The increasing population, urbanization, busy working life has led unhealthy as well as uneven eating habits. There is a rise in awareness among people about the benefits of having a healthy diet. However, with the increased use of processed food there is an increased demand for food with increased nutritional content. With the rise in need of high nutritional food, there is an increase in the popularity of fortification. As per WHO, Fortification is the process of intentionally increasing the content of an essential micronutrient, i.e. mineral and vitamins as well as including trace elements in food, in order to improve the nutritional quality of the food in order to provide a public health benefit with lower risk to health. According to WHO, Biofortification is the process by which intends the improvement in nutritional quality in food crops through conventional plant breeding, agronomic practices or advance biotechnological methods. The basic difference between Biofortification and conventional fortification is that the value addition is done in the nutrition levels of crops during its growth period instead of increasing value while food processing. Biofortification is thus gaining popularity with an increasing demand for high nutritional value food and the market for Biofortification is expected to grow over the forecast period.
Increasing Popularity and Implementation of Biofortification with Rising Need and Demand for Food with High Nutritive Value
Growing demand for high nutritive value food is increasing demand for fortification and Biofortification. Growing demand for food with high nutritive value, increasing health-related issues, as well as rising incidences of malnutrition and nutritional deficiencies are some primary factor that is driving the global Biofortification market. Rising health consciousness among consumers is expected to fuel the global Biofortification market. With the emerging advancements in technologies as well as increasing investments in agricultural developments is having a positive impact on the global Biofortification market. Increasing incidences of nutritional deficiencies as well as the number of children with malnutrition is expected to fuel the demand for Biofortification. Thus with growing demand, the global Biofortification market is expected to grow positively over the forecast period.
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Global Biofortification: Market Segmentation
On the basis of method, the global Biofortification market can be segmented as
- Plant Breeding Techniques
- Agronomical Practices
- Biotechnological Methods
On the basis of Crops, the global Biofortification market can be segmented as
- Wheat
- Rice
- Beans
- Cassava
- Corn
- Pearl Millet
- Sweet Potato
- Others
On the basis of target nutrients, the global Biofortification market can be segmented as
- Zinc
- Vitamins
- Iron
- Proteins
- Others
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Global Biofortification Market: Key Players
Some of the key players in global Biofortification market include Syngenta AG, Bayer, BASF SE, DowDuPont, Agro Bioscience Inc., Charles Rivers, Intertek, and others. More companies are looking forward to invest in the global Biofortification market with growing demand and upcoming opportunities.
Opportunities for Market Participants
The global Biofortification Market is on the rise and thus has many opened many opportunities for existing as well as new market participants. The lower of government regulations over Biofortification activities has opened opportunities for the players to explore and innovate the products. The growing needs for fortified crops in developing and underdeveloped region opens opportunities for Biofortification market participants to expand in the emerging region and increase their market presence.
Recent Developments in Biofortification Market
In November 2018, Intertek developed its services and local capabilities in its laboratory in Mozambique with a vision to help the company grow its business in the East African region.
Global Biofortification Market: A Regional Outlook
The global Biofortification market can be regionally segmented as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to be the dominant region in global Biofortification market owing to strong advancements in the agricultural sector as well as growing demand for high nutritive foods from countries like China, Japan, and India. Latin America, as well as MEA region, is expected to have rapid growth in global Biofortification market.