Global Biofortification Market Analysis & Outlook (2018-2023) - Vitamins to Be the Fastest Growing Target Nutrient of Biofortification

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Dec 11, 2018, 12:15 ET

DUBLIN, Dec. 11, 2018 /PRNewswire/ --

The "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" report has been added to ResearchAndMarkets.com's offering.

The biofortification market is estimated at USD 78 million in 2018 and projected to grow at a CAGR of 8.6%, 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. A key driver for the market's growth is the increasing use of high nutritional content in foods due to increasing consumer awareness about healthy diets.

Africa is projected to be the fastest-growing regional market. Asian countries, especially India, have emerged as leading destinations, thereby facilitating the market shift from developed economies to developing economies. One of the major restraints in the growth of the biofortification market is low awareness about the benefits of biofortified crops.

The sweet potato segment is estimated to account for the largest share in 2018

Based on crop, the sweet potato segment is estimated to account for 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). Africa is projected to be the fastest-growing market in the sweet potato segment due to the ease of biofortifying sweet potato with nutrients such as iron, zinc, and vitamins.

Vitamins to be the fastest growing target nutrient of biofortification

Based on the target nutrient, the vitamins segment is expected to be the fastest-growing during the forecast period. Growth in demand for functional and enriched processed food products, the prevalence of vitamin deficiencies, and feed fortification due to the rise in global meat and dairy product consumption are some of the driving factors for the biofortification market.

High growth is expected in the African biofortification market

Africa is projected to be the fastest-growing market for the period considered for this study due to the rising disposable income and increase in demand for nutritional food products, along with the growing technology base, leading to increased demand for biofortification in the region. Africa has rich biodiversity in terms of crops. The development and introduction of agro-innovation across Africa resulted in the adoption of various new technologies in the agriculture industry.

Leading Players

Syngenta
DowDuPont
Bayer
BASF
Monsanto
Charles River
LemnaTec
Intertek
Agro BioSciences Inc.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Segmentation
1.4 Periodization Considered
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Research Assumptions
2.5 Research Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Biofortification Market
4.2 Biofortification Market Size, By Region
4.3 Biofortification Market, By Crop
4.4 Biofortification Market, By Target Nutrient, 2018 vs 2023

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Demand for High Nutritional Content Foods
5.2.1.2 Rise in Funds for Agrigenomics
5.2.1.3 Technological Advancements Ensure Strong Market Growth
5.2.2 Restraints
5.2.2.1 Lower Awareness About the Benefits of Biofortified Crops
5.2.3 Opportunities
5.2.3.1 Unregulated Environment for Biofortification
5.2.3.2 Strong Market Potential in Developing Countries
5.2.4 Challenges
5.2.4.1 Restriction on the Production of Genetically Modified Crops
5.3 Supply Chain Analysis
5.4 Crop Development Framework
5.5 Patent Analysis

6 Biofortification Market: Regulatory Framework
6.1 Introduction
6.1.1 Harvestplus
6.1.2 International Bodies for Biofortification Standards and Regulations
6.1.3 Food and Agriculture Organization of the United Nations (FAO) and the World Health Organization (WHO)

7 Biofortification Market, By Target Nutrient
7.1 Introduction
7.2 Zinc
7.2.1 Zinc is the Most Widely Added Agricultural Micronutrient Globally, Owing to Its High Nutritional Properties
7.3 Iron
7.3.1 Iron Segment Held the Largest Market Share, Due to Their High Demand
7.4 Vitamins
7.4.1 Through the Process of Biofortification, the Density of Vitamins and Minerals is Increased in A Crop Through Plant Breeding
7.5 Others (?-Carotene, Amino Acids, and Proteins)

8 Biofortification Market, By Crop
8.1 Introduction
8.2 Sweet Potato
8.2.1 The Demand for Sweet Potato has Increased With the Rising Technological Advancements to Increase the Nutrient Content
8.3 Cassava
8.3.1 Cassava is One of the Starchy Staple Foods Consumed in Africa, Asia and Latin America
8.4 Rice
8.4.1 According to the FAO, in Many Asian Countries, Rice Provides Up to 80% of the Energy Intake of the Poor Population
8.5 Corn
8.5.1 According to the US Department of Agriculture, in 2015 About 92% of the Corn Produced in the US Was Genetically Modified
8.6 Wheat
8.6.1 for Improving the Yield and Quality of the Crops, Biofortification Technology Required
8.7 Beans
8.7.1 Beans is the Most Important Food in the Daily Food Hence the Biofortification is Required for Improving Its Nutritional Contain
8.8 Pearl Millet
8.8.1 Pearl Millet is A Part of the Daily Diet for More Than 50 Million People in the Semi-Arid Regions of India and Africa
8.9 Others (Tomato, Banana, Sorghum, and Barley)

9 Biofortification Market, By Region
9.1 Introduction
9.2 Latin America
9.2.1 Brazil
9.2.2 Guatemala
9.3 Africa
9.3.1 Nigeria
9.3.2 Dr Congo
9.3.3 Ghana
9.3.4 Malawi
9.3.5 Rest of Africa
9.4 Asia Pacific
9.4.1 Bangladesh
9.4.2 China
9.4.3 India
9.4.4 Rest of Asia Pacific

10 Competitive Landscape
10.1 Overview
10.2 Competitive Scenario
10.3 Market Ranking Analysis
10.4 Expansions
10.5 Mergers & Acquisitions
10.6 Collaborations & Investments
10.7 Agreements

11 Company Profiles
11.1 Syngenta
11.2 Bayer
11.3 BASF
11.4 Dowdupont
11.5 Monsanto
11.6 Charles River
11.7 Lemnatec
11.8 Intertek
11.9 Agro Biosciences Inc.

For more information about this report visit https://www.researchandmarkets.com/research/m9537f/global?w=5

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