Agricultural Biotechnology Market size is expected to register a CAGR of 8.7% and was valued at USD 215.2 Bn in 2032.
The agricultural biotechnology market continues its upward trajectory, driven by rising global food demand and the need for sustainable farming practices. Innovations in genetic engineering, molecular breeding, and bioinformatics are reshaping crop production, enhancing yield, and fortifying plants against pests and diseases. Genetically modified organisms (GMOs) remain contentious yet influential, with traits like herbicide tolerance and insect resistance gaining adoption. Additionally, advancements in CRISPR technology promise precise gene editing capabilities, revolutionizing crop development. Collaborations between biotech firms and agricultural giants further propel market growth. As sustainability concerns intensify, expect heightened focus on biotech solutions for resilient, high-yield agriculture.
The Agricultural Biotechnology Market continues to flourish as advancements in biotech crops revolutionize farming practices worldwide. Biotech crops, also known as genetically modified organisms (GMOs), offer significant advantages in terms of increased yields, resistance to pests and diseases, and tolerance to environmental stresses. These crops are at the forefront of agri-biotech, shaping the future of farming.
Biotech farming integrates biotechnological tools and techniques into agricultural practices to enhance crop productivity and quality while minimizing environmental impact. With the global population steadily increasing, biotech farming plays a crucial role in ensuring food security and sustainability.
The adoption of biotech crops is not without controversy, as concerns about environmental and health impacts persist. However, stringent regulatory frameworks ensure the safety and efficacy of biotech products in the market.
As technology continues to evolve, the agricultural biotechnology market is poised for further growth and innovation. Biotech crops and biotech farming practices will continue to shape the landscape of modern agriculture, offering sustainable solutions to address the challenges of feeding a growing global population while safeguarding the environment.
Competitive Landscape:
The agricultural biotechnology companies are is expected to get benefits from companies like Thermo Fisher Scientific (US), Arcadia Biosciences (US)., Biocentury Transgene Co., Ltd (China), Bayer AG (Germany), Eurofins Scientific (Luxembourg), LGC Biosearch Technologies (US), Vilmorin & Cie (France), Dr. Chip Biotech Inc. (Taiwan), Evogene Ltd (Israel), Corteva Agriscience (US), and Yield10 Bioscience, Inc. (US). These companies are launching various strategic plans and implementing changes to ensure scopes for better growth. Mergers, collaborations, acquisitions, and others are methods that can be used in developing proper growth-inducing strategies. On the other hand, rising expenditure in the research sector can boost innovation and open ups spaces for better launching of products. This will help in better competition and increase the chances of percolation.
Segment Analysis
The segment assessment for the Global Agricultural Biotechnology Market is based on crop type, Technique, and Application. The crop type-based segments of the agriculture biotechnology market are maize, soybean, and cotton among others. The application-based segments of the agricultural biotechnology market are stacked traits, herbicide tolerance, and insect tolerance among others. The technique-based segments of the agriculture biotechnology market are molecular breeding, genetic engineering, tissue culture, and molecular diagnostics. The maize segment can hold share of about 8% for the worldwide market, whereas the genetic engineering segment can account for 41% share of the global market by 2022. The rise in consumption of soyabean among health-conscious people as it is a rich source of protein and issues associated with its cultivation can promoting the need for biotech agriculture solutions can support the market rise.
Regional Analysis
The Americas agriculture biotechnology market can head the global market as key marketers in the region are identified as hotspots to foster substantial turnover by 2022. The growing need for the cultivation of biotech crops across the US, Argentina, Brazil, and Canada can significantly contribute to the regional agricultural biotechnology market surge in the assessment tenure. The rise in consumption of biotech crops encouraging well-established players for innovation can support market rise. In Europe, the availability of favorable condition for the cultivation of genetically engineered crops can promote the market rise.
In Asia Pacific, there are multiple causes that can impact the market. Expansion of population, rising incomes, and increase in consumption of high-grade food among are some factors that can support expansion of the market in the near future. The increase in feed crops consumption, such as; maize, wheat, and soy, along with the availability of arable land can favor the regional market. Global warming can threat the natural agricultural practices, thus the rise in need for biotechnology solutions of agriculture can add to the regional market rise. Biotechnology offers strategic tools for the agricultural sector to meet the market demands, such as increase in need for crop yields and high productivity. The introduction of means and methods to boost biotech agriculture practices and rise in R&D for the modification of technologies to support new farming practices can favor market rise in the years to come.
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