Food biotechnology is a relatively new branch of agricultural science that focuses on the development of plants that contain natural nutrients to improve their nutritional value of the food. One of the major focuses of food biotechnology is to produce crops that are more resistant to diseases and pests. Food biotechnology is used to create food that tastes great, has fewer health risks, and is safer for children to eat than traditional foods.
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The advent of new technologies in the field of food biotechnology sectors and limited availability of arable land are major factors propelling market growth. Also, the increasing adoption of a healthy lifestyle coupled with the growing spending on food products by consumers due to rising disposable income is again contributing to the market growth of food biotechnology. The growing consumption of processed meat products around the globe is also expected to augment the market growth of food biotechnology over the forecast period. According to the stats by TheWorldCounts globally, people consume around 350 million tons of meat a year and estimation shows that by 2050, global meat consumption is projected to reach between 460 million and a staggering 570 million tons.
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From the geographical point of view, North America is expected to gain significant growth over the forecast period and this is attributed to the high adoption of such advanced technology in the food industry coupled with the high spending by consumers on nutritious products. According to the Economic Research Service United States Department of Agriculture, in 2019, U.S. consumers, businesses, and government entities spent $1.77 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks.
Key Developments:
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In August 2020, Finger Lakes Community College announced that it has received $141,000 in the National Science Foundation grants to study methods for extracting mushroom sugars with therapeutic properties in partnership with a Henrietta company.
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In September 2019, BASF announced that it has acquired aroma biotech innovation marketer Isobionics to strengthens the biotechnology footprint and enter the natural F&F ingredients market. The company has broadened its portfolio with natural ingredients such as vanillin, nootkatone, and valencene
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In June 2019, Advanced Instruments, LLC announce that LA Biosystems—a distributor of high-quality laboratory equipment within the biotechnology, and food safety markets—is now the exclusive distributor of its portfolio of osmometers, cryoscopes, fluorometers, and Anoxomat® jar system in Belgium.
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