The global food biotechnology market was valued at USD 33.67 Billion in 2022 and is likely to reach USD 79.39 Billion by 2031, expanding at a CAGR of 10% during 2023 – 2031. Food biotechnology is the field of biotechnology, which is used to change genes of animals, plants, and microorganisms to produce genetically modified products containing high nutrition related properties. Genetically advanced products have helped farmers and producers to increase their yield and refine the quality of crops.
The COVID-19 pandemic halted R&D activities in various industries, except the healthcare sector. However, the acceleration in the vaccination drive, assisted in the functioning of various industries, including food & beverage industry. The market is estimated to reach the pre-COVID level by end of 2021.
Food Biotechnology Market Trends, Drivers, Restraints, and Opportunities
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Rising food demand owing to increasing population is anticipated to drive the market growth.
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Growing awareness about healthy lifestyles due to sedentary life and rising demand for processed food are major factors that are estimated to spur the growth of the market.
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Stringent government regulation and reduced arable land can create challenges for the market growth.
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Strong resistance to genetically modified products among consumers can hamper the market growth.
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Lack of awareness and absence of advanced technologies in the low and middle-income countries can inhibit the market growth. However, the increasing foreign investments is stimulating the market growth in these countries.
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Advancements in testing services for developing new products is anticipated to positively influence the growth of the market.
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Rising investments in R&D activities is expected to propel the market growth.
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Increasing penetration of advanced technologies to develop new products through gene alteration of various plants and microbes can create new market avenues during the forecast period.
Scope of Food Biotechnology Market Report
The report on food biotechnology market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been comprised in the report.
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Attributes
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Details
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Report Title
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Food Biotechnology Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Transgenic Crops and Synthetic Biology Derived products)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East and Africa
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Report Coverage
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Market opportunity, analysis, share, competitive analysis, growth facts, limits, opportunities, and revenue forecast
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Key Players Covered in the Report
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Bayer AG, Certis USA LLC., E. I. du Pont de Nemours and Company, Evogene Ltd., KWS SAAT SE, Monsanto Company, Syngenta AG, The Dow Chemical Company, and Vilomrin & Cie
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Food Biotechnology Market Segment Insights
Transgenic crops segment is anticipated to hold a significant market share
In terms of products, the market can be bifurcated into transgenic crops and synthetic biology derived products. The transgenic crops segment is anticipated to account for a significant share of the market during the forecast period. Transgenic crops refer to the integration of genes of plant or species, which is related or not related to the plant. The synthetic biology derived products is estimated to grow at a steady rate in the projected timeline.
North America held a large market share in 2020
In terms of regions, the market can be fragmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America accounted for more than 40% market share in 2020. The growth of the regional market can be attributed to several factors such as the presence of key players, extensive R&D activities, and high healthcare expenditure. Additionally, expanding pool of companies operating in the region is receiving drug approvals, which is contributing to the market growth.
The market in Asia Pacific is anticipated to expand at a CAGR of 16.5% during the forecast period. The growth of the regional market can be primarily attributed to improving healthcare infrastructure, supportive government policies, clinical trial services, and epidemiological factors. Moreover, foreign companies are extensively collaborating with local companies for accelerating the food biotechnology industry growth.
Segments
By Products
- Transgenic Crops
- Synthetic biology derived products
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Bayer AG
- Certis USA LLC.
- E. I. du Pont de Nemours and Company
- Evogene Ltd.
- KWS SAAT SE
- Monsanto Company
- Syngenta AG
- The Dow Chemical Company
- Vilomrin & Cie
Competitive Landscape
The key players in Food Biotechnology Market include Bayer AG, Certis USA LLC., E. I. du Pont de Nemours and Company, Evogene Ltd., KWS SAAT SE, Monsanto Company, Syngenta AG, The Dow Chemical Company, and Vilomrin & Cie.
Companies are engaging in partnerships, acquisitions, and collaboration with industry players to boost the development in the food biotechnology industry. Moreover, they’re focusing on increasing their FDA approvals to leverage their market position.
In February 2021, Biogen Inc. received the US FDA for PLEGRIDY (peginterferon beta-1a) that is used for the treatment of relapsing forms of multiple sclerosis. The approval expands the company’s leading portfolio for multiple sclerosis treatment.
In September 2019, Bayer AG completed a USD 63 billion merger agreement with Monsanto India for forming Bayer CropScience Ltd. This will help in including Monsanto's expertise in seeds and traits and digital farming applications to Bayer’s product portfolio.
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