Bio engineered Food Market

Global bioengineered food market is expected to grow at a CAGR of 5.4% during forecast period (2022-2030). The primary driver for global bioengineered food market is the decreasing dependency on pesticides. With reduction in usage of pesticides while maintain original state of food boost the adoption of bioengineered food globally. Moreover, there is notable decrement in the usage of pesticides and herbicides in genetically modified traits. Additionally, rising yield production of bioengineered crops is also expected to drive the global bioengineered food market.

Bioengineered Crops Dominates the Market Segment

The global bioengineered food market has been segmented on the basis of type, which includes animal product, crops, fruits, vegetables. Crops leads the type segment in terms of revenue in global bioengineered food market with 73.26% market share in 2021. The growing use of biotechnology in crop production is boosting the market for bioengineered crops. Significant rise in production of biotech crop such as soya, cotton, maize etc. globally have aided the global bioengineered food market.

Reduction in use of pesticide to drive the global bioengineered food market

Genetically modified crops production reduces the need of pesticides as the GM crops are modified to be herbicide tolerant. According to The Office of Science at the US Department of Energy, major benefits of genetically modified crops includes increased nutrition, resistance to disease and pesticides coupled with faster output of crops. As per the National Public Radio of US, genetically modified bioengineered insect-protected corn has allowed farmers to reduce their use of insecticides to fight the corn rootworms. According to the national institute of health, the wellbeing impacts of pesticides are not surely known but rather their utilization has been related with conditions, for example, malignancy, diabetes and neurological impacts. GMOs use in the products is relied upon to change how pesticides are utilized as a part of agriculture. According to the Food and Agriculture Organization of the United Nations, the adoption of GMO in cultivation reduces usage of pesticides by about 137%, and at the same time it increased yields production by 22%, thus the overall profit to the farmer is increased by 68%. The adoption of genetically modified crops have significantly reduced the consumption of pesticide and hence has received wide adoption among the farmers driving the global bioengineered food market.

North America Contributes to Over 50% of Market Revenues

Geographically, the global bioengineered food market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). North America leads the global bioengineered food market by capturing largest market share in terms of revenue of 51.24% in 2021. The dominant position of North America in global bioengineered food market is attributed to the fact that countries of North America include the US and Canada are the leading producers of biotech crops across the globe. The U.S. is at the forefront in terms of commercialization and development of bioengineered food, major biotech crops such as soybean, cotton and maize have achieved an adoption of 93% in terms of production. Asia Pacific bioengineered food market is anticipated to rise at CAGR of 6.2% during forecast period. Asia Pacific bioengineered food market is primarily driven by escalating approvals of genetically modified crops along with the investments made by government considering the development of new genetically engineered food in the region.

The Intensity of Competitive Rivalry to Remain High

The intensity of competitive rivalry in global bioengineered food market is expected to remain high over the forecast period 2022-2030. The global bioengineered food market is highly competitive with the presence of many big players such as BASF, Monsanto, DLF and others. The major companies are engaged in research and development to improve the quality and to develop new products. Companies are trying to compete with each other by providing the same characteristics and similar price or by similar features at competitive prices for products in bioengineered food market. Companies are focusing on new product development and collaborative research and development with research institutes to sustain in the market and strengthen their respective positions in the global market which is also increasing the competition.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Type (2020-2030; US$ Mn)

• Animal Products
• Crops
• Fruits
• Vegetables

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global bioengineered foodmarket?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?