The global bioengineered food market was valued at US$ 31.23 billion in 2018, according to Bioengineered Food Market Report, by Product Type (Vegetables, Fruits, Crops, and Others (Animal Products, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East and Africa), published by Coherent Market Insights.
The global bioengineered food market is expected to reach US$ 62.43 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period (2019-2027). The market for bioengineered food is majorly driven by the various benefits offered by bioengineered foods. For instance, the minimal use of pesticides and the long shelf life of bioengineered food, coupled with high nutritional value is expected to boost demand for global bioengineered food market during the forecast period.
However, bioengineered food can risk the human body by the potential development of allergens and toxicity from bioengineered crops. These factors are expected to hamper growth of the global bioengineered food market during the forecast period.
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Browse 40 market data tables* and 20 figures* on "Bioengineered Food Market” - Global forecast to 2027.
Key Trends and Analysis of the Bioengineered Food Market:
- North America is expected to account for a significant market share in 2018 owing to the increasing production of bioengineered crops in this region. For instance, as per the United States Department of Agriculture, in 2017, 32% of all global corn production was bioengineered corn. Furthermore, as per the same source, in 2017, 80% of all global cotton production was bioengineered cotton.
- According to the American Association for the Advancement of Science, in November 2019, researchers worked on increasing the corn yields by 10%. This has been attained by changing a gene which triggers the plant growth, regardless of the surrounding weather conditions.
- Asia Pacific is also expected to witness significant growth rate during the forecast period (2019-2027) owing to the strong GDP of countries such as China and India. For instance, as per the World Bank data, in 2015, India and China recorded a GDP of US$ 2,103,587.81 million and US$ 11,015,542.35 million, respectively, which increased and reached US$ 2,718,732.23 million and US$ 13,608,151.86. This significant shift in GDP is projected to drive demand for bioengineered food in this region.
Key Takeaways of the Market:
- Bioengineered food market is expected to witness significant growth during the forecast period owing to government initiatives and regulations in favor of the growth of bioengineered crops. For instance, in 2017, the U.S. government funded the Agricultural Biotechnology Education and Outreach Initiative, which involved providing answers to a few basic questions and providing scientific information related to bioengineering. These questions were answered by U.S. Environmental Protection Agency and U.S. EPA and United States Department of Agriculture.
- Such initiatives are expected to increase awareness regarding bioengineered food and propel growth of the global bioengineered food market during the forecast period.
- Major players operating in the global bioengineered food market are Bayer AG, BASF SE, Syngenta AG, The Dow Chemical Company, DuPont de Nemours, Inc., Sakata, Groupe Limagrain and KWS SAAT SE & Co. KGaA.