The bioengineered food global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bioengineered Food Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bioengineered food market size has grown rapidly in recent years. It will grow from $31.25 billion in 2023 to $34.53 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to the consumer inclination towards consumption of nutritional-rich functional food, an increase in the global population, increasing awareness of food security, climate change adaptation, and growing high demand for food production.
The bioengineered food market size is expected to see rapid growth in the next few years. It will grow to $52.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to growing demand for sustainable agricultural practices, rising investment in research and innovation, increasing food demand, rising demand for bioengineered crops, and rising yield production. Major trends in the forecast period include advances in genetic engineering and biotechnology, ongoing research and development efforts, innovative crop development, development of bioengineered foods, and artificial intelligence (AI)-powered design and optimization.
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Scope Of Bioengineered Food Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bioengineered Food Market Overview
Market Drivers –
The growing demand for sustainable agricultural practices is expected to propel the growth of the bioengineered food market going forward. Sustainable agricultural practices involve farming techniques that fulfill present food and fiber requirements while ensuring future generations. The demand for sustainable agricultural practices is due to increasing concerns about environmental degradation, the need to preserve biodiversity, and the push for food security amid climate change challenges. Sustainable agricultural practices help support and enhance the use of bioengineered food by promoting environmentally friendly, efficient, and resource-conscious food production methods. For instance, in May 2023, according to the Department for Environment, Food, and Rural Affairs, a UK-based government department, the UK saw a total of 509 thousand hectares of land farmed organically in 2022, representing a 0.4% increase from 2021. Therefore, the growing demand for sustainable agricultural practices is driving the growth of the bioengineered food market.
Market Trends –
Major companies operating in the bioengineered food market are focused on developing advanced products, such as transgenic insect-resistant food, to improve crop yields while promoting sustainable agricultural practices. Transgenic insect-resistant food consists of crops that have been genetically modified to incorporate genes granting resistance to insect pests. This innovation aims to decrease the dependence on chemical insecticides, boost crop protection, and enhance yields by increasing plants’ resilience to pests. For instance, in January 2024, the Federal Government of Nigeria authorized the commercial launch of TELA maize varieties. This maize variety, including SAMMAZ 72T, SAMMAZ 73T, SAMMAZ 74T, and SAMMAZ 75T, is engineered to resist major pests such as stemborer and fall armyworm. These varieties are drought-tolerant, making them ideal for regions with fluctuating rainfall. They can yield up to 10 tons per hectare under optimal conditions, surpassing the national average of 6 tons for similar hybrids. It is adaptable to rain forests, guinea, and Sudan savannas, and they aim to mitigate maize production losses due to pests. This innovation has the potential to save millions of metric tons of maize, supporting food security across Africa.
The bioengineered food market covered in this report is segmented –
1) By Product Type: Vegetables, Fruits, Crops, Other Product Types
2) By Type Of Modification: Cellular Agriculture, Genetic Modification
3) By Technology: Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR), Tissue Culture
4) By Trait: Disease Resistance, Herbicide Tolerance, Insect Resistance, Nutritional Enhancement
5) By Application: Food And Beverage, Animal Feed, Pharmaceuticals, Other Applications
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Regional Insights –
North America was the largest region in the bioengineered food market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioengineered food marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bioengineered food marker are PepsiCo Inc., BASF SE, Unilever PLC, Bayer AG, Syngenta AG, General Mills Inc., Corteva Agriscience, DuPont de Nemours Inc., J.R. Simplot Corp., K&L Gates LLP , Sakata Seed Corporation, International Rice Research Institute, Rothamsted Research, Brattleboro Food Co-op., Okanagan Specialty Fruits Inc., GreenVenus LLC, AquaBounty Technologies Inc., Calyxt Inc., Nuseed Global, Norfolk Healthy Produce
Table of Contents
1. Executive Summary
2. Bioengineered Food Market Characteristics
3. Bioengineered Food Market Trends And Strategies
4. Bioengineered Food Market – Macro Economic Scenario
5. Global Bioengineered Food Market Size and Growth
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32. Global Bioengineered Food Market Competitive Benchmarking
33. Global Bioengineered Food Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bioengineered Food Market
35. Bioengineered Food Market Future Outlook and Potential Analysis
36. Appendix
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