Rising funds for agronomic practices propels demand in Biofortification Market

Market overview:
The global Biofortification Market valued at 78 million USD in 2021 and is estimated to reach a valuation of 118 million USD by 2026, developing at a CAGR of 8.6% during the envisioned period.

Market Drivers and Restrains:
Increasing number of biotechnological tools in plant breeding and farmers interest to increase their farming investment for higher yield, and advancements in genomics and bioinformatics are some of the factors driving the growth of the global Biofortification market. Also, increasing number of applications of bio technological tools in plant breeding are some other factors that helps the market to grow further. Strict regulations from the government are one of the restraints effecting the expansion of the market of biofortification.

Recent Market Developments:
In the month of November 2018, Intertek company has developed its local capabilities and services at a laboratory in Beira, Mozambique which helped the company to expand their businesses in Mozambique as well as in East African region.

In the month of September 2018, Bayer company acquired Monsanto company from US which helps the company in terms of innovation capabilities and R & D technology platforms in the agricultural industry.

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Report is segmented as:
The Biofortification market is segmented according to method, crop and target nutrients.
By method, the market of Biofortification is segmented into plant breeding techniques, agronomical practices and biotechnological methods. By crop, the Biofortification market is segmented into wheat, rice, beans, cassava, corn, pearl millet, sweet potato and other crops. By target nutrients, the market is segmented into vitamins, zinc, iron, proteins and other types of target nutrients.

Geographical Segmentation:
The global Biofortification market was dominated by the Asia Pacific owing to the increasing demand for biofortification of crops as well as growing consumer demand for high nutritional content in food. The Asia Pacific region is also expected to hold the dominance of the market over the projection period. North America holds the second largest share of the market due to the large-scale investments in research and development by the major key players from the area, especially from the United States and Mexico.

Impact of COVID-19 on Biofortification Market
The coronavirus pandemic has affected the global Biofortification market and has forced several players in the business to temporarily halt manufacturing operations that resulted in huge losses for them. As per the analysis, the Biofortification market is foreseen to see an increase in revenue because of rising need for this technique across the globe.

Key market players:
Major players of Biofortification market include Bayer (Germany), Syngenta (Switzerland), BASF (US), and DowDuPont (US)

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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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