February 14, 2020
According to the report titled ‘Global Food Biotechnology Market Size By Type (Transgenic, Synthetic Biology Derived Products), By Application (Animals, Plants) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Israel, France, Italy, Spain, Russia, Poland, Sweden, China, India, Japan, South Korea, Australia, Brazil, Mexico, Argentina, Chile, Saudi Arabia, UAE, South Africa, Turkey), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global food biotechnology market is expected to register substantial growth by the year 2025.
According to the report, advancements in technology in food industry coupled with shifting focus towards enhancing food shelf life, nutrition, taste, and quality are major factors driving the food biotechnology market growth. There has been an upsurge in production of genetically modified crops in countries such as Colombia, Mexico, Pakistan, Brazil, and India owing to increasing production loss in farming and changing climatic conditions. This factor coupled with rising concerns regarding the use of herbicides and pesticides for crop yield will fuel the adoption of food biotechnology solutions, hence aiding market expansion.
Growing demand for processed food items, in tandem with evolving dietary patterns has compelled food & beverage manufacturers to enhance the nutritional content of their respective food products. Rising inclination towards top-notch beverages has urged beverage producers to develop innovative products. These factors along with growing demand for advanced functional ingredients, increasing concerns regarding food insecurity, and growing population are stimulating the industry outlook.
As per type, the report states that transgenic crop segment is presumed to expand with a CAGR of 9% during 2019-2025. Transgenic crop offers benefits such as low production & labor cost, minimal use of chemicals, and better economic gains. This factor coupled with rising collaborations between farmers and private entities are fueling the segmental growth.
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As per regional analysis, the report cites that North America food biotechnology industry held 29% share in the year 2018, primarily driven by rising production of genetically modified crops for commercial purposes in U.S. Adding to this, growing demand for convenience food products due to rising adoption of busy lifestyles are favoring the food biotechnology market outlook in North America.
Vilmorin & Cie, Evogene Ltd., Syngenta AG, Monsanto, BDF Ingredients Zuchem, Camson Bio Technologies Ltd., Arcadia Biosciences, ABS Global, Dow AgroSciences LLC, AquaBounty Technologies, Bayer AG, and BASF SE are the prominent companies operating in the global food biotechnology market.
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