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Food Biotechnology Market Size

  • Report ID: GMI3334
  • Published Date: Sep 2023
  • Report Format: PDF

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.

 

Food Biotechnology Market

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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.
 

 

Authors: Kunal Ahuja, Tushar Malkani

Frequently Asked Questions (FAQ) :

The market size of food biotechnology is set to grow at over 10% CAGR from 2023 to 2032, due to the surging popularity of plant-based products and the shifting inclination to alternative protein sources.

Transgenic food biotechnology segment is slated to record substantial traction between 2023 and 2032, attributed to the higher need for genetically modified crops for enhancing the productivity in low producing and harsh climatic conditions.

Asia Pacific market size is projected to witness 11% CAGR from 2023 to 2032, owing to the rising interest in functional foods and nutraceuticals driven by the shifting trend towards healthy lifestyles.

Some of the major food biotechnology firms include BASF SE, Bayer CropScience AG, AquaBounty Technologies, ABS Global, Dow AgroSciences LLC, Arcadia Biosciences, Camson Bio Technologies Ltd, BDF Ingredients Zuchem, and Monsanto.

Food Biotechnology Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 12
  • Tables & Figures: 117
  • Countries covered: 24
  • Pages: 300
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