Global Food Biotechnology Market Size, Share, Forecast Report, 2020-2027

Warning: DOMDocument::loadHTML(): htmlParseEntityRef: no name in Entity, line: 1 in /home/multiwpmr/public_html/report-details.php on line 448

Warning: DOMDocument::loadHTML(): htmlParseEntityRef: no name in Entity, line: 3 in /home/multiwpmr/public_html/report-details.php on line 448

Warning: DOMDocument::loadHTML(): htmlParseEntityRef: no name in Entity, line: 3 in /home/multiwpmr/public_html/report-details.php on line 448

Warning: DOMDocument::loadHTML(): htmlParseEntityRef: expecting ';' in Entity, line: 15 in /home/multiwpmr/public_html/report-details.php on line 448
Food biotechnology market is projected to grow at a considerable CAGR of over 10% during the forecast period (2019-2025). The increasing advancement in new technologies for developing new products through gene alteration of various plants, microbes, and animals is anticipated to be a major factor to drive the market growth. CRISPR is one such technology driving the food biotechnology market. The major factor augmenting the CRISPR technology in the agriculture industry is a growing number of research activities that are supported by public and private funding. Research programs have been supporting the market as the technology adoption is in the nascent stage and the research is boosting the adoption of products modified genetically. The acceptance of sedentary lifestyles along with the growing demand for food has promoted the adoption of these technologies by food & beverage manufacturers to improve the nutrient value of their food products, which in turn will drive the growth of the market.



Moreover, ongoing development in functional food & beverages and dietary supplements sector is anticipated to spur the global food biotechnology market during the forecast period. As per the United Nations, the estimated global population is more than 7.5 billion which in 2018 is expected to reach 9.8 billion in 2050. The growth in the population will cause a significant demand for food resources. Moreover, the current global climate change will create a negative impact on natural ecosystems and will have environmental stress on agricultural productivity. Due to the high yield & low cost, this technology is being highly adopted.Nonetheless, the coming organic food sector is expected to reduce the demand for genetically modified crops which in turn is anticipated to restrain the market growth.



Segmental Outlook



The food biotechnology market is segmented on the basis of type, and application. Based on the type market is segmented into transgenic biology and synthetic biology. Transgenic biology is anticipated to hold a major market share in 2018. The rising demand for genetically modified crops to improve the crop yield in low producing or harsh climatic conditions will surge this segment's growth.Based on the application the market is segmented into animals and plants.



Plants Segment will be Considerable Segment by Application



Plants segment is anticipated to hold considerable market share based on application. An increase in the development of genetically modified crops with pesticide resistance and abiotic stress tolerance to increase the yield of crops is anticipated to contribute towards the high market share. The shrinking of the arable land area will further shift the preference of manufacturer towards biotechnological products. The increasing focus of companies towards the innovation of new food ingredients to increase business revenues is further anticipated to drive its market growth.



Regional Outlook



The global food biotechnology market is further segmented on the basis of geography including North America, Europe, Asia-Pacific and Rest of the World. North America is anticipated to hold a significant market share during the forecast period. The major factor for the high market share in the region is the substantial number and amount of funding for crop gene-editing technology in the US and Canada. As per the Federation of American Scientists, CRISPR-related scientific publications have been increased from 7 in 2011 to 161 in 2014 and have exponentially increased to 2,651 in 2018. Moreover, the presence of major market players in the US is supporting the dominance of North America in the market by investing a significant amount in R&D activities. North America is followed by Europe and the Asia Pacific is projected to be the fastest-growing market during the forecasted period.



Asia-Pacific will Augment with the Significant Growth Rate in the Food Biotechnology Market



The market in the Asia-Pacific region is expected to grow at a considerable CAGR during the forecast period. The factors attributing towards the growth rate of Asia-Pacific include a significant rise in the adoption of agricultural technologies in China, India, and Japan, growing concerns over the low yield of crop harvests, substantial opportunities in farming and animal breeding. China and India are the most populated country globally and concern over food security will drive the market in these economies. Due to a significant level of agricultural practices in China, food biotechnology possesses huge potential and is estimated to witness the highest growth rate in the region.



Market Players Outlook



The major companies operating in the food biotechnology market include Intertek Group plc, Syngenta AG, Corteva Agriscience (The Dow Chemical Co.), Bayer AG, BASF SE, DuPont de Nemours, Inc., Yield10 Bioscience, Inc., Cibus Global Ltd., among others. These companies are expanding their agricultural product base by introducing gene modification technology for various crops. For instance, in October 2017, DuPont Pioneer (the agricultural division of E. I. du Pont de Nemours and Company) entered a non-exclusive global licensing agreement with the Broad Institute of MIT and Harvard for CRISPR-Cas9 gene-editing technology in agriculture. The Broad Institute is engaged in the development of CRISPR-Cas technology and holds multiple issued US patents related to CRISPR-Cas technology.