Bioengineered food market

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". The expansion of the food industry is expected to drive growth of the bioengineered food market across the globe. Demand for bioengineered food in the food industry is also increasing which is contributing to the market growth.

Global bioengineered food market was valued at US$ 33.4 Billion in 2021 in terms of revenue, exhibiting a CAGR of  8.1% during the forecast period (2022 to 2030).

Drivers

Rising demand for bioengineered crops is expected to boost growth of the bioengineered food market across the globe. Bioengineered crops are plants used in agriculture wherein the DNA (Deoxyribonucleic Acid) has been modified by using bioengineering techniques. Some of bioengineering techniques are bamboo planting, grass planting, wattling etc. Bioengineering is the technique of simple addition, manipulation, or deletion of a single trait in an organism to create a desired change.

Increasing population, along with urbanization, pollution, and the busy lifestyles of the consumers is fueling demand for functional food products. Regular food consumption is not enough to fulfil the daily nutritional need of the human body. Besides, the increased consumption of conventional food and fast food is impacting the health of consumers and promoting different diseases, obesity, and other issues. Thus, the consumer inclination towards consumption of nutritional-rich functional food is increasing across the world. These factors are expected to fuel growth of the global bioengineered food market.

The outbreak of COVID-19 has resulted in unprecedented financial challenges for the world economy. The impacts of the pandemic on the different global industries are evident and can be justified by disrupted supply chains, the financial positions of the organizations, and the shortage of raw materials. The key players in the food and beverage industries were forced to close their production lines to avoid the risk of infection. However, the increasing consumer demand for food products with increased shelf-life has led to the surge in demand for multi-functional food products. The impact of COVID-19 on the global bioengineered food market can be expected to be moderate.

Figure 1. Global Bioengineered Food Market Value Share (%), By Region, 2021

Market Restraints

Increasing demand and awareness regarding organic food is expected to hamper growth of the global bioengineered food market during the forecast period. Adverse health effects of bioengineered food such as development of cancer is a major challenge for the global bioengineered food market growth. The production process of bioengineered food involves organisms which have undergone DNA (Deoxyribonucleic Acid) changes. Furthermore, cancer is a disease caused by the mutation of DNA and can thereby harm the human body by introduction of genes from the source of bioengineered food. These factors can negatively impact demand for bioengineered food.

Market Trends

Key players and government organizations are adopting inorganic growth strategies such product development and taking initiatives to increase awareness regarding bioengineered food, which is expected to boost growth of the global bioengineered food market. For instance, in March 2020, the U.S. Food and Drug Administration (FDA) collaborated with the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Agriculture to launch a new initiative to help customers understand the bioengineered foods which have been created by making use of genetic engineering.

Figure 2. Global  Bioengineered Food Market Value Share (%), By Product Type, 2021

Based on product type, the global bioengineered food market is segmented into vegetables, fruits, crops, and others (animal products, etc.). In 2021, crops segment accounted for 57% of the revenue share. Bioengineering has the potential to infuse desirable traits into existing crops. This not only makes the crop species more tolerant to rising global temperature, but also makes the crops more resistant to extreme conditions such as draught. These factors are expected to fulfill the global demand for bioengineered food in spite of extreme weather conditions, and cater to growth of the global market.

Recent Development

• In August 2022, Bayer AG, a pharmaceutical and biotechnology company, presented key scientific research in oncology at Congress 2022. Data highlighted Bayer’s commitment to advancing unmet needs in prostate cancer, providing expertise in precision medicine, and working on immunotherapy combinations, including company-sponsored and collaborative research studies.
• In August 2022, Bayer AG, a pharmaceutical and biotechnology company, have put its industry-leading offerings in crop protection, seeds & traits, and digital farming tools on display at its fields of opportunity technology showcase as the company continued to advance products and services tailored toward the individual needs of growers around the globe.
• In June 2022, Bayer AG, a pharmaceutical and biotechnology company, announced the opening of Research and Innovation Centre at Kendall Square in Boston-Cambridge, Massachusetts,U.S., expanding the company’s footprint into innovative pharmaceutical research and development locations.

Competitive Section

Major players operating in the global bioengineered food market include Bayer AG, BASF SE, Syngenta AG, The Dow Chemical Company, DuPont de Nemours, Inc., Sakata, Groupe Limagrain, and KWS SAAT SE & Co. KGaA.

Detailed Segmentation:

• Global Bioengineered Food Market, By Product Type:
  • Vegetables
  • Fruits
  • Crops
  • Others (Animal Products, etc.)
•  Global Bioengineered Food Market, By Region:
  • North America
    • By Product Type :
      • Vegetables
      • Fruits
      • Crops
      • Others (Animal Products, etc.)
    • By Country:
      • U.S
      • Canada
  • Latin America
    • By Product Type :
      • Vegetables
      • Fruits
      • Crops
      • Others (Animal Products, etc.)
    • By Country:
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
  • Europe
    • By Product Type :
      • Vegetables
      • Fruits
      • Crops
      • Others (Animal Products, etc.)
    • By Country:
      • U.K.
      • Germany
      • Italy
      • France
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Product Type :
      • Vegetables
      • Fruits
      • Crops
      • Others (Animal Products, etc.)
    • By Country:
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • South Korea
      • Rest of Asia Pacific
  • Middle East & Africa
    • By Product Type :
      • Vegetables
      • Fruits
      • Crops
      • Others (Animal Products, etc.)
    • By Country:
      • Middle East
      • Africa