Market Research Future (Food and Beverages) Biofortification Market Research Report | Page 3

Biofortification Market Research Report - Forecast till 2024
2 Market Overview
The process of breeding crops to improve their nutritional composition is known as biofortification. Rising initiatives
by government and non-government organizations to lower nutrition deficiency is a major determinant driving market
growth. Biofortification has strong growth potential in the developing economies in Africa and Asia-Pacific owing to
the presence of an unregulated market environment and high prevalence of undernourishment. Initiatives such as
the HarvestPlus program are focusing on delivering crops with enhanced potential to increase the bioavailability and
amount of essential nutrients required by the human body. Market players are collaborating with genetic engineers,
nutrition scientists, and plant breeders to achieve the goal of providing nutrient-rich food to the global population.
The Global Biofortification Market has been segmented by targeted crop, approach, targeted nutrient, and
region.
Based on targeted crop, the global biofortification market has been segmented into cereals and grains, fruits and
vegetables, legumes and pulses, oilseeds, and others. The cereals and grains segment is expected to be the largest
revenue generating segment during the assessment period. Cereals and grains such as rice, wheat, and pearl millet
are commonly consumed staple foods in several developing economies. In addition, they are an inexpensive source
of nutrition and are produced in large quantities, especially in Asia-Pacific. Owing to this, cereals and grains are
increasingly being genetically modified to enhance their nutrient content and overcome the increasing prevalence of
iron and zinc deficiencies. However, the fruits and vegetables segment is expected to register the highest growth
rate during the forecast period due to the increasing consumption of natural and fresh fruits and vegetables.
Regional Analysis:
The global biofortification market has been segmented, on the basis of region, into Latin America, Africa, Asia-
Pacific, the rest of the world.
Asia-Pacific is expected to dominate the global biofortification market during the forecast period due to the high
production and consumption of released biofortified crops in the region. Moreover, the increasing R&D
investments in agricultural operations and growth of the agriculture industry in the region are fuelling regional
market growth. However, rising health awareness among people, increasing government initiatives, and
surging prevalence of nutritional disorders in Africa are expected to result in the African market exhibiting the
highest CAGR during the forecast period.
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