Agricultural Biotechnology Market Growth CAGR 8.5% During 2023-2032

Rapid advancements in biotechnology is a key factor expected to drive global market growth during the forecast period

Pune, Jan. 11, 2024 (GLOBE NEWSWIRE) — The global agricultural biotechnology market size was USD 101.44 billion in 2022 and is expected to register a rapid CAGR of 8.5% during the forecast period. This growth can be significantly driven by factors such as rapidly expanding global population, rising need to increase food production, increasing need for sustainable agriculture, and high usage of agricultural biotechnology for disease and pest resistance and biofuel production.

Agricultural biotechnology, also known as agritech is a trending field in agricultural science that involves a broad range of scientific tools and techniques such as molecular markets, genetic engineering, molecular diagnostics, and vaccines to modify living organisms to improve their productivity, quality, and sustainability. It plays a significant role in addressing global challenges such as food security, climate change, and sustainable development.

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Some key aspects and applications of agricultural biotechnology include genetically modified crops, market-assisted breeding, plant tissue culture, vaccine and diagnostic tools, and improved nutritional content. It also helps improve the sustainability of agriculture by reducing the use of pesticides and fertilizers, conserving water, and enhancing soil health.

However, high costs associated with tools and techniques, rising regulatory challenges and biodiversity and ecological concerns, and increasing concerns about the safety, ethics, and potential environmental impacts of GMOs are expected to hamper overall market growth during the forecast period.

Key Highlights of the Report:

• Based on type, the biofertilizers segment is expected to account for a significantly larger revenue share between 2023 and 2032. Factors such as increasing incidence of crop diseases, rising demand for biofertilizers due to growing adoption of sustainable and organic farming, and soil conservation practices, and high demand for biofertilizers to improve nutrient availability, soil structure, and water retention are expected to drive segment revenue growth during the forecast period.

• Asia Pacific market is expected to register robust revenue CAGR over the forecast period. This growth can be attributed to factors such as increasing demand for high-quality food to cater to rapidly expanding population in the region, availability of limited arable land, and high focus on pest and disease management, climate change adaptation, and favorable government policies to support agricultural biotechnology.

• Monsanto, Syngenta, Bayer CropScience, Corteva Agriscience, DuPont- Pioneer hi-Bred International, Vilmorin, Dow AgroSciences, Evogene Ltd, KWS SAAT AG, Certis USA, Mycogen Seeds, and ADAMA Agricultural Solutions Ltd. are some key companies in the global agricultural biotechnology market.

• In September 2023, Croda announced the launch of Atlox BS-50, a delivery system to meet the growing needs of the biopesticide market.

Story continues

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Report Coverage:

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Competitive Landscape:

The global agricultural biotechnology market is extremely competitive, comprising several key regional and global players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.

Some Leading Market Companies Listed in the Report:

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The global agricultural biotechnology market has been segmented based on type, crop type, technology, application, and region:

By Type:

• Hybrid Seeds

• Transgenic Crops

• Biopesticides

• Biofertilizers

By Crop Type:

By Technology:

• Genetic Engineering

• Tissue Culture

• Embryo Rescue

• Somatic Hybridization

• Molecular Diagnostics

• Vaccine

• Others

By Application:

• Crop Production

• Crop Protection

• Chemical Tolerance

• Disease Tolerance

• Others

By Region:

• North America

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Russia

  • Nordic Countries

• Asia Pacific

  • China

  • Japan

  • South Korea

  • Southeast Asia

  • India

  • Australia

  • Rest of Asia

• Latin America

  • Mexico

  • Brazil

  • Rest of Latin America

• Middle East & Africa

  • Turkey

  • Saudi Arabia

  • UAE

  • Rest of MEA

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