Food Biotechnology Market Size

Food Biotechnology Market Size

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.
 

Food Biotechnology Market Growth Drivers & Restraints

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.