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.