The global bioengineered food market is expected to grow with the CAGR of approximately 5% during the forecast period 2016-2023. The increasing demand for nutritional food is adding meaning full growth in the global bioengineered food market. Furthermore, rising yield production and increasing investment in biotech research and development is also boosting the growth of the global bioengineered food market. Biotech investments were $309 billion in 2014 and are projected to increase up to $423 billion by 2019. Hence, the increasing biotech research and development investment is adding meaning full growth in the global bioengineered foods market. However, impact on soil fertility due to genetic pollution and lack of government regulations are the major factor that are restricting the growth of the global bioengineered food market. the use of agrochemical for the production of bioengineered food result into soil contamination that decreases soil fertility. Lack of government regulation is the key factor that is restricting the growth of the global bioengineered food market.
Geographically, North America held major share in terms of revenue in 2016 in global bioengineered food market,. growing investment in bioengineered food by government and private players is one of the key factor which is attributing towards the large share of North American market. Moreover, the presence of various key players such as Dow Chemical Company (US), DuPont (US), Monsanto (US), WinField (US) etc. are also adding meaning full growth in the North American bioengineered food market. Moreover, the increasing production of bioengineered crops is adding growth in the North America bioengineered foods market. Furthermore, Asia Pacific is the fastest growing region in the global bioengineered food market. The growth in Asia Pacific region is mainly driven by the rising production activity of bioengineered or genetically modified crops, fruits, vegetable, etc.
The global bioengineered food market is segmented into type. The type segment is segmented into animal products, crops, fruits, vegetables, etc. The crops segment held the largest market share in the global bioengineered food market type segment. The growing production of genetically modified crops or bioengineered crops such as corn, soya, etc. increasing growth towards the largest share of crops segment.
The growth in global bioengineered food market is also influenced by the presence of major players such BASF Gmbh (US), Bayer Crop Science (Germany), DLF-Trifolium (Denmark), Dow Chemical Company (US), DuPont (US), Monsanto (US), WinField (US), Group Limagrain France, KWS (Germany), Syngenta (Switzerland), Takii & Company (Japan), Makhteshim Agan (Israel) etc. Product launches, Mergers & acquisitions etc. are some crucial strategies adopted by the major players to gain competitive advantage.