Bioengineered Food Market: Market Outlook
Food that contains genetic material that has been modified through certain laboratory techniques and for which the modification could not be obtained through conventional breeding or found in nature. Biotechnology is the use of living organisms to develop products with enhanced features and includes the use of genetic modification, also known as "gene technology" or "genetic engineering". The increasing population along with increasing demand for food and beverage products are the key growth drivers of the global bioengineered food and food products. In recent years, the use of bioengineering technology in agriculture and farming sectors increasing to rise yield production of grains, fruits, vegetables, and other agriculture commodities.
Bioengineered Food Market: Market Dynamics
Appealing Versatility of Bioengineered Food in Industrial Applications to Bolster Sales
Bioengineered food is one of the fastest-growing segments in the global food and beverage industry. The increasing demand for new and innovative food products with different tastes, textures, and high nutritional content is the key factor behind the growth of the global bioengineered food market. Bioengineered food products are developed according to the ongoing trends and requirements of the market. As high requirement of nutritional products in both developed and developing markets offers huge opportunities for the key players in the global bioengineered food market.
Exponential Growth of Functional Food to promote the use of Bioengineered Food
Increasing population, along with urbanization, pollution, and the busy lifestyles of the consumers fueling the demand for functional food products. Regular food consumption is not enough to fulfil the daily nutritional need of the human body. Besides, the increased consumption of conventional food and fast food impacting the health of consumers and promoting different diseases, obesity, and other issues. Thus, the consumer inclination towards consumption of nutritional-rich functional food is increasing across the world. These factors are expected to fuel the growth of the global bioengineered food market.
Bioengineered Food Market: Segmentation
Based on the product type, the global Bioengineered Food market can be segmented as follows
- Others (Animal Products, etc.)
Based on the End-use, the global Bioengineered Food market can be segmented as follows
- Food and Beverage
- Processed meat
- Dairy and Confectionery
- Dietary Supplements
- Personal care and cosmetics
- Animal feed
Based on the region, the global Bioengineered Food market can be segmented as follows
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Bioengineered Food Market: Key Players
Some of the key players engaged in the production of bioengineered food are Cargill Incorporated, Ingredion Incorporated, Archer Daniels Midland, Roquette Frères S.A, Syngenta AG, Tate & Lyle PLC, DuPont de Nemours, Inc., SunOpta Inc., Sakata, Groupe Limagrain, KWS SAAT SE & Co. KGaA and others.
Bioengineered Food Market: Opportunities
Consumer across the globe are seeking for the food and beverage products which are healthy and sustainable. Also, the use of pesticides, and chemical-based products in the agriculture sector degrading the quality of agriculture commodities as well as that are harmful to the agricultural land as it can affect the productivity of the soil. Thus the bioengineering becomes a sustainable alternative in the food and beverage industry as the bioengineered products are healthy and are not harmful to nature as well as the consumer. Thus the bioengineered food offers huge growth opportunities to the key players in the global bioengineered food market.
Bioengineered Food Market: Regional Outlook
North America is expected to be the dominating region in the global bioengineered food market owing to the high consumption of bioengineered food in the region. The consumers in North America are highly aware of the ingredients used in the food and beverage products and the demand for functional and healthy food products is high in this region which makes it the dominant region in the global bioengineered food market. The Asia Pacific is one of the largest regions in the world having more than 40% of the world’s population. The region has the largest consumer base of food and beverage products in the world and the demand for food and beverage product is continuously increasing. Thus, the Asia Pacific is expected to register a significant growth rate in the forecast period of the global bioengineered food market.
Impact of Covid-19 on Bioengineered Food Market
The outbreak of Covid-19 has resulted in unprecedented financial challenges for the world economy. The impacts of the pandemic on the different global industries are evident can be justified by disrupted supply chains, the financial positions of the organizations, and the shortage of raw materials. The key players in the food and beverage industries were forced to close their production lines to avoid the risk of infection. However, the increasing consumer demand for food products with increased shelf-life has led to the surge in demand for multi-functional food products. The impact of Covid-19 on the bioengineered food market can be expected to be moderate, owing to its multi-functionary properties.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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