The biofortification market is estimated at USD 78 million in 2018 and is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023. The growth of the biofortification market is driven by the rise in funds for agronomic practices and technological advancements. Biofortification is used in crops such as sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and others such as tomato, banana, sorghum, and barley.
• 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.
The sweet potato segment is estimated to hold the largest share of the biofortification market 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). Sweet potato has been an important source of energy in the human diet for centuries owing to its high carbohydrate content. However, its vitamin A content from carotene only became recognized over the past century. Using biofortification, sweet potato breeding in Africa is focused on higher yields, sweeter taste, and higher dry matter, which increase its carotene concentration.
The Asia Pacific is the dominant region in the biofortification market. Biofortification has strong growth potential in agriculture, and it 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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This report includes a study of marketing and development strategies along with the product portfolios of the leading companies in the biofortification market. It also includes the profiles of leading companies such as Bayer (Germany), Syngenta (Switzerland), Monsanto (US), and DowDuPont (US).
- 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 Paul¨ªnia, Brazil; this center would host a resistance-monitoring laboratory and a center for agriculture in tropical regions.
Key Questions Addressed by the Report:
- What are the new target nutrients areas, which the biofortification companies are exploring?
- Which are the key players in the market and how intense is the competition?
- What kind of competitors and stakeholders such as biofortification companies, would be interested in this market? What will be their go-to strategy for this market and which emerging market will be of significant interest?
- How are the current R&D activities and M&As in the biofortification industry projected to create a disruptive environment in the coming years for the agricultural sector?
- What will be the level of impact on the revenues of stakeholders through the benefits of nanotechnology to different stakeholders from rising farmer revenue to environmental regulatory compliance to sustainable profits for the suppliers?