Global Biofortification Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Biofortification Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global biofortification market report has been segmented on the basis of target nutrient, crop, and region.

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Global Biofortification Market: Overview

Biofortification is a process used to increase the nutritional value of crops. Biofortification is usually used for crops such as sweet potato, wheat, rice, cassava, beans, pearl millet, corn, and other crops such as banana, tomato, barley, and sorghum. It acts as a major strategy to enhance micronutrient proportions in staple foods and minimizes the micronutrient deficiencies in the population.

According to the World Health Organization (WHO), Biofortification is the process in which nutritional quality and value of food crops are improved through conventional plant breeding, agronomic practices, or modern biotechnology.

Global Biofortification Market: Dynamics

Growth of the biofortification market is driven by increasing investments for agronomic activities and technological advancements. Moreover, increasing use of high nutritional content in foods due to increasing consumer preferences and awareness regarding healthy diets is major factors expected to drive growth of the target market. In addition, increasing health consciousness among consumers is expected to fuel the target market growth. Furthermore, growing demand for high nutrition content in food as well as increasing incidences of nutritional and malnutrition deficiencies are some primary factor expected to drive the global biofortification market.

A recent trend observed in the target market is government, regulatory authorities, agri-based firms, and private agriculture research institutes are investing in R&D activities for new product development. In March 2019, for instance, Verdeca LLC has introduced pre-commercial soybeans – which are resistant to droughts in Argentina.

However, lack of awareness about the benefits of nutritionally improved crops and stringent rules and regulations pertaining to production and commercialization of transgenic crops that may hamper growth of the target market.

Global Biofortification Market: Segment Analysis

Among the target nutrient segments, the vitamins segment is expected to hold a significant share in the global target market.

Among the crop segments, the sweet potato segments are projected to dominate the market over the forecast period.

Global Biofortification Market: Region Analysis

The Asia Pacific biofortification market is expected to hold a significant share in the global market and is expected to maintain its dominance over the forecast period. This is attributed to increasing consumer demand for high nutritional food ingredients. Moreover, increasing awareness regarding the importance of nutrient-rich food and technological advancements in countries such as India and China, giving a new way for growth of the target market.

The market in Africa is expected to witness significant growth in the global market in terms of revenue over the forecast period. Rising disposable income, economic growth, changing consumer preferences, and increasing demand for nutritional food products, are some factors expected to drive growth of the biofortification market in the region. Moreover, the introduction and development of agro-innovation resulted in the adoption of new technologies in the agriculture sector, fueling growth of the target market.

In October 2017, US Agency for International Development (USAID) and Syngenta signed Memorandum of Understanding (MOU) for supporting the agricultural and the food security activities in Asia, Latin America, and Africa.  This strategy aims at promoting food security and technology adoption to boost farm productivity.

Global Biofortification Market Segmentation:

Segmentation by Target Nutrient:

Zinc
Vitamins
Iron

Segmentation by Crop:

Sweet Potato
Pearl millet
Cassava
Wheat
Rice
Beans
Corn
Others (Tomato, Banana, Sorghum, and Barley)