Bioengineered Food Market Report 2024

This Bioengineered Food market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 during the historic period can be attributed to consumers' preference for nutrient-rich functional foods, an increase in the global population, heightened awareness of food security, the need for climate change adaptation, and the rising 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 projected growth during the forecast period can be attributed to the increasing demand for sustainable agricultural practices, rising investments in research and innovation, growing food demand, heightened interest in bioengineered crops, and increased yield production. Key trends expected during this period include advancements in genetic engineering and biotechnology, continued research and development initiatives, innovative crop development, the creation of bioengineered foods, and the use of artificial intelligence (AI) for design and optimization.

The increasing demand for sustainable agricultural practices is anticipated to drive the growth of the bioengineered food market in the future. Sustainable agricultural practices encompass farming methods that meet current food and fiber needs while ensuring that future generations can also meet theirs. This demand arises from growing concerns about environmental degradation, the necessity of preserving biodiversity, and the need for food security in the face of climate change challenges. These sustainable practices support and enhance the utilization of bioengineered food by encouraging environmentally friendly, efficient, and resource-conscious food production techniques. For instance, in May 2023, the Department for Environment, Food, and Rural Affairs, a UK government agency, reported that a total of 509 thousand hectares of land were farmed organically in the UK in 2022, marking a 0.4% increase from 2021. Thus, the rising demand for sustainable agricultural practices is driving the bioengineered food market's growth.

Key companies in the bioengineered food market are concentrating on creating advanced products, such as transgenic insect-resistant crops, to enhance crop yields while promoting sustainable farming practices. Transgenic insect-resistant foods consist of genetically modified crops that include genes for resistance to insect pests. This innovation aims to reduce reliance on chemical insecticides, improve crop protection, and boost yields by increasing plants' resilience to pests. For example, in January 2024, the Federal Government of Nigeria approved the commercial launch of TELA maize varieties. These varieties, including SAMMAZ 72T, SAMMAZ 73T, SAMMAZ 74T, and SAMMAZ 75T, are engineered to resist significant pests such as stemborer and fall armyworm. They are also drought-tolerant, making them well-suited for areas with variable rainfall. Under optimal conditions, these maize varieties can yield up to 10 tons per hectare, surpassing the national average of 6 tons for similar hybrids. They can thrive in rainforests, guinea savannas, and Sudan savannas, aiming to reduce maize production losses caused by pests. This innovation has the potential to save millions of metric tons of maize, thereby supporting food security across Africa.

In August 2023, Cora Seeds, an Italy-based seed company, acquired the onion and pumpkin programs from KWS SAAT SE & Co. KGaA for an undisclosed amount. This acquisition aligns with Cora Seeds' strategy to enhance its product portfolio and strengthen its position in the agricultural sector, particularly in vegetable seeds. This deal supports the company's objective of expanding its market presence and improving its breeding capabilities for high-quality vegetable seeds. KWS SAAT SE & Co. KGaA is a Germany-based agricultural firm that offers new breeding methods (NBM), including genome editing for bioengineered food.

Major companies operating in the bioengineered food market 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.

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.

The countries covered in the bioengineered food marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bioengineered food refers to food products that have been genetically modified using biotechnology to introduce specific traits or characteristics that are not achievable through conventional breeding methods. This genetic modification involves directly altering the DNA of plants, animals, or microorganisms to enhance desirable traits such as pest resistance, improved nutritional content, or greater resilience to environmental conditions.

The primary types of bioengineered food include vegetables, fruits, crops, and others. Bioengineered vegetables are genetically modified to improve traits such as pest resistance, faster growth, and enhanced nutritional value, which contributes to sustainability by reducing the reliance on pesticides and fertilizers. These modifications are achieved through cellular agriculture and genetic engineering techniques, including clustered regularly interspaced short palindromic repeats (CRISPR) and tissue culture. The traits enhanced through these methods include disease resistance, herbicide tolerance, insect resistance, and nutritional enhancement, with applications spanning food and beverages, animal feed, pharmaceuticals, and more.

The bioengineered foods market research report is one of a series of new reports that provides bioengineered food market statistics, including bioengineered food industry global market size, regional shares, competitors with a bioengineered food market share, detailed bioengineered food market segments, market trends, and opportunities, and any further data you may need to thrive in the bioengineered food industry. This bioengineered food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bioengineered food market consists of revenues earned by entities by providing services such as sustainable farming, food security, agricultural productivity, and pest and disease resistance. The market value includes the value of related goods sold by the service provider or included within the service offering. The bioengineered food market also includes sales of grains, legumes, and dairy products. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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