The Biofortification Market is estimated at USD 78 million in 2018 and is projected to grow at a CAGR of 8.6% from 2018 to reach USD 118 million by 2023. The growth of the biofortification market is driven by the rise in funds for agronomic practices and technological advancements. Biofortification is used in crops such as sweet potato, cassava, rice, corn, wheat, beans, pearl millet, and others such as tomato, banana, sorghum, and barley.

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On the basis of target nutrient, the biofortification market is segmented into iron, zinc, vitamins, and others. The vitamins segment is the fastest-growing target nutrient in the biofortification market from 2018 to 2023. The demand for biofortified crops is increasing due to the increasing demand for high nutrient content in food. The rising demand for vitamins as feed additives or in premixes from the animal nutrition industry and the increasing demand for high-quality meat products have also been essential factors responsible for the increase in the demand for vitamins across the world.

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The biofortification market, on the basis of region, is segmented into Latin America, Asia Pacific, and Africa. The Asia Pacific is projected to dominate the biofortification market throughout the forecast period. This is because biofortification has strong growth potential in agriculture and also improves the nutrition content in food. The biofortification market has grown considerably over the last five years, and this trend is expected to continue in the near future. The growing consumer demand for high nutritional content in food is projected to fuel the demand for biofortified crops, globally.

Key players identified in this market include Syngenta (Switzerland), Bayer (Germany), BASF (US), and DowDuPont (US). They are focusing on increasing their presence through acquisitions and expansions and developing products specific to consumer preferences. These companies have a strong presence in the Asia Pacific and Africa. They have also set up research laboratories in various regions and have strong distribution networks.