Biotechnology is the use of living organisms to develop products with enhanced features and includes the use of genetic modification, also known as "gene technology" or "genetic engineering".
Market Dynamics
Global bioengineered food market is expected to exhibit a CAGR of 8.1% over the forecast period, owing to rising awareness about various benefits offered by bioengineered foods. Increasing yield for food crops is important to fulfil the growing demand for food across the globe. Bioengineered crops offer higher yield in terms of various food crops such as soybean, cotton, sugar beets, and corn among others which can be a solution to meet demand for food worldwide.
Among product type, the global bioengineered food market is segmented into vegetables, fruits, crops, and others (animal products, etc.). The crops segment accounted for the maximum market share in 2021 owing to the government approvals for bioengineered crops such as cotton across the globe.
Among regions, Asia Pacific is expected to account for a significant market share during the forecast period, owing to increasing government support for bioengineered crops in emerging economies such as India and China. In December 2019, according to data published by China’s Agriculture Ministry, the government of China approved a new strain of bioengineered (genetically modified) soybeans imports from the U.S. The approved variety is an insect-resistant soybean from the company Dow AgroSciences LLC, a biotechnology solutions company. The Chinese government approved a new type of bioengineered papaya, and renewed permits for 10 crop varieties which include canola and corn.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
Table of Contents
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