Given the debilitating impact of COVID-19 (Coronavirus) on Agricultural Biotechnology Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
Agricultural Biotechnology Market Analysis
Agricultural biotechnology has been identified as one of the fastest-growing segments in the agriculture industries. This is due to the excellent results that genetically engineered products demonstrated in increasing crop yields. Agricultural biotechnology plays a causal role in increasing the resistance of plants against diseases and harsh environmental conditions, which improved agriculture productivity. As a result, the cultivation of biotech crops has risen dramatically across the globe.
Subsequently, the global agricultural biotechnology market is witnessing a constant rise in revenues. Also, the increasing awareness among farmers regarding the benefits of genetically modified products acts as a significant driving force for the increased market demand. According to Market Research Future (MRFR), the global agricultural biotechnology market had valued at USD 27,778.64 MN in 2018; the market valuation is expected to appreciate further at 10.10% CAGR during the forecast period (2019-2022).
The cultivation of biotech crops is increasing rapidly due to its benefits to the environment and the improving economic conditions of farmers. Increasing demand & consumption of genetically engineered agricultural products drive the market growth, predominantly. Moreover, factors such as the high investment in agriculture research and development and the rapid adoption of biotech crops in major agriculture countries such as India and China would boost the market growth substantially.
On the other hand, lack of awareness and unfavorable scenarios of the cultivation of genetically engineered crops in some regions is projected to restrict the market growth. Nevertheless, the increasing cultivation of biotech crops would support the growth of the market throughout the forecast period.
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Agricultural Biotechnology Market – Segments
The analysis is segmented into four dynamics;
By Crop Type: Soybean, Maize, Cotton, and others.
By Application: Herbicide Tolerance, Stacked Traits, Insect Tolerance, and others.
By Technique: Genetic Engineering, Molecular Breeding, Molecular Diagnostics, Tissue Culture, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Agricultural Biotechnology Market – Regional Analysis
North America leads the global agricultural biotechnology market. The largest market share attributes to continuous growth in the adoption of biotech crops in this region. Moreover, the large production and consumption of biotech farm products, including plants and seeds that have been genetically modified or engineered, allow the market to garner substantial traction. Recently, the USDA announced a final rule updating and modernizing the US Department of Agriculture’s biotechnology regulations under the Plant Protection Act.
USDA’s new plant biotechnology regulations would facilitate the development and availability of agricultural biotechnology through a transparent, consistent, science-based, and risk-proportionate regulatory system. The higher inclination towards the usages of genetically modified products would drive the growth of the agricultural biotechnology market in this region. The North American agricultural biotechnology market is estimated to retain its leading position in the global market throughout the forecast period.
Asia Pacific region holds the second-largest share in the global agricultural biotechnology market. The market is driven by the high production of biotech crops and favorable government initiatives for agricultural biotechnology research in the region. Besides, factors such as spreading awareness for advantages that genetically engineered products can offer and the increasing production and consumption of biostimulants in the region foster the market growth. Furthermore, the presence of several market players, alongside the upcoming research activities to bring about value-added agricultural products stimulates the growth of the regional market.
Europe accounts for a promising market for agricultural biotechnology, globally. Factors such as the growing adoption of organic farming in the country and increased demand for the cultivation of genetically engineered (GM) crops in the region drive the market growth. However, the unfavorable perception of the governments for genetically modified agricultural products hampers the growth of the regional market. The European agricultural biotechnology market is expected to demonstrate slow growth over the forecast period.
Agricultural Biotechnology Market – Competitive Analysis
The agricultural biotechnology market appears to be well-established and highly competitive with the presence of several large and small-scale players. Mergers & acquisitions, brand reinforcement, and product launches remain the key trends of these players to drive their share in the market.
Agricultural Biotechnology Market Major Players:
Players leading the global agricultural biotechnology market include Thermo Fisher Scientific (US), Arcadia Biosciences (US)., Bayer AG (Germany), Vilmorin & Cie (France), Biocentury Transgene Co., Ltd (China), Eurofins Scientific (Luxembourg), Corteva Agriscience (US), LGC Biosearch Technologies (US), Dr. Chip Biotech Inc. (Taiwan), Yield10 Bioscience, Inc. (US), and Evogene Ltd (Israel), among others.
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Agricultural Biotechnology Industry/ Innovations/ Related News
May 14, 2020 —- The US Department of Agriculture announced new biotech regulations that would simplify reviews of certain biotech farm products, including genetically modified or engineered plants and seeds. The executive order encouraged federal agencies to streamline the review process for agricultural biotechnology, including genetically modified livestock and seeds. As a result of these norms, some products could be sold to farmers without a USDA review, a move that comes despite concerns by consumer groups over biotech crops.
June 2, 2020 —- The federal government of Nigeria approved the commercial release of the first GMO food crop, pod-borer resistant (PBR) cowpea in the nation. Nigeria`s biotechnology regulatory body – National Biosafety Management Agency (NBMA) after a rigorous examination confirmed that the genetically modified (GM) crops are safer for human consumption. NBMA also stated that GM products pose minimal risk to the environment, and thereby, they should be commercialized and adopted by the nation’s farmers. The article included in the GLP’s daily curated selection of ideologically diverse news, states that it’s a landmark approval and analysis of biotechnology innovation of GMO Bt., insect-resistant cowpea, which would lead Nigeria toward sustainable farming.