Biofortification Market to Showcase Continued Growth in the Coming Years

Northbrook, USA, 2020-Feb-13 — /EPR Network/ — The biofortification market is estimated at USD 78 million in 2018, and it is projected to grow at a CAGR of 8.6% to reach USD 118 million by 2023. The biofortification market is segmented on the basis of target nutrient, crop, and region. The target nutrients include iron, zinc, vitamins, and others such as β-carotene, amino acids, and proteins. This market has also been segmented on the basis of crop into sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and others such as tomato, banana, sorghum, and barley. On the basis of key regions, the market has been segmented into Latin America, Asia Pacific, and Africa.

The key drivers for market growth are the rise in funds for agronomic practices and technological advancements. However, low awareness about the benefits of biofortified crops acts as a restraint for market growth. On the other hand, strong market potential in developing countries presents significant growth opportunities in the market.

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Based on crop, the sweet potato segment is estimated to hold the largest market share in 2018. The demand for biofortified crops such as sweet potato and cassava has increased with the rising technological advancements to increase the nutrient content, particularly in orange-fleshed sweet potato (OFSP).

On the basis of target nutrient, the vitamins segment is projected to be the fastest-growing from 2018 to 2023. This is because 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 been crucial factors responsible for the increase in the demand for vitamins across the world.

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.

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The biofortification market is dominated by various players, depending on their core competencies. However, low awareness about the benefits of biofortified crops is a major factor restraining the growth of the market. The biofortification entities in this country are majorly the key players such as Bayer (Germany), Syngenta (Switzerland), Monsanto (US), and DowDuPont (US). These companies are increasingly adopting biofortification technologies and have a strong presence in the Asia Pacific and African countries. They also have technological facilities along with strong research laboratories across regions.

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