Biofortification Market Size, Share, Growth, and Industry Analysis, By Type (Zinc, Iron, Vitamins, and Others), By Application (Sweet Potato, Cassava, Rice, Corn, Wheat, Beans, Pearl Millet, and Others), Regional Insights and Forecast To 2032

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BIOFORTIFICATION MARKET REPORT OVERVIEW

global biofortification market size was USD 0.08 billion in 2023 and market is projected to touch USD 0.12 billion by 2032 at CAGR 4.9% during the forecast period.

Through techniques including agricultural practices, traditional breeding, or bioengineering, any crop’s nutritional quality can be uplifted by complementing it with vital minerals, vitamins, and other nutrients and this fascinating technique is known as biofortification. The uplifting of dietary sufficiency of an area’s population is the final goal of any such method. In this technical era also, there are places on earth with access to nutritional food is simply a luxury. Biotechnology, traditional breeding along some agricultural practices are some of how biofortification can be applied.

The particular method has gained attention globally, and the market has also grown in a short period. The change in food habits towards a healthy system influences the progress of this particular market. Combating malnutrition through appropriate instruments with minimum investment is the challenge that developing countries are facing nowadays. However, governments keep on making effective laws and policies that include this kind of technique to change the lives of their people which directly promotes the expansion of the industry.

COVID-19 Impact: Market Growth Increased by the Pandemic due to Health Awareness

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The effect of the COVID-19 pandemic affected the market mainly in a positive manner due to the accelerated health concerns during that time. The pandemic has increased awareness about the significance of efficient nutrients and a healthy immune system, which has influenced interest in biofortified crops worldwide. Moreover, government policies regarding food security and addressing malnutrition during the pandemic fueled biofortification market growth. The emphasize of fragility of the global food system, led to more focus on the nutritious elements of food and eventually to the growth of the market.

LATEST TRENDS

"Integration with Existing Programs Leads to Market Growth"

The market is showing several trends at present. The incorporation of biofortification into the existing agricultural programme is one of the latest trends in the market. Various governments and other policymakers are making efforts to combine the existing agricultural programme and biofortification with a view to enhancing the existing systems. Efficiency and cost effectiveness are the major benefits of these joint programmes, which help extend the user base to another stage of success.

BIOFORTIFICATIONMARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Zinc, Iron, Vitamins, and Others.

• Zinc: Enhances the zinc content in crops through a variety of breeding techniques.

• Iron: Iron deficiency is the major malnutrition at present. So helps increase the iron and hence the haemoglobin content in the body.

• Vitamins: It enhances the content of vitamins, particularly vitamin A and vitamin C, in crops to address micronutrient deficiencies.

By Application

Based on application the market is classified into Sweet Potato, Cassava, Rice, Corn, Wheat, Beans, Pearl Millet, and Others.

• Sweet Potato: It is a widely used root vegetable rich in beta-carotene.

• Cassava: It is a starchy tuberous root crop, and it is responsible for calories for a large population.

• Rice: It is a staple food item and is used by a larger portion of the world population.

• Corn: A staple cereal crop used by the majority of the population which is abundant in vitamin A, iron, and zinc.

• Wheat: Primary staple cereal cultivated and used worldwide by a major population.

• Beans: various types of common beans are there, including common beans, cowpeas, and lentils. It is widely used in developing countries.

• Pearl millet: It is a drought-tolerant cereal crop grown in arid and semi-arid regions of Africa and Asia.

DRIVING FACTORS

"Nutritional Awareness Leads to an Increase in Market Demand"

There are many factors driving the market forward. One of the major factors is the rising nutritional awareness as well as the health concerns among the general population. The world has been filled with many varieties of diseases recently. The illnesses caused by bacteria and viruses are not under control, but people are preparing their bodies by making their immune systems strong so that they can defend against any outside bacteria and viruses from causing extreme damage. However, the biofortified crops help to prevent nutrition-deficiency diseases to some extent. Overall, growing awareness about health is driving the market forward.

"Increasing Population Accelerates Market Growth"

The increasing population and its food demands are driving the market forward. The population in the world is increasing rapidly, which escalates the demand for food. In order to feed a larger population with proper nutrients, governments and other organisations seek help from biofortified crops. By enhancing the quality of the food in terms of nutrients, food security also increases, especially in regions where access to a diverse diet is limited. As a result, the market is growing fast.

RESTRAINING FACTORS

"Lack of Awareness Slows Down the Market Growth"

Lack of awareness and stubbornness to use the traditional methods among farmers are halting the progression of the industry. Farmers in some areas follow some beliefs and traditions when it comes to farming which directly makes them hesitant to use such advanced technology. Since farming has been a part of human life from the beginning of mankind, the sudden change in systems that associated with it will take time to change. The lack of awareness is not a global practice, but it is still available in some remote villages.

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BIOFORTIFICATION MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate the Market due to its Strong Agricultural Sector"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific is dominating the biofortification market share in comparison with other geographical regions. This is mainly due to the strong agricultural base of the particular region. Changing the dietary intake of people has become the global agenda recently and there are programs under governments, and other organizations to eradicate malnutrition. As per the United Nations General Assembly’s 75 the session, 2023 was celebrated as the international year of millets which indicates the enhancement given to the importance of nutritious food among the countries. The particular suggestion made by the government of India which is a country that belongs to the Asia Pacific region signals the importance of this region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Key players in the market include agricultural researchers as well as scientists. Agricultural agents play a crucial role in market development. Government policymakers and regulators are playing an important part in the growth of the market. Food processing companies are in search of such crops so that they can make a profit out of them. Academic institutions and universities are conducting studies and developing new varieties of crops, and regulatory bodies recognise it.

List of Top Biofortification Companies

• Syngenta (Switzerland)
• Bayer (Germany)
• BASF(Germanhy)
• DowDuPont (U.S.)
• Monsanto (U.S.)
• Charles River (U.S.)
• LemnaTec (Germany)
• Intertek (U.K.)
• Church and Dwight (U.S.)

INDUSTRIAL DEVELOPMENT

November 2023: In order to ensure adequate nutritional element and food security in the nation, India has reportedly begun growing biofortified seeds various crops such fruits, vegetables, wheat, mustard, and millets along with pulses. These seeds would be boosted with nutrients to the necessary level.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years.The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis.It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.