Bioengineered Food Market is Estimated to Witness High Growth Owing to Rising Health Consciousness and Stringent Regulations
The bioengineered food market is estimated to be valued at USD 34.50 Bn in 2024, exhibiting a CAGR of 5.1% over the forecast period (2024-2031). Consumers are increasingly becoming health conscious and prefer food products with added health benefits. Furthermore, stringent regulations around the world aim to ensure safety of genetically modified crops, driving greater transparency.
Market Dynamics:
The growth of the global bioengineered food market is propelled by two key drivers, rising health consciousness among consumers and stringent regulatory guidelines. With the growing prevalence of lifestyle diseases, consumers are shifting towards healthier diets and nutritious food options. This increasing demand for foods with enhanced nutritional profiles and functional benefits is driving food manufacturers to develop biofortified and genetically modified crops. Furthermore, stringent rules regarding cultivation and labelling of genetically modified organisms (GMOs) promote transparency, boosting consumer confidence in bioengineered foods. While the regulations vary across countries, overall greater oversight aims to address safety concerns and ensure crops meet prescribed standards before entering the market.
Growing Consumer Demand for Nutritious and Healthy Food Options
One of the key drivers of the bioengineered food market is the growing consumer demand for nutritious and healthy food options. With rising health consciousness and focus on wellness, consumers are increasingly looking for foods that are high in nutrients like vitamins, minerals, antioxidants, proteins, etc. Bioengineered foods produced using advanced genomic techniques can help increase the nutrient density of staple crops and provide more varied nutritional profiles. This is appealing to health-conscious consumers and driving market growth.
Addressing Food Security Challenges with Improved Yield and Disease Resistance
Another major factor fueling the bioengineered food market is the need to address global food security challenges through improved yield and disease resistance in crops. With a growing global population, the demand for food is rising significantly while cultivable land and other resources are limited. Bioengineered crops that have been modified to have enhanced traits like improved drought tolerance, pest resistance, and higher yield potential can help increase global food production from the same land area to better meet rising demand. This is a key driver as it helps tackle food security issues.
Lack of Understanding and Consumer Acceptance Issues
One of the key challenges being faced by the bioengineered food market is lack of understanding and consumer acceptance issues regarding such foods. There is a lack of awareness about the precise techniques used in genetic engineering and the extensive safety testing protocols followed. This has created misconceptions and skepticism among some consumers about the safety of consuming foods with engineered traits. Addressing these concerns and changing this perception through effective communication will take time and remains a restraint.
Stringent Government Regulations
Stringent government regulations in some countries regarding the cultivation, import, and labeling of bioengineered foods is another restraint on the market. Regulations differ widely across nations and in some markets, the approval process for new genetically engineered crops is quite lengthy. Complying with complex and differing sets of regulations globally increases costs and time to market for companies, limiting market growth prospects to some extent until greater regulatory harmonization is achieved.
Commercialization of New Traits and Crops
With continuous advancements in biotechnology and greater expertise being developed, there are immense opportunities to commercialize newer bioengineered traits and crops. Some traits in the pipeline include enhanced nutrient profiles, biopharming applications involving vaccines and therapeutics, abiotic stress tolerance traits, fruit and vegetable varieties with altered shelf-life, color or other qualities. As these make it to the market in coming years, it will open vast new opportunities.
Growing Demand in Emerging Economies
Emerging economies in regions like Asia Pacific, Latin America, Africa, and Middle East present huge market potential for bioengineered foods. With increasing incomes and rapid urbanization, the demand for nutritious and affordable food is rising sharply in these nations. At the same time, constraints like inadequate infrastructure, shortage of arable land, climate change impacts are affecting local food production. Bioengineered crops customized for these markets can help meet the demand, presenting significant opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/bioengineered-food-market-3714
Key Developments:
- As Bayer AG, a pharmaceutical and biotechnology firm, progressed in developing products and services tailored to the specific needs of growers around the globe, it showcased its top-tier offerings in crop protection, seeds and traits, and digital farming tools at its Fields of Opportunity technology event in August 2022.
- in June 2022, Bayer AG announced the opening of its Research and Innovation Centre in Kendall Square in Boston, Massachusetts, U.S. This move will increase the company's presence in cutting-edge pharmaceutical research and development facilities.
Key Players:
Bayer AG, BASF SE, Syngenta AG, The Dow Chemical Company, DuPont de Nemours, Inc., Sakata, Groupe Limagrain, and KWS SAAT SE & Co. KGaA.
