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Biofortification Market Growth Opportunities by 2023

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The global biofortification market was valued at USD 71.7 million in 2017 and is projected to reach USD 117.6 million by 2023, at a CAGR of 8.6% from 2018.

The report "Biofortification Market by Crop (Sweet Potato, Cassava, Rice, Corn, Wheat, Beans, and Pearl Millet), Target Nutrient (Zinc, Iron, and Vitamins), and Region (Latin America, Africa, and Asia Pacific) - Global Forecast to 2023 ", is estimated at USD 78 million in 2018, and it is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023. Biofortified crops are usually sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and other crops such as tomato, banana, sorghum, and barley. The growth of the biofortification market is driven by the rising demand for high nutritional content in food.

  Biofortification Market

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The iron segment is estimated to account for the largest share in the biofortification market in 2018

 

On the basis of target nutrient, the biofortification market has been segmented into iron, zinc, vitamins, and others such as â-carotene, amino acids, and proteins. The iron segment is estimated to account for the largest share in 2018. Iron is a micronutrient which is required by plants in lesser amounts than primary or secondary micronutrients. It is a constituent of several enzymes and some pigments and assists in nitrate and sulfate reduction and energy production within the plant.  Biofortification aims to increase the nutrient levels in crops during plant growth rather than through manual means during crop processing.

 

Sweet potato segment to dominate the biofortification market, by crop, in 2018

 

The sweet potato segment is estimated to hold the largest share of the global 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 is recognized as 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.

 

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Asia Pacific to be the dominant region in the biofortification market in 2018

 

The Asia Pacific is the dominant region in the biofortification market. Biofortification of crops 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. Since the last decade, many countries in the Asia Pacific region have banned the usage of GM technology, and the researchers are opting to adopt biofortified crops as a key to unlock the region’s food production.

 

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).

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