Agricultural Biotechnology Market
Number of pages: 100 | Report Format: PDF | Published date: June 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 97.87 million |
|
Revenue Forecast in 2031 |
US$ 203.94 million |
|
CAGR |
8.50% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Application, Technology, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global agricultural biotechnology market was valued at US$ 97.87 million in 2022 and is expected to register a revenue CAGR of 8.50% to reach US$ 203.94 million by 2031.
Agricultural Biotechnology Market Fundamentals
Agricultural biotechnology refers to applying scientific techniques and tools to modify and enhance crops, livestock, and microorganisms. It involves using genetic engineering, molecular biology, and other biotechnological approaches to improve agricultural practices' efficiency, productivity, and sustainability. By manipulating the genetic makeup of organisms, agricultural biotechnology aims to develop crops with desirable traits such as increased yield, resistance to pests and diseases, tolerance to environmental stresses, and enhanced nutritional value.
Several trends and opportunities in the field of agriculture biotechnology are revolutionizing the field of agriculture biotechnology. Advances in gene editing technologies, such as CRISPR-Cas9, have opened new possibilities in agricultural biotechnology. These tools allow for precise modifications in the plant genome, enabling scientists to develop crops with desirable traits more efficiently and accurately. Gene editing offers tremendous potential for crop improvement, disease resistance, and increased yield.
In addition, agricultural biotechnology is being employed to address environmental remediation and promote sustainability. Utilizing biotechnological techniques, scientists are creating plants that can effectively absorb and break down pollutants found in soil and water. These plants, also known as phytoremediators, show promise in restoring ecosystems and cleaning up contaminated areas.
Governments worldwide play a significant role in promoting and regulating agricultural biotechnology. Governments facilitate collaboration and partnerships among various stakeholders in agricultural biotechnology. They encourage public-private partnerships, knowledge sharing, and cooperation between research institutions, industry players, farmers, and consumer organizations. These collaborations foster innovation, accelerate technology transfer and ensure that biotechnological advancements benefit society.
Agricultural Biotechnology Market Dynamics
The increasing demand for improved crop traits is the major factor driving the global agricultural biotechnology market. There is a growing need for crops that possess specific characteristics and traits to meet various consumer demands, market requirements, and environmental challenges. This has led to the development of genetically modified crops that are resistant to pests and diseases, have higher yields, and can withstand harsh environmental conditions. Biotechnology companies are investing heavily in research and development to create innovative products to address these challenges. According to the Food and Drug Administration, in August 2022, GMO soybeans accounted for 94% of all soybeans planted in 2020, while GMO cotton represented 96% of all cotton planted. Similarly, 92% of corn planted was GMO corn. In 2013, GMO canola comprised 95% of canola planted, and GMO sugar beets accounted for 99.9% of all sugar beets harvested.
Increasing research and development (R&D) in agricultural biotechnology is a crucial driver for the growth and advancement of the industry. Rapid advancements in biotechnology tools and techniques, such as genetic engineering, gene editing (e.g., CRISPR-Cas9), and high-throughput sequencing, have revolutionized agricultural research. These technological breakthroughs have made it easier, faster, and more cost-effective to manipulate and study plant genomes, accelerating R&D efforts in agricultural biotechnology. Collaboration between public and private entities, such as universities, research institutions, biotechnology companies, and agricultural organizations, is fostering increased R&D in agricultural biotechnology. These collaborations enable sharing of knowledge, resources, and expertise, leading to innovative solutions and faster development of new crop varieties.
However, the development and commercialization of genetically modified organisms (GMOs) face strict regulations and regulatory approval processes in many countries. These regulations vary globally, making it challenging for agriculture biotechnology companies to navigate through different regulatory frameworks and obtain timely approvals, leading to delays and increased costs.
Agricultural Biotechnology Market Ecosystem
The global agricultural biotechnology market is analyzed from four perspectives: application, technology, and region.
Agricultural Biotechnology Market by Application
Based on application, the global agricultural biotechnology market is segmented into vaccine development, transgenic crops & animals, nutritional supplements, flower culturing, biofuels, antibiotic development, and others.
The transgenic crops & animals segment accounted for the majority of the global agricultural biotechnology market revenue share in 2022. Using transgenic crops and animals in agriculture biotechnology offers several potential benefits. Transgenic crops can be engineered to possess traits that improve yield potential, resistance to pests and diseases, tolerance to abiotic stresses (e.g., drought or salinity), and nutritional content. These traits can contribute to increased agricultural productivity and help address food security challenges. Moreover, transgenic crops can be developed to have enhanced nutritional profiles by increasing the levels of specific nutrients or bioactive compounds. This can help address nutritional deficiencies and improve the health outcomes of consumers.
Agricultural Biotechnology Market by Technology
Based on the technology, the global agricultural biotechnology market is segmented into genetic engineering, tissue culture, embryo rescue, somatic hybridization, and molecular diagnostics.
The genetic engineering segment accounted for the majority of revenue share in the global agricultural biotechnology market. This can be attributed to the increasing demand for genetically modified crops that are resistant to pests, diseases, and adverse weather conditions. Moreover, the growing population and the need to increase food production have also led to the adoption of genetically modified crops. The use of genetic engineering in agriculture biotechnology has resulted in the development of crops with improved nutritional value and longer shelf life, which has further boosted the demand for genetically modified crops. With the increasing focus on sustainable agriculture practices, genetic engineering is expected to play a crucial role in ensuring food security in the forecast years.
Moreover, advancement in genetic engineering is considered a potential factor anticipated to increase the revenue share of the global agriculture biotechnology market. The advancements in genetic engineering have the potential to impact the agriculture biotechnology market significantly. As technology continues to evolve, it will increase scientists' uptake of genetic engineering in the forecast years.
Agricultural Biotechnology Market by Region
Based on the region, the agricultural biotechnology market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America accounted for most agricultural biotechnology markets, with the majority of market revenue share in 2022. This growth can be attributed to the increasing demand for genetically modified crops that are resistant to pests and diseases, as well as the rising need for sustainable farming practices. The 2021 estimates from Grocery Manufacturers Association estimated that genetically modified crops are now present in 75 to 80 percent of conventional processed food in the U.S. The United States and Canada are the major contributors to the agricultural biotechnology market in North America, with a significant presence of key market players in these countries. Additionally, government initiatives and favorable policies toward biotechnology research and development have further propelled the market growth in the region. Moreover, increasing awareness for genetically engineered seeds in the region is anticipated to support the global agriculture biotechnology market in the forecast years. As of September 2021, the U.S. Department of Agriculture reports that more than 90% of corn, cotton, and soybean crops in the country are grown using genetically engineered (GE) seeds.
The European region for agricultural biotechnology market is characterized by its advanced research and development. The region has a highly skilled workforce and a favorable regulatory environment that supports the growth of the agricultural biotechnology market. In addition, the increasing demand for sustainable and environmentally friendly agriculture practices has fueled the adoption of biotechnology solutions in the region.
The Asia Pacific agricultural biotechnology market is projected to show a significant growth of 9.1% CAGR in the forecast years. This growth can be attributed to several factors such as the increasing demand for food due to the rapidly growing population in the region, the need for better crop yield and quality, and the rising adoption of genetically modified crops. Additionally, the increasing government support for biotechnology research and development is expected to drive the growth of the market in the region. With the advancements in technology and the growing awareness among farmers about the benefits of biotechnology, the Asia Pacific agricultural biotechnology market is poised for significant growth in the coming years.
Agriculture Biotechnology Market Competitive Landscape
The global agriculture biotechnology market is constantly evolving, with new players entering the market and established companies expanding their offerings. One of the key factors driving this evolution is the increasing demand for sustainable and efficient agricultural practices. As consumers become more conscious of the environmental impact of food production, there is a growing need for technologies that can help reduce waste, improve yields, and minimize the use of harmful chemicals. In response, many companies are investing heavily in research and development to create innovative solutions that can meet these demands.
Some of the prominent companies having the largest revenue share in the global agricultural biotechnology market are,
Agricultural biotechnology refers to applying scientific techniques and tools to modify and enhance crops, livestock, and microorganisms.
The global agricultural biotechnology market has witnessed significant growth in recent years due to increasing demand for genetically modified crops, and rising government initiatives to increase awareness about agricultural biotechnology.
The global agricultural biotechnology market is expected to register a revenue CAGR of 8.50% in the forecast period from 2023 to 2031.
North America region has dominated the global agricultural biotechnology market.
*Insights on financial performance are subject to the availability of information in the public domain