The report "Biofortification Market by Crop (Sweet Potato, Cassava, Rice, Corn, Wheat, Beans, and Pearl Millet), Target Nutrient (Zinc, Iron, and Vitamins), and Region (Latin America, Africa, and Asia Pacific) - Global Forecast to 2023 ", is estimated at USD 78 million in 2018, and it is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023. Biofortified crops are usually sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and other crops such as tomato, banana, sorghum, and barley. The growth of the biofortification market is driven by the rising demand for high nutritional content in food.
Key Market Players:
Key players identified in this market include Syngenta (Switzerland), Bayer (Germany), BASF (US), and DowDuPont (US). They are focusing on increasing their presence through acquisitions and expansions and developing products specific to consumer preferences. These companies have a strong presence in the Asia Pacific and Africa. They have also set up research laboratories in various regions and have strong distribution networks.
Recent Developments:
Report Objectives:
By target nutrient, the vitamins segment is projected to be the fastest-growing segment in the biofortification market during the forecast period.
On the basis of target nutrient, the biofortification market is segmented into iron, zinc, vitamins, and others. The vitamins segment is the fastest-growing target nutrient in the biofortification market from 2018 to 2023. The demand for biofortified crops is increasing due to the increasing demand for high nutrient content in food. The rising demand for vitamins as feed additives or in premixes from the animal nutrition industry and the increasing demand for high-quality meat products have also been essential factors responsible for the increase in the demand for vitamins across the world.
The increasing demand for biofortification of crops in the Asia Pacific regions is driving the growth of the biofortification market.
The biofortification market, on the basis of region, is segmented into Latin America, Asia Pacific, and Africa.
- To define, segment, and project the global market size for biofortification
- To understand the structure of the biofortification market by identifying its various subsegments
- To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
- To project the size of the market and its submarkets, in terms of value, with respect to the regions (along with their respective key countries)
- To profile key players and comprehensively analyze their core competencies
- To understand the competitive landscape and identify major growth strategies adopted by players across key regions
- To analyze the competitive developments such as expansions & investments, new product launches, mergers & acquisitions, joint ventures, and agreements
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=38080924
By target nutrient, the vitamins segment is projected to be the fastest-growing segment in the biofortification market during the forecast period.
On the basis of target nutrient, the biofortification market is segmented into iron, zinc, vitamins, and others. The vitamins segment is the fastest-growing target nutrient in the biofortification market from 2018 to 2023. The demand for biofortified crops is increasing due to the increasing demand for high nutrient content in food. The rising demand for vitamins as feed additives or in premixes from the animal nutrition industry and the increasing demand for high-quality meat products have also been essential factors responsible for the increase in the demand for vitamins across the world.
The increasing demand for biofortification of crops in the Asia Pacific regions is driving the growth of the biofortification market.
The biofortification market, on the basis of region, is segmented into Latin America, Asia Pacific, and Africa.
The Asia Pacific is projected to dominate the biofortification market throughout the forecast period. This is because biofortification of food crops has strong growth potential in agriculture and also improves the nutrition content in food. The biofortification market has grown considerably over the last five years, and this trend is expected to continue in the near future. The growing consumer demand for high nutritional content in food is projected to fuel the demand for biofortified crops, globally.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=38080924
Key Market Players:
Key players identified in this market include Syngenta (Switzerland), Bayer (Germany), BASF (US), and DowDuPont (US). They are focusing on increasing their presence through acquisitions and expansions and developing products specific to consumer preferences. These companies have a strong presence in the Asia Pacific and Africa. They have also set up research laboratories in various regions and have strong distribution networks.
Recent Developments:
- In November 2018, Intertek developed its local capabilities and services at its laboratory in Beira, Mozambique. This would help the company to expand its business in Mozambique as well as in the East African region.
- In September 2018, Bayer acquired Monsanto (US), for USD 128 per share. This would help combine the companies’ leading innovation capabilities and R&D technology platforms in the agricultural industry.
- In October 2016, DuPont Pioneer and Africa Harvest Biotech Foundation International, a research firm from Johannesburg, South Africa, entered into a collaboration to conduct research on the increasing vitamin E and beta-carotene production in sorghum to improve the availability and longevity of beta-carotene.
- In November 2015, Bayer opened three R&D institutes in Paulínia, Brazil; this center would host a resistance-monitoring laboratory and a center for agriculture in tropical regions.
