SEATTLE, April 06, 2020 (GLOBE NEWSWIRE) -- The global bioengineered food market was valued at US$ 31.23 billion in 2018, and is expected to exhibit a CAGR of 8.0% over the forecast period (2019-2027).
Definition of Market/Industry:
Bioengineered foods are produced from organisms that have had changes introduced into their DNA using the methods of genetic engineering.
Statistics:
The global bioengineered food market was valued at US$ 31.23 Mn in 2018, and is expected to reach US$ 62.43 Mn by the end of 2027, exhibiting a CAGR of 8.0% during the forecast period (2019 to 2027).
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Drivers:
The demand for bioengineered food is increasing due to its various benefits such as less use of pesticides, which in turn is expected to drive the growth of the global bioengineered food market. For instance, bioengineered food contains good amount of nutrients, aids faster growth of plants and animals, and it can be used for medicinal purposes such as development of vaccines and drugs. These factors are expected to boost demand for bioengineered food during the forecast period.
Market Opportunities
Rising concerns regarding the nutritive value of food are likely to create growth opportunities for players operating in the bioengineered food market. Consumers are focusing on healthier options and on staying fit. Moreover, the rising disposable income across the globe is expected to trigger demand for a variety of foods. As per the Organization for Economic Cooperation and Development, disposable income in China increased to US$ 5,278.3 in 2017 from US$ 3562.2 in 2012. Moreover, consumer spending in India increased to US$ 270.48 billion in 2018, from US$ 63.67 billion in 2004. Similarly, consumer spending in the U.S. increased from US$ 11,971.9 billion in 2015 to US$ 12,847.82 billion in 2018.
Market Restraints
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 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 the demand for bioengineered food.
Key Takeaways:
Among product type, the crops segment accounted for a significant share in 2018 owing to various benefits involved in case of development of bioengineered crops. For instance, bioengineered crops require less quantity of environmental resources such as water and fertilizer and less quantity of pesticides. Moreover, these crops are resistant to disease and drought, can be cultivated at a faster rate compared to conventional crops, and have higher nutrient content. These key factors are increasing the rate of bioengineered crop production, globally. According to the United States Department of Agriculture (USDA), as of 2017, bioengineered canola was commercially produced in Australia, Canada, and the U.S. As per the same source, in 2017, 30% of the global canola production was bioengineered canola.
Market Trends
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 make the crops more resistant to extreme conditions such as draught. These factors are expected to fulfil the global demand for bioengineered food in spite of extreme weather conditions, and cater to the growth of the global market.
Competitive Section:
Company Names
- Bayer AG
- BASF SE
- Syngenta AG
- The Dow Chemical Company
- DuPont de Nemours, Inc.
- Sakata
- Groupe Limagrain
- KWS SAAT SE & Co. KGaA
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Market Taxonomy
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
By Product Type
- Vegetables
- Fruits
- Crops
- Others (Animal Products, etc.)