Bioengineered Foods are the Future: Ethical and Technical Constraints Still Prevail: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, June 14, 2017 /PRNewswire/ --
Bioengineered foods have some genetically modified characteristics obtained from the gene of some other plants. The fundamental objective of bioengineering in foods is to create new crops that are better than the existing crops in terms of nutritive values and, enhanced pest-resistance properties. Increasing production of genetically modified/bioengineered foods such as crops, fruits, vegetables are the key factors boosting the growth in the global bioengineered food market. There is a worldwide growth in the acreage of genetically modified food. According to OBRC analysis, the major countries that have shown significant growth in acreage of genetically modified food from 2010-2016 include: Brazil (11.6%), Canada (4.7%), India (2.3%). According to the Library of Congress (U.S.), the genetically modified (GM) crop acreage has increased up to 73 million hectares in the U.S. in 2016 from 66 million hectares in 2010.
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High GM crop yield & increased production area spurring opportunities in North America
North America is the leading region in the global bioengineered food market in terms of both production and consumption. The rising yield of bioengineered food or genetically modified crops is driving the North American bioengineered food market. According to International Service for the Acquisition of Agri-Biotech Application (ISAAA), the U.S. is the leading country which held around 40% revenue share in global bioengineered crops production in 2015.
According to ISAAA, in the U.S. around 92% of the U.S. corn crops' seeds were bioengineered in 2015, along with 94% of the soybean crops. Moreover, according to Canadian Biotechnology Action Network, in 2015, around 80% of the corn and 60% of soybeans produced in Canada is bioengineered. Various states of the U.S have passed regulations related to labelling of genetically modified/bioengineered food. In Jan. 2014, Maine's governor signed a bill for the requirement of labelling for foods made with Genetically Modified Organisms(GMO). Hence, increasing government support for the use of genetically engineered food is also boosting the growth in the global bioengineered food market. Presence of key players such as BASF Gmbh (US), Dow Chemical Company (US), DuPont (US), Monsanto (US), WinField (US), etc. is further fueling the growth in the North America bioengineered food market.
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High yield of bioengineered food: growth promoter
The increasing technological innovation in food engineering is driving the growth of the global bioengineered food market. TALEN is one of the techniques that is used for bioengineering of plants. TALEN is a technique in which enzymes can be engineered by cutting specific DNA sequence. This technique increases the efficiency and precision and lowers the production cost of GM crops. Due to all its features TALEN has been used widely in GM crops research, from GM tobacco to GM rice in over the years.
According to Global Farmer Network, around 2 billion hectares' biotech crops has been planted till 2015 from 1996 in around 28 countries. According to Food and Agriculture Organization of the United Nation, in 2015, around 1.5 billion hectares of land was used for crop production in the world. Whereas, according to Global Farmer Network, around 179.5 million hectares land was used for the production of biotech crops across the globe. Furthermore, according to Canadian Biotechnology Action Network, in 2015, on around 25 million hectares' land GM cotton has been produced in the world. Furthermore, as per Cotton Trade Association U.S., in 2015, 96.8 million bales of cotton produced across the globe. Thus, the high yield of bioengineered food is boosting the growth in global bioengineered food market.
According to The International Service for the Acquisition of Agri-biotech Applications (ISAAA) GMO, crops increased the crops yield by 1.7%, by changing 10% of genetically modified and herbicide tolerant crop productivity. Furthermore, the increasing funding for the development of the genetically modified crop across the globe is leading to bright prospects in the global bioengineered food market. According to United States Department of Agriculture (Foreign Agriculture Services) {USDA, FAS}, China has approved a special program for the development of new genetically engineered food by 2023. According to US Department of Agriculture, Foreign Agriculture Services (USDA FAS), China has invested around $3.6 billion (24 billion yuan) for the program. As per long and mid-term National Development Plan for Science and Technology (2006-2020), the research program is focusing on animals (sheep, cattle and swine) and crop (cotton, corn, wheat and rice). Moreover, The Government of India has announced budget for plant genomics research and biology. Department of Science and Technology of India has received around $662.69 million (44,702 INR million) with a 15% rise from the last year (2015) in allocated fund for research in GM crops. Hence, the increasing government initiative across the globe is also driving the growth in global bioengineered food market.
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About Occams Business Research & Consulting (OBRC):
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on Linkedin:
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SOURCE Occams Business Research & Consulting Pvt. Ltd.
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