The market for biofortification is estimated at USD 78 million in 2018 and is projected to grow at a CAGR of 8.6% to reach USD 118 million by 2023. The growth of the biofortification market is driven by the rising demand for high nutritional content in food.
Key players that have a strong presence in the biofortification market include Syngenta (Switzerland), Bayer (Germany), BASF (US), Eurofins Scientific (US), and DowDuPont (US).
These market players adopted growth strategies such as expansions and mergers & acquisitions to cater to the increasing demand for biofortification. Major players are mainly focusing on undertaking expansions for innovating and developing research centers to meet the growing requirements of consumers in terms of sales and distribution.
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The core strength of key players identified in this market is their growth strategies such as expansions. Undertaking expansions enable market players to enhance their presence in the biofortification market. These companies have maintained their positions in the market through strategic developments. They also have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past.
Syngenta is a leading agrochemicals company which operates through three business segments crop protection, seeds, and lawn & garden. The company has adopted “The Good Growth Plan” as one of its strategies to maintain sustainability in the environment. It markets its products in over 90 countries across the globe. It has R&D centers in Switzerland, the UK, the US, and India, along with advanced manufacturing facilities in Switzerland, the US, the UK, France, India, China, and Brazil. In March 2018, Syngenta acquired Strider (Brazil), an AgTech company dealing in operational management solutions for farms. This acquisition helped the company to provide innovative digital solutions for the management of on-farm information. Syngenta is committed to provide sustainable agriculture products through innovative research and technologies. It has R&D centers in over 150 sites around the world. The company has been increasingly gaining share in the biofortification market by offering competitive genetic solutions for plant breeders.
Intertek developed its local capabilities and services at its laboratory in Beira, Mozambique. This would support the local agricultural businesses in Mozambique as well as in the East African region. Intertek is considered an industry leader in the testing and inspecting market for a wide range of industries as it operates with more than 43,000 employees in 1,000 locations in over 100 countries. The aim of the company is to deliver quality assurance expertise to its customers. It ensures that its products meet quality, safety, health, and social accountability standards in any market around the world. To sustain its dominance in the global market, the company is focusing on strategies such as expansions and acquisitions. In November 2014, Intertek acquired ScanBi Diagnostics (Sweden), a provider of global hi-technology DNA and protein-based analyses, and quality services for seed, agriculture, agro-biotech, food, and feed industries.
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
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