Food Biotechnology Market 2024 - In-Deep Analysis Focusing on Market Share By 2032

Global Food Biotechnology Market Overview

Global Food Biotechnology Market Size Was Valued at USD 35.84 Billion In 2023 And Is Projected to Reach USD 86.46 Billion By 2032, Growing at A CAGR of 10.28% From 2024 To 2032.

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, also 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.

Moreover, increasing the implementation of biotechnology in farming practice will save labor costs and increase yield which will help to spread the overall industry. The growing R&D activities by numerous public sector institutes such as Land-Grant University and United States Department of Agriculture (USDA). In addition, the rising subcontract agreements between agricultural scientists and private firms will further assist the overall industry growth. The decreasing existence of farm lands owing to urbanization will help the development of the food biotechnology market.

Market Dynamics and Factor For Food Biotechnology:

Drivers:

The food biotechnology market is driven by the growing need for the improvement of the yield and quality of the edible items by modifying the genes. The development of the food and beverages industry, rise in disposable incomes, growth in population, and improvement in health awareness are some of the key factors are helps to boost of the market over forecasting period.

Growing penetration of advanced technologies to create new products by modifying plants, animals, and microorganisms’ genes to offer innovative solutions is 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 triggering the growth of the market.

Reduction in overall production cost owing to the application of biotechnology will escalate the industry landscape. Various needs of markets are addressed through biotechnology as it reports the importance of precision in planting, growing, and harvesting crops. R&D of functional attributes of the crops through biotechnology will speed up the contract agreement between growers and food processing companies which will further help to accelerate the overall market growth.

Restraints:

Ethical issues concerning the production of genetically modified crops and the long research period hamper the food biotechnology market growth in the projected period.

Opportunities:

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 create 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.

Market Segmentation

Based on Product Type, transgenic crops are projected to dominates the market due growing demand for genetically improved crops to increase the productivity in low producing or harsh climate conditions will turn the market growth. In addition, farmers switching from conventional seeds to bio-seeds to increase their profit margins will boost the market growth during forecast period.

Based on Application, animal segment holds largest share. 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. For instance, according to FAO, global meat production is expected to growth, reach around 48MT by 2025. Furthermore, testing services for developing products to suit the human dietary requirements will helps to turn market growth in forecast period.

Players Covered in Food Biotechnology market are :

• 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 Majore Key Players.

Regional Analysis:

North America region is projected to dominates the market. Growing investments on 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, growing private and government R&D investments, supported by effective government policies will accelerate the market growth. Moreover, positive application outlook of genetically modified yeast in developing new alcoholic beverages will helps to regional growth.

In Asia Pacific region food biotechnology market is expected to witnessing growth of the market. Leading economies such as China, India, and Japan together accounted the largest share in the region. The urge for dietary supplements is rising owing to a switching trend towards healthy lifestyles, thus growing the demand for nutritional ingredients. In addition, product development supported by the growth in per capita income will help to boost the biotech solutions on health foods. Moreover, the necessity to augment the agricultural output due to the growth in population, along with severe climatic variations will turn the biotechnology industry share.

Being presence of food manufacturer with innovation in product developments in Europe region high demand for food and beverages are factor helps to growth of the market during forecast period.

Key Industry Developments:

In June 2019, Advanced Instruments LLC collaborate with LA biosystems with an aiming to support the growth of biotechnology, microbiology and other technologies applied in food and beverages industry. The companies are committed to offering high quality products and adequate service and support in the food biotechnology market.