The growth of the biofortification market is driven by the rise in funds for agronomic practices and technological advancements. Biofortified crops are considered are sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and others such as tomato, banana, sorghum, and barley.
The biofortification market is estimated at USD 78 million in 2018, and it is projected to grow at a CAGR of 8.6% to reach USD 118 million by 2023. The biofortification market is segmented on the basis of target nutrient, crop, and region.
The target nutrients include iron, zinc, vitamins, and others such as β-carotene, amino acids, and proteins. This market has also been segmented on the basis of crop into sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and others such as tomato, banana, sorghum, and barley.
On the basis of key regions, the market has been segmented into Latin America, Asia Pacific, and Africa.
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The key drivers for market growth are the rise in funds for agronomic practices and technological advancements. However, low awareness about the benefits of biofortified crops acts as a restraint for market growth.
On the other hand, strong market potential in developing countries presents significant growth opportunities in the market.
Based on crop, the sweet potato segment is estimated to hold the largest market share 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).
On the basis of target nutrient, the vitamins segment is projected to be the fastest-growing from 2018 to 2023. This is because the rising demand for vitamins as feed additives or in premixes from the animal nutrition industry and the increasing demand for high-quality meat products have been crucial factors responsible for the increase in the demand for vitamins across the world.
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The Asia Pacific region is expected to be the largest market for biofortification between 2018 and 2023. The Asia Pacific region is currently undergoing a dramatic transformation in response to rapid urbanization, diet diversification, and the liberalization of foreign direct investment in the food and agricultural sectors.
The biofortification market is dominated by various players, depending on their core competencies. However, low awareness about the benefits of biofortified crops is a major factor restraining the growth of the market.
The biofortification entities in this country are majorly the key players such as Bayer (Germany), Syngenta (Switzerland), Monsanto (US), and DowDuPont (US). These companies are increasingly adopting biofortification technologies and have a strong presence in the Asia Pacific and African countries.
They also have technological facilities along with strong research laboratories across regions.
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