Biofortification Market Analysis, Future Growth, Trends, Region, Outlook, Demand Forecast To 2024
The process of breeding crops to improve their nutritional composition is known as biofortification. 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 HarvestPlus 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.
The global Biofortification Market Analysis has been segmented by targeted crop, approach, targeted nutrient, and region.
Based on targeted crop, the global biofortification market has been segmented into cereals and grains, fruits and vegetables, legumes and pulses, oilseeds, and others. The cereals and grains segment is expected to be the largest revenue generating segment during the assessment period. Cereals and grains such as rice, wheat, and pearl millet are commonly consumed staple foods in several developing economies. In addition, they are an inexpensive source of nutrition and are produced in large quantities, especially in Asia-Pacific. Owing to this, cereals and grains are increasingly being genetically modified to enhance their nutrient content and overcome the increasing prevalence of iron and zinc deficiencies. However, the fruits and vegetables segment is expected to register the highest growth rate during the forecast period due to the increasing consumption of natural and fresh fruits and vegetables.
The global biofortification market has been segregated, by targeted nutrient, into vitamins, minerals, amino acids, and others. The minerals segment is expected to be dominant during the review period due to the increasing prevalence of diseases caused by mineral deficiencies. For instance, anemia is caused due to an iron deficiency in the body. According to the World Health Organization (WHO), iron deficiency is the most prevalent nutritional disorder and approximately 30% of the global populace suffers from anemia due to prolonged iron deficiency. However, the vitamins segment is projected to exhibit the highest CAGR during the forecast period as vitamin deficiency is also a major nutritional disorder and researchers are developing crops biofortified with various vitamins.
Some of the key players in the global biofortification market are DowDuPont (US), Syngenta (Switzerland), Bayer (Germany), HrvestPlus (US), and BASF SE (Germany).
The global biofortification market has been segmented, based on region, into Latin America, Africa, Asia-Pacific, the rest of the world.
Asia-Pacific is expected to dominate the global biofortification market during the forecast period due to the high production and consumption of released biofortified crops in the region. Moreover, the increasing R&D investments in agricultural operations and growth of the agriculture industry in the region are fuelling regional market growth. However, rising health awareness among people, increasing government initiatives, and surging prevalence of nutritional disorders in Africa are expected to result in the African market exhibiting the highest CAGR during the forecast period.
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