Bioengineered Food Market: Market Outlook
Food that contains genetic material that has been modified through certain laboratory techniques and for which the modification could not be obtained through conventional breeding or found in nature. Biotechnology is the use of living organisms to develop products with enhanced features and includes the use of genetic modification, also known as “gene technology” or “genetic engineering”. The increasing population along with increasing demand for food and beverage products are the key growth drivers of the global bioengineered food and food products. In recent years, the use of bioengineering technology in agriculture and farming sectors increasing to rise yield production of grains, fruits, vegetables, and other agriculture commodities.
Bioengineered Food Market: Market Dynamics
Appealing Versatility of Bioengineered Food in Industrial Applications to Bolster Sales
Bioengineered food is one of the fastest-growing segments in the global food and beverage industry. The increasing demand for new and innovative food products with different tastes, textures, and high nutritional content is the key factor behind the growth of the global bioengineered food market. Bioengineered food products are developed according to the ongoing trends and requirements of the market. As high requirement of nutritional products in both developed and developing markets offers huge opportunities for the key players in the global bioengineered food market.
Exponential Growth of Functional Food to promote the use of Bioengineered Food
Increasing population, along with urbanization, pollution, and the busy lifestyles of the consumers fueling the demand for functional food products. Regular food consumption is not enough to fulfil the daily nutritional need of the human body. Besides, the increased consumption of conventional food and fast food impacting the health of consumers and promoting different diseases, obesity, and other issues. Thus, the consumer inclination towards consumption of nutritional-rich functional food is increasing across the world. These factors are expected to fuel the growth of the global bioengineered food market.
Bioengineered Food Market: Key Players
Some of the key players engaged in the production of bioengineered food are Cargill Incorporated, Ingredion Incorporated, Archer Daniels Midland, Roquette Frères S.A, Syngenta AG, Tate & Lyle PLC, DuPont de Nemours, Inc., SunOpta Inc., Sakata, Groupe Limagrain, KWS SAAT SE & Co. KGaA and others.
Bioengineered Food Market: Opportunities
Consumer across the globe are seeking for the food and beverage products which are healthy and sustainable. Also, the use of pesticides, and chemical-based products in the agriculture sector degrading the quality of agriculture commodities as well as that are harmful to the agricultural land as it can affect the productivity of the soil. Thus the bioengineering becomes a sustainable alternative in the food and beverage industry as the bioengineered products are healthy and are not harmful to nature as well as the consumer. Thus the bioengineered food offers huge growth opportunities to the key players in the global bioengineered food market.
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Bioengineered Food Market: Regional Outlook
North America is expected to be the dominating region in the global bioengineered food market owing to the high consumption of bioengineered food in the region. The consumers in North America are highly aware of the ingredients used in the food and beverage products and the demand for functional and healthy food products is high in this region which makes it the dominant region in the global bioengineered food market. The Asia Pacific is one of the largest regions in the world having more than 40% of the world’s population. The region has the largest consumer base of food and beverage products in the world and the demand for food and beverage product is continuously increasing. Thus, the Asia Pacific is expected to register a significant growth rate in the forecast period of the global bioengineered food market.
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Impact of Covid-19 on Bioengineered Food Market
The outbreak of Covid-19 has resulted in unprecedented financial challenges for the world economy. The impacts of the pandemic on the different global industries are evident can be justified by disrupted supply chains, the financial positions of the organizations, and the shortage of raw materials. The key players in the food and beverage industries were forced to close their production lines to avoid the risk of infection. However, the increasing consumer demand for food products with increased shelf-life has led to the surge in demand for multi-functional food products. The impact of Covid-19 on the bioengineered food market can be expected to be moderate, owing to its multi-functionary properties.