered:
• Zinc
• Vitamins
• Iron
• Amino Acids
• Other Target Nutrients

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements