Market Overview:
Global Food Biotechnology Market Size Was Valued at USD 32.52 Billion In 2022 And Is Projected to Reach USD 70.73 Billion By 2030, Growing at A CAGR of 10.2% From 2023 To 2030.
Food biotechnology is the application of a modern biotechnological methodology to producing and processing food. Fermentation of food, which is the former biotechnological process, and food additives, as well as plant and animal cell cultures, are incorporated. Innovations in different processes such as fermentation and enzyme technological processes, genetic engineering, protein engineering, bioengineering, and processes involving monoclonal antibodies have launched exciting dimensions to food biotechnology. While, traditional agriculture and crop breeding are not generally regarded as food biotechnology, agricultural biotechnology, that is animal and plant foods are anticipated to become an increasingly important “engine” of development for the agri-food sector.
Top Key Players in the Food Biotechnology Market:
ABS Global, Arcadia Biosciences, AquaBounty Technologies, BASF Plant Science, Bayer CropScience AG, Camson Bio Technologies Ltd, Dow AgroSciences LLC, DuPont Pioneer, Evogene Ltd, Hy-Line International, KWS Group, Monsanto, Origin Agritech Limited, Syngenta AG, and Other Major Players.
Market Dynamics and Factors for Food Biotechnology Market:
Drivers:
Growing Need For The Improvement Of The Yield And Quality Of The Edible Items
The food biotechnology market is driven by the growing need for the improvement of the yield and quality of edible items by modifying the genes. The development of the food and beverages industry, rise in disposable incomes, population growth, and improvement in health awareness are some of the key factors are help to boost the market over the forecasting period. Growing penetration of advanced technologies to create new products by modifying plants, animals, and microorganisms’ genes to offer innovative solutions helps to market growth. Switching trends towards healthy lifestyles followed by a growth in processed food demand has influenced the F&B manufacturers to improve the nutritional content in their products which triggered the growth of the market.
Opportunities:
Growing Efforts Of Food Manufacturers
The growing efforts of food manufacturers to initiate biotechnological developments in products are anticipated to provide profitable opportunities for the growth of their business in the upcoming years, thereby stimulating the food biotechnology market. The government’s promotion of biotechnology will positively impact the technology adoption during the forecasted timeframe as a surplus amount of expenditure is saved on extensive support programs creating the opportunity path for the market growth in upcoming years. The rising number of market niches in the agriculture sector will further support market growth.
Segmentation Analysis of the Food Biotechnology Market:
- By Product Type, transgenic crops are projected to dominate the market due growing demand for genetically improved crops to increase productivity in low producing or harsh climate conditions will turn the market growth.
- By Application, the animal segment holds the largest share. The growing necessity to increase milk production in dairy cattle with rising demand will boost industry expansion. Strong growth in meat consumption such as processed meat attended by rising consumer consciousness on nutritional benefits will turn the biotech applications.
Regional Analysis of the Food Biotechnology Market:
North America region is projected to dominate the market. Growing investments in technological advancements coupled with high consumer spending on enriched products will augment the industry share. The U.S. is the highest producer of genetically modified crops around 75 million hectares area for biotech crops. In addition, being presence of large multinational corporations, and growing private and government R&D invsestments, supported by effective government policies will accelerate the market growth. Moreover, the positive application outlook of genetically modified yeast in developing new alcoholic beverages will help regional growth.
Key Industry Development:
In June 2019, Advanced Instruments LLC collaborated with LA Biosystems intending to support the growth of biotechnology, microbiology, and other technologies applied in the food and beverages industry. The companies are committed to offering high-quality products and adequate service and support in the food biotechnology market.
