Biofortification is the process through which the nutritive value of the food consumed can be increased through plant breeding. During the process of ordinary fortification, the nutritive value of the food is increased during production, while in the case of biological fortification-the nutrition value is increased in the growth stage of the crop itself. This technology helps with eliminating problems like malnutrition and anemia in underdeveloped nations where the nutritional value of food is very low.
According to WHO, this technology can help with curing nearly 2 billion people suffering from iron deficiency-induced anemia. Moreover, deficiency of micro-nutrients such as vitamin A, iron, and zinc affect over one-half of the world's population. Therefore, as compared to ordinary fortification, bio-fortification can reach the rural masses who are below the poverty line. Moreover, studies prove that this technology is feasible for even the poor strata of the society without compromising on agronomic productivity.
The increasing demand for high nutritive value food products coupled with a rise in health issues due to deficiency of essential nutrients has been one of the key drivers for this market. Malnutrition in developing countries acts as a driver for this market since biofortification can be a solution for the same. Emerging technologies and increasing investment in agriculture have a positive impact on the global growth of this market. Moreover, rising consciousness amongst people concerning health and fitness further propels the market growth. One challenge encountered by the producers of this segment is to get consumers to accept biofortified crops and increase their intake of target nutrients.
The global market for biofortification is projected to hold a value of USD 97 billion in the year 2028 from a value of 71 Billion in the year 2020. The CAGR of this market is expected to be 3% during the forecast period. This market is segmented as crop type, and region. Globally, APAC is the largest shareholder of this segment, it is accounted for one-third of the global market revenue. On the basis of crop type, the biofortified sweet potato and cassava segment dominates this market owing to its increased nutritional value and consumption in Africa. By target nutrients, vitamins contribute up to 50% of the global revenue generated which hereby quantifies this segment as the leading one.
The study period of the report titled, "Global Biofortification-Market and Technology Forecast to 2028
", ranges from 2018-2028 and the forecast period is from 2020-2028. The market is segmented based on Crop Type, Target Nutrition, Method, and Region.
This report is aimed at:
Segmentation within this report includes
- The effects of the change in drivers, restraints, and challenges on the global market have been provided.
- Upcoming technologies and the change in market dynamics due to their induction has been discussed.
- Detailed analysis concerning the key market players and competitors within this field accompanied by strategies employed by them have been discussed.
- Porter’s Five Forces and PESTLE Analysis has been used to provide a strategic analysis of the Biofortification market.
- The high growth areas of this market along with the opportunities and challenges of this market segment have been discussed.
- All the activities that could impact the global market have been discussed.
Segmentation based on Crop Type, Target Nutrients and Region.
On the basis of region
On the basis of Crops Type
- North America
- Asia Pacific
- Latin America and the Middle East
- Rest of the World
Based on Target Nutrients
- Pearl Millet
- Sweet Potato
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