Biofortification Market

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 Code: AGI 6773 Dec, 2018, by marketsandmarkets.com

[101 Pages Report] 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.

Biofortification Market

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.

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. Following is the breakdown of primary respondents:

Biofortification Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the biofortification market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

The key players in the industry and markets have been identified through extensive secondary research.

  • The Biofortification Market size, in terms of value, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed. The data was triangulated by studying various factors and trends from both the demand and supply sides, in the food & beverage industry.

Report Objectives

  • To define, segment, and project the global market size for biofortification
  • To understand the structure of the biofortification market by identifying its various subsegments
  • To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
  • To project the size of the market and its submarkets, in terms of value, with respect to the regions (along with their respective key countries)
  • To profile key players and comprehensively analyze their core competencies
  • To understand the competitive landscape and identify major growth strategies adopted by players across key regions
  • To analyze the competitive developments such as expansions & investments, new product launches, mergers & acquisitions, joint ventures, and agreements

Scope of the report

Report Metric

Details

Market size available for years

2016¨C2023

Base year considered

2017

Forecast period

2018¨C2023

Forecast units

Value (USD)

Segments covered

Crop, target nutrient, and region

Geographies covered

Latin America, Asia Pacific, and Africa

Companies covered

Syngenta (Switzerland), Bayer (Germany), BASF (Germany), DowDuPont (US), Monsanto (US), Charles River (US), LemnaTec (Germany), Intertek (UK), and Agro BioSciences Inc.(US)

This research report categorizes the biofortification market based on crop, target nutrient, and region.

On the basis of crop, the biofortification market has been segmented as follows:

  • Sweet potato
  • Cassava
  • Rice
  • Corn
  • Wheat
  • Beans
  • Pearl millet
  • Others (tomato, banana, sorghum, and barley)

On the basis of target nutrient, the biofortification market has been segmented as follows:

  • Zinc
  • Iron
  • Vitamins
  • Others (¦Â-carotene, amino acids, and proteins)

On the basis of region, the biofortification market has been segmented as follows:

  • Latin America
  • Africa
  • Asia Pacific

Available Customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports as per the client¡¯s specific requirements. The available customization options are as follows:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the Rest of Asia Pacific products market into Myanmar, Cambodia, and the Philippines  
  • Further breakdown of the African products market into DR Congo, Nigeria, Ghana, Malawi, and Rest of Africa

Company Information

  • Detailed analysis and profiling of additional market players (up to five)

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 growth of the biofortification market is driven by the rise in funds for agronomic practices and technological advancements. Biofortification is used in crops such as sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and others such as tomato, banana, sorghum, and barley.

The sweet potato segment is projected to be the largest revenue contributor in the biofortification market during the forecast period.

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.

The vitamins segment is projected to be the fastest-growing market during the forecast period.

On the basis of target nutrient, the biofortification market is segmented into iron, zinc, vitamins, and others. The vitamins segment is the fastest-growing target nutrient in the biofortification market from 2018 to 2023. The demand for biofortified crops is increasing due to the increasing demand for high nutrient content in food. 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 also been essential factors responsible for the increase in the demand for vitamins across the world.

Biofortification Market

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

  1. 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.  
  2. 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.
  3. 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.
  4. 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. 

Key Questions Addressed by the Report

  • What are the new target nutrients areas, which the biofortification companies are exploring?
  • Which are the key players in the market and how intense is the competition?
  • What kind of competitors and stakeholders such as biofortification companies, would be interested in this market? What will be their go-to strategy for this market and which emerging market will be of significant interest?
  • How are the current R&D activities and M&As in the biofortification industry projected to create a disruptive environment in the coming years for the agricultural sector?
  • What will be the level of impact on the revenues of stakeholders through the benefits of nanotechnology to different stakeholders from rising farmer revenue to environmental regulatory compliance to sustainable profits for the suppliers?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 13)
    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 (Page No. - 17)
    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 (Page No. - 25)

4 Premium Insights (Page No. - 29)
    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 (Page No. - 32)
    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 (Page No. - 39)
    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 (Page No. - 41)
    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 (Β-Carotene, Amino Acids, and Proteins)

8 Biofortification Market, By Crop (Page No. - 47)
    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 Biofortificatuion 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 (Page No. - 56)
    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 (Page No. - 68)
     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 (Page No. - 75)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     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.

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 95)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.3 Available Customizations
     12.4 Related Reports
     12.5 Author Details


List of Tables(31 Tables)

Table 1 US Dollar Exchange Rate Considered for the Study, 2014–2017
Table 2 Most Preferred Crops for Select Target Nutrients
Table 3 Biofortification Market Size, By Target Nutrient, 2016–2023 (USD Million)
Table 4 Zinc Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 5 Iron Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 6 Vitamins Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 7 Other Target Nutrients: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 8 Schedule of Product Release of Biofortified Crops, 2007–2013
Table 9 Biofortification Market Size, By Crop, 2016–2023 (USD Million)
Table 10 Sweet Potato: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 11 Cassava: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 12 Rice: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 13 Corn: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 14 Wheat: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 15 Beans: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 16 Pearl Millet: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 17 Others: Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 18 Biofortification Market Size, By Region, 2016–2023 (USD Million)
Table 19 Latin America: Biofortification Market Size, By Country, 2016–2023 (USD Million)
Table 20 Latin America: Biofortification Market Size, By Target Nutrient, 2016–2023 (USD Million)
Table 21 Latin America: Biofortification Market Size, By Crop, 2016–2023 (USD Million)
Table 22 Africa: Biofortification Market Size, By Country, 2016–2023 (USD Million)
Table 23 Africa: Biofortification Market Size, By Target Nutrient, 2016–2023 (USD Million)
Table 24 Africa: Biofortification Market Size, By Crop, 2016–2023 (USD Million)
Table 25 Asia Pacific: Biofortification Market Size, By Country, 2016–2023 (USD Million)
Table 26 Asia Pacific: Biofortification Market Size, By Target Nutrient, 2016–2023 (USD Million)
Table 27 Asia Pacific: Biofortification Market Size, By Crop, 2016–2023 (USD Million)
Table 28 Expansions, 2013 –2018
Table 29 Mergers & Acquisitions, 2014 –2018
Table 30 Collaborations & Investments, 2013–2016
Table 31 Agreements, 2013


List of Figures(32 Figures)

Figure 1 Biofortification Market Snapshot
Figure 2 Biofortification Market, By Region
Figure 3 Biofortification Market: Research Design
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Data Triangulation Methodology
Figure 8 Iron Segment to Dominate the Biofortification Market, By Target Nutrient, 2018 vs 2023 (USD Million)
Figure 9 Sweet Potato Segment to Dominate the Biofortification Market, By Crop, 2018 vs 2023 (USD Million)
Figure 10 Asia Pacific to Be Dominant in the Biofortification Market, 2018–2023
Figure 11 Advancements in Biofortification Processes to Fuel the Market Demand
Figure 12 Biofortification Market Size, 2018 vs 2023 (USD Million)
Figure 13 Sweet Potato to Account for the Highest Market Size Throughout the Forecast Period
Figure 14 Vitamins to Grow at the Highest Rate Between 2018 and 2023
Figure 15 Biofortification Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Biofortification Market Size, By Target Nutrient, 2018 vs 2023 (USD Million)
Figure 17 Sweet Potato is Expected to Dominate the Biofortification Market From 2018 to 2023 (USD Million)
Figure 18 Asia Pacific: Market Snapshot
Figure 19 Key Developments of the Leading Players in the Biofortification Market, 2013–November 2018
Figure 20 Annual Developments in the Biofortification Market, January 2013-November 2018
Figure 21 Market Ranking of Players in Biofortification Market
Figure 22 Syngenta: Company Snapshot
Figure 23 Syngenta: SWOT Analysis
Figure 24 Bayer: Company Snapshot
Figure 25 Bayer: SWOT Analysis
Figure 26 BASF: Company Snapshot
Figure 27 BASF: SWOT Analysis
Figure 28 Dowdupont: Company Snapshot
Figure 29 Dowdupont: SWOT Analysis
Figure 30 Monsanto: Company Snapshot
Figure 31 Charles River: Company Snapshot
Figure 32 Intertek: Company Snapshot


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Report Code
AGI 6773
Published ON
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