Global Bio Engineered Food Market is expected to grow at a CAGR of 5.4% during the forecast period 2022-2030

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.

Crops are expected to lead the type segment in the global bioengineered food market by capturing largest market share of over 73% in 2021 and is expected to grow at a highest CAGR of 5.6% during the forecast period 2022-2030. The growing use of biotechnology in crop production is boosting the market for bioengineered crops. Significant rise in the production of biotech crop such as soya, cotton, maize etc. globally have aided the global bioengineered food market. The increasing production of genetically engineered food or bio engineered food across the globe is driving the growth in the global bioengineered food market during the forecast period.

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North America leads the global Bioengineered food market by capturing largest market share of over 51% in 2021. North America bioengineered food market is anticipated to rise at a CAGR of 5.4% during the forecast period 2022-2030. The dominant position of North America in global bioengineered food market is attributed to the fact that countries of North America that include the U.S. and Canada are the leading producers of biotech crops across the globe. Further, 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. The growth in North America bioengineered food market is also driven by the presence of key players such as Dow Chemical Company (US), DuPont (US), Monsanto (US), WinField (US) and others that have captured major share in the global bioengineered food market.

Asia Pacific bioengineered food market is expected to rise at a highest CAGR of 6.2% during the forecast period 2022-2030. Asia Pacific bioengineered food market is primarily driven by the rising population in the region that has promoted the adoption of new technologies in the agriculture sector to attain meet the requirements of the growing population coupled with increasing adoption of GM crops in the Asia Pacific region. Asia Pacific accounts for over 55% of the world’s total population in 2021 according to WHO. The percentage of population in Asia Pacific is bound to reach 60% of the world’s total population by 2025. Moreover, the Asia Pacific bioengineered food market is also driven by the rising GM crops approval in the Asia Pacific region.

KEY MARKET MOVEMENTS

• 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.
• Crops are expected to lead the type segment in the global bioengineered food market by capturing largest market share of over 73% in 2021 and is expected to grow at a highest CAGR of 5.6% during the forecast period 2022-2030.
• North America leads the global Bioengineered food market by capturing largest market share of over 51% in 2021.
• North America bioengineered food market is anticipated to rise at a CAGR of 5.4% during the forecast period 2022-2030.
• Asia Pacific bioengineered food market is expected to rise at a highest CAGR of 6.2% during the forecast period 2022-2030.