Bioengineered Foods Market

Introduction:

In recent decades, significant advances have been made in agricultural biotechnology, leading to the development of biotech foods. These foods, also known as genetically modified organisms (GMOs), have sparked heated debates about their effects on human health, the environment and ethical aspects. Amidst these discussions, however, the biotech food market is experiencing a period of considerable growth. This growth is fueled by a number of factors such as world population growth and increasing demand for sustainable food solutions.

This series of blog posts begins an in-depth examination of the biotech food market. We explore the scientific basis of genetic modification and analyze its potential advantages and disadvantages. We then explore the current market landscape and analyze the various biotech foods available and the factors driving their popularity. In addition, we participate in the ongoing debate on biotech foods and address safety, regulatory and ethical issues. This series is intended to be a valuable resource for both consumers seeking information about the biotech food market and industry professionals navigating this dynamic landscape. Stay tuned for an in-depth look at the future of food production and its potential impact on our plates.

Market overview: 

Bioengineered Food Market Size was valued at USD 20.7 Billion in 2023 and is expected to reach USD 90 Billion by the end of 2032 with a CAGR of 17.7% During the Forecast Period 2024-2032 this growth reflects their growing role in global food systems. Several factors drive this expansion. A rising population demands increased food production, and bioengineered crops offer solutions like higher yields and improved pest resistance, contributing to food security. Additionally, concerns about sustainability make bioengineered foods attractive – they can potentially require fewer resources like water and pesticides. Growing consumer awareness recognizes their potential benefits, like extended shelf life, reduced food waste, and potentially improved nutrition. Advancements in biotechnology further promise more efficient and sustainable solutions. However, challenges remain. Regulatory landscapes differ globally, creating complexities for market expansion. Consumer concerns about safety and long-term effects persist, requiring transparency and education. Finally, ethical considerations regarding genetic information ownership and potential environmental risks need to be addressed through open dialogue and responsible development. This overview sets the stage for our deeper exploration of the bioengineered food market. 

Bioengineered Foods Market

Size, by Product, - (USD Billion)

Bioengineered crops

Bioengineered livestock

Bioengineered microorganisms

Other Products

The Market will Grow

At the CAGR of:

17.7%

The Forecast Market

Size for in USD:

$90 billionB

Key players:

1. Monsanto (Bayer)
2. DowDuPont (Corteva Agriscience)
3. Syngenta (China National Chemical Corporation)
4. BASF SE
5. The Scotts Miracle-Gro Company
6. Merck KGaA, Darmstadt, Germany
7. Evogene Ltd.
8. DuPont Pioneer (Corteva Agriscience)
9. KWS SAAT SE & Co.
10. Sakata Seed Corporation
11. Genus plc
12. Intrexon Corporation
13. Bogor Life Science Center
14. Arcadia Biosciences, Inc.
15. Cellectis S.A.
16. Caribou Biosciences Inc.
17. Cibus Global Inc.
18. Yield10 BioSciences Inc.
19. Benson Hill Inc.
20. Pairwise Plants

Bioengineered Foods Market

Share, by end user, (USD Billion)

%

Farmers

Food processing companies

Consumers

Other End-Users

Total Market Size

USD (Billion),

17.7%

CAGR

-

Market segmentation:

By Type:

Bioengineered crops

Bioengineered livestock

Bioengineered microorganisms

By Application:

Food production

Nutritional enhancement

Industrial uses

By End User:

Farmers

Food processing companies

Consumers

By Type:

This categorizes bioengineered food products based on their origin and modification:

Bioengineered Crops: This is the most prominent segment, encompassing crops like corn, soybeans, and cotton that have been genetically modified to improve yield, enhance resistance to pests and diseases, or even modify their nutritional content.

Bioengineered Livestock: This segment focuses on animals that have undergone genetic modification. Examples include salmon with faster growth rates or cattle with improved milk production.

Bioengineered Microorganisms: This segment includes microorganisms like yeast used in brewing that have been genetically modified for specific purposes, such as increased efficiency or improved flavor profiles.

By Application:

This segment explores the intended use of bioengineered food products:

Food Production: This encompasses the primary application of bioengineered foods, aiming to increase crop yields, improve pest resistance, or enhance the overall efficiency of food production.

Nutritional Enhancement: This segment focuses on bioengineered foods designed to address specific nutritional deficiencies. For example, bioengineered crops might be fortified with vitamins or minerals.

Industrial Uses: Beyond direct food applications, bioengineered foods can be used for industrial purposes. This could involve bioengineered microorganisms used for biofuel production or bioplastics derived from bioengineered crops.

By End User:

This segment identifies who ultimately uses the bioengineered food products:

Farmers: This segment primarily includes farmers who adopt bioengineered seeds or livestock in their agricultural practices.

Food Processing Companies: This segment encompasses companies that use bioengineered ingredients as part of their food processing and manufacturing processes.

Consumers: This segment represents the end consumers who purchase bioengineered food products in supermarkets or through other retail channels.

Bioengineered Foods Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

17.7%

The Forecast Market

Size for in USD:

$90 billionB

Recent Development:

May 28, 2024: World Seed Congress 2024: Bayer advances genome-editing initiatives for nutrition enhanced vegetables.

Evogene and The Kitchen FoodTech Hub by Strauss Group Established Finally Foods Ltd. – Revolutionizing Protein Production in Plants for the Food Industry

Market growth drivers:

Increased food demand due to population growth: According to the United Nations, the world's population is expected to reach 9.7 billion by 2050. This is putting a strain on the world's food supply, and biotech foods can help meet this demand by increasing yields and reducing food waste.

Growing demand for crops with improved traits such as herbicide resistance, pest resistance and drought tolerance: Biotech crops can be engineered to tolerate herbicides, pests and drought, which can help improve yields and reduce food spoilage.

Increasing awareness of the potential benefits of biotech foods: If consumers are more aware of the potential benefits of biotech foods, such as better nutrition and less food waste, they are more likely to be willing to buy these products.

The expansion of the food industry throughout the world. The food industry is expected to continue to grow in the coming years due to factors such as increasing disposable incomes and urbanization.

This growth is expected to increase the demand for biotech foods.

Consumer acceptance of biotech foods: Public perception of biotech foods is controversial. Some consumers are concerned about the safety of these foods, while others agree. If consumers accept biotech foods, this could boost the market.

Regulations: Regulation of biotech foods varies from country to country. Tighter regulation may slow market growth.

Innovations: Continued innovations in biotechnology can lead to the development of new and better biotechnological foods. This can help in the growth of the market.

Market trends:

Bioengineered food market lives in a time of innovation and changing consumer preferences. Here are some of the main trends shaping the industry:

Customization through precision fermentation: This technology uses genetically modified microbes to create food ingredients, flavourings and even alternative proteins such as meat. This allows foods to be tailored to specific dietary needs and preferences.

Transparency and consumer education: more attention is given to clear labelling and information about the production method of biotech foods. Companies understand the importance of building consumer trust in the science behind biotechnology and its potential benefits.

Sustainable agriculture. Biotechnology is being explored as a means to create crops that require fewer resources, are more resistant to harsh environments, and can potentially reduce reliance on chemical pesticides. 

Evolving Regulations: Regulatory agencies are constantly adapting to keep pace with developments in biotechnology. This ensures that safety standards are met and allows innovation to flourish.

Bioengineered Foods Market TO (USD BN)

CAGR OF

17.7%

Bioengineered Foods Market

90 billion%

Market Opportunities:

Bioengineered food market offers exciting opportunities for companies that can respond to consumers and navigate the changing landscape. Here are some key areas:

Development of new biotech foods: This involves creating alternative protein sources with better taste and texture, such as biotech plant meats that closely resemble their animal counterparts. Other options include fruits and vegetables with better nutritional value or a longer shelf life.

Customization through Fermentation: As previously mentioned, precision fermentation enables customization of food ingredients and products tailored to specific dietary needs or preferences. This may include allergen-free products, targeted health probiotics or personalized nutritional solutions.

Sustainable biotech crops. The development of crops with increased yield, drought tolerance or resistance to pests and diseases is consistent with the growing focus on organic farming. This may mean designing crops that require fewer resources or minimize the use of chemical fertilizers and pesticides.

Transparency and building trust: Companies that prioritize clear labeling, open communication about their biotechnology practices, and educating consumers about the benefits and safety of the technology can gain a competitive advantage.

Meeting the needs of certain consumer groups: The demand for foods that take into account allergies, intolerances and different eating habits is growing. Biotechnology can provide solutions for gluten-free cereals, lactose-free dairy products or healthier fats and oils.

Improved functionality of biotech foods: This could mean designing crops with more vitamins, minerals or antioxidants, or developing biotech foods that offer specific health benefits, such as digestive or gut health.

Optimizing food production chains: Biotechnology can play a role in streamlining food production processes, reducing food waste and ensuring food security for a growing world population.

Market Restraints:

While Bioengineered food market is promising, there are some factors that are hindering its widespread acceptance and growth. Here's an overview of current market restrictions:

Consumer safety concerns: Some consumers have long been concerned about the safety of genetically modified organisms (GMOs) used in biotech foods. Long-term health effects and potential allergens are areas where scepticism persists.

Lack of transparency and labelling: In some cases, consumers feel that there is a lack of transparency about the manufacturing and ingredients of biotech foods. Inconsistent or unclear labelling can lead to mistrust and hinder market growth.

Regulatory Barriers: Biotech food regulations can be complex and vary from country to country. This can slow down the approval process for new biotech products and limit their market reach.

The organic food movement: The growing popularity of natural and non-GMO organic foods may decrease consumer interest in biotech alternatives.

Common perception and misinformation: Negative media images and inaccurate information about biotech foods can create unnecessary fear and hinder public acceptance.

Cost factors: Developing and bringing new biotech foods to market can be expensive. This may limit the affordability and availability of these products for some consumers.

Ethical aspects: The ethical implications of food biotechnology are constantly debated. Concerns about the violation of nature, potential environmental impacts and corporate food chain management must be addressed.