Biofortification Market Analysis | Leading Players, Industry Updates, Future Growth, Business Prospects 2032

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Biofortification market size is anticipated to reach USD 0.17 billion by 2032, registering a CAGR of 8% during 2023-2032.

The Biofortification market is growing rapidly over recent years, mainly due to an unvaried diet that lacks essential nutrients like Vitamin A, Iron, and Zinc. Necessary for healthy cognitive and functional development, lack of these nutrients puts people at a higher risk of contracting chronic diseases that reduce the quality of life and increase the mortality rates, drastically. Biofortification has emerged as a proven technology to enhance nutritional values in crops.

Also, staple crop biofortification is trending, becoming a recognized solution to solve the problem of nutrient deficiency, which is also known as hidden hunger. According to Market Research Future (MRFR), the global Biofortification Market is projected to garner exponential accruals by 2027, registering an outstanding CAGR during the review period (2020-2027). The government provides biofortified crops to undernourished people; such efforts and funding support drive a large market share.

Besides, substantial investments by private agriculture research institutes and agri-based firms impact the growth of the market positively. Moreover, advances in fortification techniques are fuelling market growth, producing biofortified crops in a short duration of time with assured results. However, fortification efforts are limited, especially in underdeveloped as well as developing countries. Also, the rising cases of micro-nutrient deficiency and anemia in women foster market growth.

In the past, hidden hunger has been typically countered by consuming pill supplements. However, supplements may not always be prudent in tropical regions; hence, the WHO endorses biofortification as a primary means of improving micronutrients to improve the nutritional quality of the food. Subsequently, governments across the world are undertaking projects that can help reach wider populations susceptible to nutrition deficiency through the existing food delivery systems without requiring major changes.

On the other hand, the lack of awareness about the benefits of nutritionally improved crops and stringent regulations pertaining to the production commercialization of transgenic crops are projected to act as significant growth impeders for the market. Nevertheless, government initiatives and funds would support the growth of the biofortification market, increasing awareness among populations.

Global Biofortification Market – Segments

For the scope of understanding, the report has been segmented into four key dynamics.

By Targeted Crop: Cereals and Grains, Fruits Vegetables, Legumes Pulses, Oilseeds, and others.

By Approach: Transgenic, Conventional Breeding, Agronomy, and others.

By Targeted Nutrient: Vitamins, Minerals, Amino Acids, and others.

By Regions: Europe, Americas, Asia Pacific, Middle East Africa, and Rest-of-the-World.

Global Biofortification Market - Regional Analysis

Asia Pacific region dominates the global Biofortification market with the huge advancements in the fortification techniques. Rapidly growing markets in some of the emerging economies such as China, India, Japan, and Australia drive the regional market, offering ample opportunities for expansion to international players. Besides, factors such as the increased cultivation and consumption of biofortified crops in food processing and direct consumption drive a huge market share.

Increasing RD investments in the burgeoning agricultural sectors in the region fuel the growth of the biofortification market. Moreover, the growing demand for fortified food and beverage products acts as a key driving force for the growth of the regional market. Heading with the Food Safety Standards enforced by the government to regulate the provisions regarding fortified food, the APAC biofortification market is anticipated to register a colossal CAGR throughout the forecast period.

The biofortification market in the African region is expected to register the highest CAGR during the forecast period, emerging as the fastest-growing and promising market, globally. Also, increasing government initiatives and rising awareness regarding the importance of nutrient-rich food to curb nutritional disorders propel the growth of the market. Most population in Africa is combating against a nutrient deficiency, also known as hidden hunger.

However, African countries have now realized that the staple crop biofortification is a potentially more sustainable alternative to help to counter the nutrient deficiency. Resultantly, governments are leading various initiatives and projects to drive biofortification of field-grown crops by engineering expression of an iron transporter and ferritin. The elevated mineral levels of the biofortified crops could have a significant impact on the health of populations in West Africa.

The biofortification market in North America is heading with the advanced technologies for fortification. The region witnesses rising incidences of micronutrient deficiencies and Vitamin D deficiency among people. Moreover, wide-spread consumer awareness about the benefits of biofortification and the increasing prevalence of chronic diseases such as high blood pressure, cancer, cardiovascular disease, and Alzheimer's disease drive regional market growth.

Global Biofortification Market – Competitive Analysis

Highly competitive, the Biofortification market appears to be fragmented due to the presence of several well-established players. To gain a larger share in this market, innovation, mergers acquisitions, expansion, brand reinforcement, and product/ technology launch remain the key trends. The market demonstrates huge growth potential, which is estimated to intensify the market competition further, attracting several new entrants. Players are increasingly expanding their global footprint by acquiring promising companies in the developing regions.

Major Players:

Players leading the global key Biofortification market players include HarvestPlus (US), DowDuPont (US), Syngenta (Switzerland), BASF SE (Germany), and Bayer (Germany), among others.

Industry/Innovation/Related News: 

July 27, 2020 --- The Indian Council of Agricultural Research (ICAR), announced that it is placing greater emphasis on biofortification of crops to improve nutritional quality. So far, the ICAR has released 35 varieties of biofortified crops, including two types of sweet potato that are rich in Beta-carotene and Anthocyanin, respectively, developed by the ICAR-Central Tuber Crops Research Institute (ICAR-CTCRI). 

After the huge success of the 'pulses revolution' that had effectively ended India's dependence on imports during the past three years, the ICAR is set to work on an action plan for the proposed 'edible oil revolution,' aiming at raising oilseed productivity at the national level. Earlier India was spending around Rs. 10,000 crores annually on pulses imports, but now, the country has an additional production of six to nine MN tones accumulated over the past three years.

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