Agricultural Biotechnology Is Estimated To Witness High Growth Owing To Opportunity To Address Global Food Security Challenges
Agricultural biotechnology refers to the application of scientific techniques such as genetic engineering, molecular markers, microbiology, and tissue culture for improving crops and agriculture. It involves modifying traits of plants and animals through interventions in their genetic material and includes techniques like genetic engineering and synthetic biology. Agricultural biotechnology helps address key challenges faced in conventional agriculture such as low crop yields, prevalence of pests and diseases, drought and climate change resilience, nutritional quality and biodiversity loss. Biotechnology tools and techniques aid in developing higher yielding crop varieties, disease resistant plants, adaptation to climate change, and enhanced nutritional profiles.
The global Agricultural Biotechnology Market is estimated to be valued at Us$ 77 Bn in 2023 and is expected to exhibit a CAGR Of 12% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
With the world population expected to increase from current 7.7 billion to around 9.7 billion by 2050, there will be a significant rise in global food demand. Meeting this demand challenge through conventional agricultural practices would require vast increases in use of resources like water, land and fertilizers which may not be possible or sustainable. Agricultural biotechnology can play a pivotal role in addressing the global food security challenge through development of higher yielding and nutritious biofortified crops via genome editing and marker assisted breeding techniques. These novel crops will be capable of growing in adverse weather conditions and varied geography, tolerate biotic and abiotic stresses better while utilizing lesser inputs. Their widespread adoption globally would help boost agricultural productivity on existing farmland to meet the rising demand for food and enable global food security.
Porter's Analysis
Threat of new entrants: Protein Crisps market has moderate threat of new entrants as it requires substantial investment for manufacturing, distribution, and marketing. However, it has opportunities for new players offering innovative and niche products.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like protein bars and shakes. However, awareness about health benefits of protein crisps is increasing buyer bargaining power.
Bargaining power of suppliers: Suppliers of raw materials like flax seeds, nuts, and others have low to moderate bargaining power due to availability of substitutes. However, leading suppliers may leverage their scale and supplier base to influence prices.
Threat of new substitutes: Substitutes like protein bars, chips, and nuts present high threat as they offer similar nutritional benefits. However, product differentiation focus on taste and convenience provides scope to Protein Crisps market.
Competitive rivalry: High due to presence of numerous international and private label brands offering varied products. Companies rely on innovation, branding, and partnerships to gain market share.
SWOT Analysis
Strengths: High nutritional value, gluten-free, convenience of consumption, array of flavor options.
Weaknesses: High production costs, quality consistency issues, premium pricing limiting volumes.
Opportunities: Expanding active and health-conscious demographic, scope for new mixes and flavors, growth in snack product lines.
Threats: Intense competition, regulations on food labeling, macroeconomic trends influencing consumer spend.
Key Takeaways
The global Protein Crisps market is expected to witness high growth due to increasing health awareness. North America dominates the market currently due to high consumer spending and adoption of nutrition-rich snacks. Europe is the second largest region driven by vegan and gluten-free dietary trends.
Key players operating in the Protein Crisps market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC.
Regional analysis focused on North America, where the U.S. accounts for the largest share due to increasing obese and diabetic population seeking healthier snack options. The vegetarian and vegan population in Canada and presence of major players have boosted demand. Favorable regulations and awareness campaigns by fitness groups in the U.S. and Canada are supporting the growth. Europe is the second largest market led by UK, Germany, France, Italy and Spain. High health consciousness and popularity of plant-based diets make Europe an important regional market. Availability of diverse and innovative products targeting the needs of health-focused consumers also support the European protein crisps industry. The Asia Pacific region is expected to witness the fastest growth during the forecast period majorly due to vast population, growing
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