Biofortifications Market: Projected to Expand Significantly by 2031 with Key Players-HarvestPlus, International Rice Research Institute.

Biofortifications Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Biofortifications market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.

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What is the projected growth rate (CAGR) of the Global Biofortifications market from 2024 to 2031, and what is the market value expected to change by 2031?

Global Biofortifications Market reached US$ 110.2 million in 2022 and is expected to reach US$ 221.5 million by 2031, growing with a CAGR of 9.1% during the forecast period 2024-2031.

What is Biofortifications Market?

The biofortifications market focuses on the development and distribution of crops that have been enhanced with essential nutrients through agricultural practices, breeding, or genetic engineering. This market aims to combat micronutrient deficiencies, particularly in developing regions where diets may lack essential vitamins and minerals. Growth is driven by increasing global awareness of malnutrition, rising health consciousness among consumers, and government initiatives promoting food security and nutritional enhancement. Key trends include the development of biofortified staples like rice, wheat, and beans, which are fortified with vitamins A, iron, and zinc. Additionally, partnerships between governments, NGOs, and agricultural organizations support research and education on the benefits of biofortified crops. The market also faces challenges related to consumer acceptance, regulatory hurdles, and the need for robust supply chains to ensure accessibility and affordability of biofortified products. Overall, the biofortifications market plays a crucial role in enhancing food quality and improving public health outcomes globally.

Growth Driver

Awareness of Nutritional Deficiency: A Growing Concern

The rising awareness of malnutrition emphasizes the importance of nutrient-rich diets in promoting health and well-being. According to the World Health Organization, malnutrition in the form of wasting significantly increases a child's risk of mortality, making them up to 12 times more vulnerable. Alarmingly, around 45 million children under the age of five are affected by this condition.

In response to these challenges, consumer preferences are shifting towards healthier food options, leading to a growing demand for biofortified products. These nutrient-enhanced foods are designed to combat deficiencies and provide essential vitamins and minerals. As awareness of nutritional deficiencies continues to spread, the market for biofortified products is expected to expand, reflecting a collective effort to improve dietary quality and support overall health.

Key Players:

Profiles of some of the major players in the global Biofortifications market, which include HarvestPlus, International Rice Research Institute.

Industry Development:

In February 2023, HarvestPlus Nigeria launched the first national recipe book titled "Biofortified Crops on My Plate," featuring foods enhanced with essential nutrients. This initiative aims to promote the use of biofortified crop varieties through Krishi Vigyan Kendras, helping to improve nutrition and food security.

The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Biofortifications market.

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Market Segments:

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.

By Crop: Sweet Potato, Cassava, Rice, Corn, Wheat, Beans, Pearl Millet, Others.

By Targeted Nutrient: Iron, Zinc, Vitamins, Amino Acid, Others.

By Gene Pool: Primary, Secondary, Tertiary.

By Technique: Conventional Plant Breeding, Agronomy, Genetic Technology.

Regional Break out:

☞ North America - US, Canada, Mexico

☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe

☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific

☞ South America- Brazil, Argentina, Colombia, Rest of South America

☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel

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