Biofortification is the process of enhancing the nutrient profile of crops through various methods. Market Research Future (MRFR) has recently published an in-depth report on the global biofortification market and has projected to the market to capture a steady CAGR over the forecast period of 2019-2024.
Current prevalent dietary trends are damaging to human health, and given the hectic lifestyle of people, nutrient rich food is an absolute necessity. Moreover, nutrition deficiency is a longstanding problem among poor people. Thus, biofortification aims to improve the quality of staple food crops for resource-poor people. Surging incidence rate of various diseases related to nutrient deficiencies has prompted the governments of multiple countries to invest huge amounts on agriculture sector. Biofortification-inclusive nutrition strategies form essential part of agro strategies, which is fueling the growth of the market. Surging incidences of malnutrition and towering demand for nutrient dense food crops can be credited for biofortification. The developing countries, in particular, have immense potential for the growth of the biofortification market on account of high prevalence of undernourishment and an unregulated market environment.
In contrast, the growth of the market might be hindered by lack of awareness regarding biofortification and stringent regulations associated with production and commercialization of transgenic crops.
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Competitive Landscape
DowDuPont (US), BASF SE (Germany), Bayer (Germany), HarvestPlus (US), and Syngenta (Switzerland) are key players in the biofortification market.
Segmentation
The biofortification market has been segmented based on targeted crop, approach, and targeted nutrient.
By targeted crop, the biofortification market has been segmented into cereals and grains, fruits and vegetables, legumes and pulses, oilseeds, and others. The cereals and grains segment is anticipated to reign the global market over the forecast period. Cereals and grains such as wheat, pearl millet, and rice are generally consumed as staple food in numerous developing countries. Not only are they affordable but are produced in large quantities in APAC. Moreover, cereals and grains are increasingly being genetically modified for the enhancement of nutrient content and overcome zinc and iron deficiencies.
By approach, the global biofortification market has been segmented into transgenic, conventional breeding, and agronomy. The transgenic segment is likely to be the largest segment over the forecast period. Transgenic method requires less time to produce biofortified crops and is thus the preferred method. Transgenic method is commonly used for legumes, oilseeds, cereals, fruits, fodder, and vegetables. Moreover, multiple crops can be targeted through transgenic-based approach. The conventional approach is desirable when genetic diversity is available; however, conventional breeding techniques require almost seven to eight years to produce biofortified crops.
By targeted nutrient, the biofortification market has been segmented into vitamins, minerals, amino acids, and others. The minerals segment is the largest segment and is anticipated to dominate the market over the forecast period. Surging prevalence of diseases caused by mineral deficiencies is expected to boost the growth of the segment. The vitamins segment is anticipated to capture the highest CAGR over the forecast period. Vitamin deficiencies is the root cause of various diseases and thus researchers are trying to develop biofortfied crops with vitamins.
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Regional Analysis
Region-wise, the biofortification market has been segmented into Latin America, Asia Pacific (APA), Rest-of-the-World (RoW), and Africa.
APAC accounts for the largest share of the biofortification market. Expanding agricultural industry and increased cultivation and acceptance of biofortified crops among end users is driving the growth of the market. In addition, rising investments in agricultural research by the governments of the region are supporting the growth of the market.
The Africa biofortification market is anticipated to capture the highest CAGR over the forecast period. The governments in the region are investing heavily on the agriculture sector and there has been a sudden shift to biofortified crops due to growing visibility regarding the importance of nutrient rich food. Nigeria, Malawi, Ghana, Congo are the key country-specific markets within Africa.
Leading market players have considerable presence in APAC and Africa and these players have also set up their research facilities in these regions, which provides an edge to these markets.
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