Food Biotechnology Market
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Food Biotechnology Market size is anticipated to record over 10% CAGR from 2023 to 2032. The surging popularity of plant-based products along with the shifting inclination to alternative protein sources will accelerate the industry development. As per the Plant Based Foods Association, nearly 79 million households in the U.S. purchased plant-based products in 2021 compared to 77 million in 2020.
The rising consumption of plant-based meat substitutes, and cultured meat among other protein-rich products has led to the high demand for food biotechnology for meeting the rising requirements of consumers seeking sustainable and ethical protein. Surging advances in biotechnology and genetics for the customization of diets and nutrition plans will also prove favorable for the market growth.
The increasing collaboration between research institutions, governments, and private companies for the rapid development as well as adoption of food biotechnology solutions will drive the market expansion. To cite an instance, in May 2023, UKRI’s Biotechnology and Biological Sciences Research Council (BBSRC) partnered with India’s Department of Biotechnology (DBT) for new £5 million ISPF (International Science Partnerships Fund) project to enhance farmed animal health and welfare. However, the varying approval processes and stringent regulations for biotech-derived foods in several countries may create barriers to market entry and product commercialization, limiting the industry growth to some extent.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Food Biotechnology Market size in 2022: | |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 10 |
| 2023 Value Projection: | |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 300 |
| Tables, Charts & Figures: | 117 |
| Segments Covered: | Type, Application and Region |
| Growth Drivers: | |
| Pitfalls Challenges: |
The COVID-19 pandemic positively influenced the food biotechnology market on account of the heightened health concerns and the consequent surge in the demand for functional foods and nutraceuticals. The rapid development of COVID-19 vaccines by deploying biotechnological methods highlighted the potential of biotech to address health crises. For instance, the TAG-EUL, in November 2021, listed Bharat Biotech BBV152 COVAXIN vaccine for emergency use to counter the COVID-19 infection. The rising R&D investments for the development of new food technologies and products, including plant-based and lab-grown alternatives also added impetus to the industry outlook in the pandemic.
The rising prominence of precision agriculture technologies to incorporate biotechnology, data analytics, and sensors in optimizing farming practices, conserving resources, and improving crop yields will outline the enhanced industry size. Precision agriculture allows farmers to utilize crop inputs more effectively through seeds/seedlings, farm equipment, pesticides, fertilizers, and irrigation water. To that end, the growing popularity of digital farming and plant genome editing will contribute to the market development.
Transgenic food biotechnology market is slated to record substantial traction between 2023 and 2032, due to the rising need for genetically modified crops for enhancing the productivity in low producing and harsh climatic conditions. The surging environmental impacts posed by the agricultural sector has led to the growing demand for transgenic crops as they help in reducing pesticide usage while increasing the crop yields. The growing regulatory support along with the increasing focus of researchers on exploring novel applications of transgenic biotechnology will anchor the market growth.
The animals segment holds more than 34% of the food biotechnology market share in 2022, attributed to the surging number of R&D activities for enhancing milk production in dairy cattle. For instance, in March 2023, scientists from the University of Queensland and the Department of Agriculture and Fisheries collaborated for $7.5 million project for developing controlled-release biopolymer technology to limit cattle methane emissions.
The rising rate of meat production and the burgeoning processed meat consumption worldwide will also favor the segment expansion. As per the APEDA (Agricultural and Processed Food Products Export Development Authority), India exported 331.57 of processed meat worth $1.47 million to the world during 2022-23.
APAC food biotechnology market size is poised to depict over 11% CAGR through 2032, owing to the rising interest in functional foods and nutraceuticals driven by the shifting trend towards healthy lifestyles. The surging focus on sustainable agriculture practices has steered the higher importance of biotechnology for the development of crops with fewer pesticides and water, as well as alternative proteins, such as plant-based and cell-based meats.
For instance, in March 2023, the Union government in India announced plans to launch the Bio E-3 policy for boosting biotechnology-based manufacturing for green growth in the country. The growing prominence of biotech-based aquaculture and the strong regulatory landscape will also favor the regional market growth.
Some key participants in the food biotechnology market include:
Market, By Type
Market, By Application
The above information has been provided on a regional and country basis for the following:
Some of the major food biotechnology firms include BASF SE, Bayer CropScience AG, AquaBounty Technologies, ABS Global, Dow AgroSciences LLC, Arcadia Biosciences, Camson Bio Technologies Ltd, BDF Ingredients Zuchem, and Monsanto.
The market size of food biotechnology is set to grow at over 10% CAGR from 2023 to 2032, due to the surging popularity of plant-based products and the shifting inclination to alternative protein sources.
Transgenic food biotechnology segment is slated to record substantial traction between 2023 and 2032, attributed to the higher need for genetically modified crops for enhancing the productivity in low producing and harsh climatic conditions.
Asia Pacific market size is projected to witness 11% CAGR from 2023 to 2032, owing to the rising interest in functional foods and nutraceuticals driven by the shifting trend towards healthy lifestyles.