Global bioengineered food market is estimated to be valued at US$ 33.4 Billion in 2021, according to the 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.
Global bioengineered food market was valued at US$ 33.4 Billion in 2021. Bioengineered food market is expected to register a CAGR of 8.1% over the forecast period (2022–2030), to reach US$ 67.4 Billion by 2030. 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 growth of global bioengineered food market during the forecast period.
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 is 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.
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https://www.coherentmarketinsights.com/market-insight/bioengineered-food-market-3714
Browse 50 market data tables* and 40 figures* on "Global Bioengineered Food Market” - Forecast to 2030.
Key Trends and Analysis of the Global Bioengineered Food Market:
- Consumers across the globe are seeking for the food and beverage products which are healthy and sustainable. Also, the use of pesticides, and chemical-based products in the agriculture sector is degrading the quality of agriculture commodities as well as they are harmful to the agricultural land as they can affect the productivity of the soil. Thus, bioengineering becomes a sustainable alternative to unhealthy food in the food and beverage industry as the bioengineered products are healthy and are not harmful to nature as well as the consumer. Thus, bioengineered food offers huge growth opportunities to key players in the global bioengineered food market.
Key Takeaways of the Global Bioengineered Food Market:
- North America is expected to be the dominating region in the global bioengineered food market, owing to the high consumption of bioengineered food in the region. The consumers in North America are highly aware of the ingredients used in the food and beverage products and demand for functional and healthy food products is high in this region, which makes it the dominant region in the global bioengineered food market.
- Asia Pacific is one of the largest regions in the world having more than 40% of the world’s population. The region has the largest consumer base of food and beverage products in the world and demand for food and beverage product is continuously increasing. Thus, Asia Pacific is expected to register a significant CAGR in the forecast period of the global bioengineered food market.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for bioengineered food are key strategies adopted by players in the global bioengineered food market
