Agricultural Biotechnology Market Size, Strategic Analysis, Growth Drivers, Industry Trends, Demand and Future Opportunities and Forecast Period

 

The agricultural biotechnology market was estimated to be worth USD 115.2 billion globally in 2023 and is expected to grow to USD 242.1 billion in 2032, with a compound annual growth rate (CAGR) of 8.6% from 2024 to 2032. Agricultural biotechnology advances scientific knowledge and creative farming methods to create more ecologically friendly and productive agricultural systems. The market is increasing and sustainable because it is in line with the agriculture industry.

Agricultural biotechnology is the use of scientific methods and instruments to alter living things, especially plants and microbes, in order to raise crop yields, improve crop quality, and promote sustainability. It involves using a variety of techniques, including genome editing, tissue culture, molecular breeding, and genetic engineering, to add desired features to crops, such as increased nutritional value, resilience to environmental challenges, and disease and insect resistance.

 

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GROWTH DRIVERS

The United Nations Population Division estimates that by 2050, there will be about 10 billion people on the planet, a 30% increase from the 2017 population. This problem is met by agricultural biotechnology, which uses scientific discoveries to increase crop yield and productivity. Scientists can create crops with desired characteristics including resistance to pests and diseases, tolerance to environmental challenges like drought and salinity, and higher nutritional value by applying biotechnological techniques like genetic engineering.

In order to provide food security in the face of changing environmental conditions, agricultural biotechnology develops climate-resilient crops that can endure extreme weather events including drought, flooding, and heat stress. One important factor propelling the market is the growth of biotech crops. Biotech crops are driving socioeconomic progress and a sustainable environment in the next frontier, according to ISAAA.

Agricultural biotechnology has undergone a revolution thanks to the development of genomic editing tools, which have made it possible to precisely and specifically modify crop genomes to incorporate desirable features like disease resistance and nutritional fortification. The possible hazards of climate change to agriculture are described in detail in the IPCC's Sixth Assessment Report (AR6), including lower productivity, problems with the quality of water and soil, and adverse economic effects.

MARKET SEGMENTATION:

·         By Product Type– Crop Protection Products (bio-stimulants, bio-pesticides), transgenic seeds (soyabean, maize, cotton) and others

·         By Organism Type- Plants, Animals, Microbes

·         By Technology – Genome editing, tissue culture, synthetic biology, genetic engineering, marker-assisted breeding, plant breeding, germplasm, molecular diagnostics, vaccine and others

·         By Application- Vaccine development, transgenic crops and animals, antibiotic development, nutritional supplements, flower culturing, biofuels and others

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Global Key Players:

·         Thermo Fisher Scientific

·         Pro Farm Group, Inc.

·         Bayer AG

·         Biocentury Group

·         Eurofins Scientific

·         LGC Biosearch Technologies

·         Corteva Agriscience

·         YIELD10 BIOSCIENCE

·         BASF SE

·         Valent BioSciences

·         Novozymes A/S

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                   

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