Market Research Future (MRFR) collected data on several factors including implications of covid-19 outbreak on Global Agricultural Biotechnology Market and demographic challenges, showed how it could move forward in the coming years.
Agricultural Biotechnology Market Overview
The global agricultural biotechnology market size was valued USD 27,778.64 million in 2018 and is likely to grow at a 10.10% CAGR between 2019-2022, reveals the new Market Research Future (MRFR) report. Agricultural biotechnology, simply put, is a collection of new techniques which develops living organisms, animal, and plants to improve crop productivity & efficiency. This offers farmers with innovative technology, which can make production more reasonable. It can be used for shielding crops against destructive diseases. Agricultural biotechnology is mostly used for modifying the genetic sequence of crops known as genetically modified crops or transgenic crops that boosts crop productivity.
Numerous factors are adding to the agricultural biotechnology market demand. Such factors, as revealed by the latest MRFR report, include growing population size, increasing per capita income, growing demand for transgenic crops, and increasing demand for biofuels. Additional factors adding to the agricultural biotechnology market growth include high investment in agriculture R&D and rising cultivation of biotech crops worldwide. Moreover, the advancement of agriculture sciences, increment in the breeding as well as production of the transgenic crop, and implementation of biotechnology tools for enhancing production value with regards to yield, color, and size of crops are also propelling the market growth.
On the contrary, unfavorable cultivation scenario in Europe, strict rules and regulations about product registration, low acceptance by consumers, and strong concern about these crops are factors that may limit the agricultural biotechnology market growth over the forecast period.
Agricultural Biotechnology Market Analysis
The Market Research Future Report provides an inclusive segmental analysis of the agricultural biotechnology market based on technique, application, and crop type.
By crop type, the agricultural biotechnology market is segmented into cotton, maize, soybean, and others. Of these, the maize segment will lead the market over the forecast period.
By application, the agricultural biotechnology market is segmented into insect tolerance, stacked traits, herbicide tolerance, and others. Of these, the herbicide tolerance segment will dominate the market over the forecast period.
By technique, the agricultural biotechnology market is segmented into tissue culture, molecular diagnostics, molecular breeding, and genetic engineering. Of these, the genetic engineering segment will have a major share in the market over the forecast period.
Agricultural Biotechnology Market Regional Analysis
By region, the global agricultural biotechnology market covers the growth opportunities and recent trends across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will lead the market over the forecast period for the constant growth in the adoption of biotech crops. The US is the key contributor in the region, followed by Brazil.
The agricultural biotechnology market in the APAC region is predicted to grow at a high CAGR for favorable government initiatives and high production of biotech crops.
The agricultural biotechnology market in Europe will have less share over the forecast period for the unfavorable scenario of genetically engineered crop production in the region.
The agricultural biotechnology market in the MEA is predicted to have steady growth over the forecast period for limited access & healthcare affordability and increasing adoption of genetically engineered food products.
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Agricultural Biotechnology Market Key Players
Key players profiled in the agricultural biotechnology market report include Yield10 Bioscience, Inc. (US), Evogene Ltd (Israel), Dr. Chip Biotech Inc. (Taiwan), Corteva Agriscience (US), LGC Biosearch Technologies (US), Eurofins Scientific (Luxembourg), Vilmorin & Cie (France), Biocentury Transgene Co., Ltd (China), Bayer AG (Germany), Thermo Fisher Scientific (US), and Arcadia Biosciences (US). Industry players have incorporated several strategies such as mergers and acquisitions, strategic alliances, joint ventures, new product launches and development, extensive research, and development activities to stay head and shoulders above others in the competition and also cater to consumers growing needs.