The biofortification market is estimated at USD 78 million in 2018 and is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023. The study involves four major activities to estimate the current market size for biofortification. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. These findings, assumptions, and market size were validated with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research:
In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to, in order to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold & silver standard websites, food safety organizations, regulatory bodies, trade directories, and databases.
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Primary Research:
The biofortification market comprises several stakeholders such as technology providers and lab instrument & equipment manufacturers, biotechnological companies, genetic solution providers, plant & livestock breeders, public and private research institutions, agencies, and laboratories and commercial seed manufacturers (including both GM and non-GM seed manufacturers). The demand side of this market is characterized by the rising demand for high nutritional content in food. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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The sweet potato segment is estimated to hold 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). Sweet potato has been an important source of energy in the human diet for centuries owing to its high carbohydrate content. However, its vitamin A content from carotene only became recognized over the past century. Using biofortification, sweet potato breeding in Africa is focused on higher yields, sweeter taste, and higher dry matter, which increase its carotene concentration.
Asia Pacific is projected to account for the largest market size during the forecast period
The biofortification market, on the basis of region, is segmented into Latin America, Asia Pacific, and Africa. The Asia Pacific is projected to dominate the biofortification market throughout the forecast period. This is because biofortification has strong growth potential in agriculture and also improves the nutrition content in food. The biofortification market has grown considerably over the last five years, and this trend is expected to continue in the near future. The growing consumer demand for high nutritional content in food is projected to fuel the demand for biofortified crops, globally.
Key Market Players
Key players identified in this market include Syngenta (Switzerland), Bayer (Germany), BASF (US), and DowDuPont (US). They are focusing on increasing their presence through acquisitions and expansions and developing products specific to consumer preferences. These companies have a strong presence in the Asia Pacific and Africa. They have also set up research laboratories in various regions and have strong distribution networks.
Recent Developments:
In November 2018, Intertek developed its local capabilities and services at its laboratory in Beira, Mozambique. This would help the company to expand its business in Mozambique as well as in the East African region.
In September 2018, Bayer acquired Monsanto (US), for USD 128 per share. This would help combine the companies¡¯ leading innovation capabilities and R&D technology platforms in the agricultural industry.
In October 2016, DuPont Pioneer and Africa Harvest Biotech Foundation International, a research firm from Johannesburg, South Africa, entered into a collaboration to conduct research on the increasing vitamin E and beta-carotene production in sorghum to improve the availability and longevity of beta-carotene.
In November 2015, Bayer opened three R&D institutes in Paul¨ªnia, Brazil; this center would host a resistance-monitoring laboratory and a center for agriculture in tropical regions.
