Global Bioengineered Food Market: Trends, Growth Factors, and Analysis 2023-2029
The global bioengineered food market has been growing tremendously in recent years. The increasing awareness among consumers regarding the benefits of bioengineered food products and the rising demand from the food industry are a few factors responsible for the market growth. According to Market Research Future (MRFR), the global bioengineered food market is expected to expand at a CAGR of 7.2% from 2023 to 2029.
What is Bioengineered Food?
Bioengineered food, also known as genetically modified (GM) food, is food that has been produced using genetic engineering techniques. This technology allows scientists to introduce genetic material from different organisms into plants or animals, resulting in food products with specific desirable traits.
The demand for bioengineered food products is driven by various factors, including:
– Increased yields and reduced cultivation costs
– Improved nutrient content and product quality
– Resistance to pests and diseases, reducing the need for harmful pesticides
– Extended shelf-life, reducing food waste
– The ability to grow crops in harsher environments
– The potential to develop crops with higher yields, nutrition, and resilience
Despite the many benefits of bioengineered food, there are also several challenges that the market faces:
– Concerns over food safety and environmental impact
– Resistance from organic and non-GMO advocates
– The need for strict regulation and labelling requirements
– The high costs associated with research and development of bioengineered crops
– The potential for negative consequences, such as the development of resistant pests or loss of biodiversity
The global bioengineered food market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America dominated the market in 2020, followed by Europe and the Asia-Pacific. The increasing adoption of GM crops by farmers and the presence of major GM food producers in North America are the key factors driving market growth in this region.
Key Players in the Market
The major players operating in the global bioengineered food market include Monsanto Company, Bayer AG, Novartis International AG, Syngenta AG, and BASF SE. These companies are involved in research and development, production, and distribution of bioengineered food products. They are also investing in partnerships and collaborations to expand their market presence.
The global bioengineered food market is expected to witness significant growth in the coming years due to the demand for increased crop yields, improved product quality, and reduced food waste. However, concerns over the safety and environmental impact of GM crops remain a challenge for the industry. Through responsible innovation, collaboration, and increased transparency, the market can address these concerns and continue to provide sustainable and beneficial solutions to meet the world’s food needs.
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The global bioengineered food market is expanding at a CAGR of 7.2% from 2023 to 2029. The increasing awareness among consumers about the benefits of bioengineered food products and the rising demand from the food industry are driving the market growth. Despite its many benefits, the market faces challenges in terms of food safety and environmental impact, resistance from organic and non-GMO advocates, and the high costs associated with research and development. North America dominates the market, followed by Europe and the Asia-Pacific. The major players in the market are Monsanto Company, Bayer AG, Novartis International AG, Syngenta AG, and BASF SE. Through responsible innovation, collaboration, and increased transparency, the market can continue to provide sustainable and beneficial solutions to meet the world’s food needs. #BUSINESS