Biofortification Market Analysis

Biofortification Market Overview

Biofortification Market Size was valued at USD 0.097 billion in 2023. The biofortification market industry is projected to grow from USD 0.10476 Billion in 2024 to USD 0.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.24% during the forecast period (2024 - 2032). Increased funding for agrigenomics technical innovation and rising demand for high nutritional value foods are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Biofortification Market Trends

• Increasing demand for high-nutrition food is driving the market growth

The market CAGR for biofortification is being propelled by reasons such as rising demand for high-nutrition foods and increased consumer health consciousness as a result of health issues such as nutritional deficiencies and malnutrition. According to Forbes, the world's population is predicted to reach 9.7 million people, necessitating a 70% increase in global food production over the following 30 years in order to feed everyone. The worldwide biofortification market is benefiting from technical advancements as well as increased agricultural expansion investments. The need for biofortification is expected to expand in response to rising rates of nutritional deficiencies and the number of malnourished children. The Biofortification Market is expected to grow over the forecast period due to rising demand.

However, a lack of understanding about the benefits of biofortified crops is projected to hamper the biofortification market's growth. Numerous constraints on the production of genetically modified crops have the potential to stifle the expansion of the biofortification business. Biofortification requires trait variety in the primary, secondary, or tertiary gene pools of the chosen crop, which limits diversity.

For instance, the World Health Organization, this technology has the potential to help approximately 2 billion people suffering from iron deficiency-induced anemia. Furthermore, micronutrient deficiencies such as vitamin A, iron, and zinc impact more than half of the world's population. As a result, unlike traditional fortification, bio-fortification can reach the rural masses who live below the poverty line. Furthermore, studies show that this method is affordable to even the poorest members of society without sacrificing agronomic productivity. Thus, driving the biofortification market revenue.

Biofortification Market Segment Insights

Biofortification Targeted Crop Insights

The Biofortification Market segmentation, based on targeted crop includes cereals and grains, fruits and vegetables, legumes and pulses, oilseeds, others. Fruits and vegetables accounted for the majority of share in the market. Sweet potato is classified as a fruit and vegetable crop. With technological advances to increase nutrient content, demand for biofortified foods such as sweet potato and cassava has increased, particularly in sweet potato orange pulp (OFSP). Sweet potatoes have been a key source of energy in human diets for eons due to their high carbohydrate content. Howpyer's vitamin A content, derived from carotene, was found only a century ago. Sweet potato cultivation in Africa focuses on higher yields, better taste, and maximum dry matter, which increases carotene concentration thanks to biofortification.

Biofortification Approach Insights

The Biofortification Market segmentation, based on approach, includes transgenic, conventional breeding, agronomy. Agronomy category held a significant market share. Agronomic biofortification is the deliberate use of mineral fertilizers to increase the concentration of a target mineral in edible parts of crops in order to improve dietary intake of the target mineral. Agronomic biofortification is the process of increasing the density of nutrients, vitamins, and minerals in a crop through suitable agronomic methods, and it can be considered an effective strategy for supplementing micronutrient powders and boosting dietary diversity.

Biofortification Targeted Nutrient Insights

The Biofortification Market segmentation, based on targeted nutrient, includes vitamins, minerals, amino acids and others. During the projection period, the vitamins segment is expected to grow the fastest. Growth in demand for functional and enhanced processed food products, the incidence of vitamin deficiencies, and feed fortification due to increased worldwide meat and dairy product consumption are driving drivers for the biofortification market. Biofortified plants are getting increasingly popular due to the increased demand for high nutrient content in food. The growing demand for vitamins as food supplements or drink mixes from the animal nutrition sector, as well as the growing desire for high-quality meat products, have all contributed to the global increase in demand for vitamins.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Biofortification Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America is expected to dominate the biofortification market during the forecast period due to increased cultivation and consumption of biofortified crops in food processing and direct consumption. The expansion of the agriculture industry in North America, as well as increased R&D investments in agricultural operations, is fueling regional market growth.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: BIOFORTIFICATION MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s biofortification market accounts for the second-largest market share due to the increased use of new and improved technologies in farming in developing nations. Further, the German biofortification market held the largest market share, and the UK biofortification market was the fastest-growing market in the European region

The Asia-Pacific Biofortification Market is expected to grow at the fastest CAGR from 2023 to 2032. This is Because of agricultural revolution and increased nutritional value of food in the region. Moreover, China’s biofortification market held the largest market share, and the Indian biofortification market was the fastest-growing market in the Asia-Pacific region.

In March 2019, HarvestPlus-India won a USD 6 million grant from the Bill & Melinda Gates Foundation to expand its biofortification operations in two new states: Odisha and Bihar. This strategy was designed to assist the organization in growing and expanding its customer base.

Biofortification Key Market Players & Competitive Insights

Leading market players are spending a lot of money on R&D to diversify their product offerings, which will spur further growth in the biofortification industry. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The biofortification industry must provide affordable products if it is to grow and thrive in an increasingly competitive and challenging market environment.

One of the most important business strategies employed by manufacturers in the global biofortification industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. One of medicine's most important recent developments has come from the biofortification industry. Major players in the biofortification industry, such as DowDuPont (US), Syngenta (Switzerland), HarvestPlus (US), Bayer (Germany), BASE SE (Germany), Charles River, LemnaTec, Intertek and others, are trying to boost market demand by investing in research and development operations.

Syngenta AG, headquartered in Basel, Switzerland, is a provider of agricultural research and technology, including seeds and insecticides. ChemChina, a Chinese state-owned enterprise, owns it. Syngenta was formed in 2000 by the combination of Novartis and AstraZeneca's agrichemical operations, and was acquired by China National Chemical Corporation (ChemChina) in 2017. Syngenta Crop Protection, Syngenta Seeds, Adama, and Syngenta Group China are its business units. The Syngenta Group was founded in 2020, combining Syngenta, Adama, and Sinochem's agriculture sector into a single firm. Pesticides, selective herbicides, non-selective herbicides, fungicides, insecticides, and corn, soya, and biofuel are among Syngenta's main goods. In September 2022, Syngenta Seedcare and Bioceres Crop Solutions collaborate to bring innovative biological sed treatments to market. Customers seeking cutting-edge biclogical seed treatment solutions will benefit (rom a global commercial and R&D collaboration announced between Syngenta Seedcare business aid Bioceres Crop.

The Monsanto Company was an American agrochemical and agricultural biotechnology firm headquartered in Creve Coeur, Missouri, founded in 1901. Roundup, a glyphosate-based herbicide created by Monsanto in the 1970s, is the company's most well-known product. Later, the company expanded into a significant producer of genetically modified crops. In 2018, the company was placed 199th on the Fortune 500 list of the top corporations in the United States by revenue. In 1983, Monsanto was one of four companies to insert genes into plants, and in 1987, it was one of the first to conduct field trials with genetically modified crops. It was one of the top ten US chemical firms until it liquidated most of its chemical assets between 1997 and 2002 through a series of acquisitions and spin-offs that shifted the company's focus to biotechnology. In March 2018, Monsanto Company and Pairwise Plants established a collaboration to advance agricultural research and development by utilising gene-editing technologies. This would aid farmers in producing greater harvests and the company's product development.

Key Companies in the biofortification market include

• DowDuPont (US)


• Syngenta (Switzerlind)


• HarvestPlus (US)


• Bayer (Germany)


• BASE SE (Germany)

Biofortification Industry Developments

In November 2020 HarvestPlus announced the availability of the CSDietary software on the Intake website. Intake is a trailblazer in the use of dietary data to develop evidence-based policies and programs to address global nutrition challenges.

In  October 2021 Fedearroz BioZn035 is Colombia's first biofortified zinc rice. It is expected to generate significant demand in rural regions due to its numerous health benefits.

In July 2021 The Philippines declared that commercial farming of golden rice, which has been genetically modified to manufacture beta-carotene, would be fully legalized.

Biofortification Market Segmentation

Biofortification Market By Targeted Crop Outlook

• Cereals and Grains


• Fruits and Vegetables


• Legumes and Pulses


• Oilseeds


• Others

Biofortification Market By Approach Outlook

• Transgenic


• Conventional Breeding


• Agronomy

Biofortification Market By Targeted Nutrient Outlook

• Vitamins


• Minerals


• Amino Acids


• Others

Biofortification Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America