Global Market Insights, Inc. has launched a report on Food Biotechnology Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
In an era characterized by the prevalence of consistent R&D programs, food biotechnology market share has shown quite a major increase. Biotechnology has always been of immense significance in the global F&B industry, given that it has aided the production of higher crop yields, reduction of the tilling of farmland, and reduction in the use of agricultural chemicals directed to lower runoff of these products into the environment.
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That apart, the deployment of biotechnology in the food sector has also enabled the growth of crops with improved nutrition profiles to resolve nutritional deficiencies, produce allergen and toxin-free foods, and much more. It does not come as a surprise that these technological developments have helped improve food production patterns and will continue to enhance the future of food biotechnology market.
Biotechnology today makes available revolutionary products and technologies for modifying our food. Speaking of which, the first genetically modified product to be approved by the FDA for commercialization was Flavr Savr tomato. In 1994, scientists at the Calgene company inhibited the ripening process by intruding with the natural softening of the tomato. They toiled to grow tomatoes possessing much longer shelf-lives than the traditional types on the market leveraging an antisense gene to block the creation of an enzyme involved in cell wall breakdown.
Despite regulations and legislations over genetically modified organisms (GMOs) and bioengineered additives, advancements are still being worked on throughout the world. The prevalence of such consistent efforts by the companies pertaining to technological advancements will have a significant impact on food biotechnology market growth.
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Gene modification has been in the experimental phase since 1994. It has been recently noted that Brazilian researchers are working to grow spicy tomatoes through Crispr gene-editing techniques as chilly farming is way more difficult than tomato farming. Food biotechnology market, as on today, is characterized by a slew of innovative product launches and funding for R&D programs.
A food biotechnology leader Clara food has recently announced to raise an undisclosed amount in Series B funding round led by Ingredion to accelerate commercialization of the first animal-free egg protein in the world, expand research and development capabilities, and broaden the product road map. As a part of the round, both the companies will sign an agreement to work together to establish a global platform serving the food and beverage industry. Many such companies opt for collaborations as a pivotal strategy that will help boost food biotechnology market share.
Apart from collaborations and fund raisings, there are also companies working toward innovations for increasing consumer base in market. Recently, Minnesota-based Calyxt, Inc. has rolled out a new gene edited soybean oil. The company has simply edited the genes within the crops with the use of technology to speed up a process which could have occurred naturally. The launch of such innovative edible products is likely to expand the consumer base of food biotechnology market and upsurge the industry share.
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Rigorous efforts and product innovations aside, the global food biotechnology market is still vulnerable as far as mass consumer acceptance is concerned. According IFIC’s 2008 Food Biotechnology: A Study of US Consumer Trends, the majority (53%) of customers have neutral insights about plant biotechnology.
A greater part of consumers will purchase foods produced through biotechnology for specific benefits including delivering more healthy fats (78%), like saturated fat (75%), reducing trans (76%) and Omega-3; and making foods taste better or fresher (67%). In the years to come, as consumer preference for food produced via biotechnology depicts a rise and core companies continue to cater to changing customer demands, food biotechnology market share is likely to showcase an upsurge.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.