According to the report, the global agricultural biotechnology market was approximately USD 32.89 billion in 2018 and is expected to generate around USD 67.01 billion by 2025, at a CAGR of around 10.7% between 2019 and 2025.
New York, NY, July 09, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Agricultural Biotechnology Market by Type (Molecular Diagnostics, Molecular Markers, Tissue Culture, Vaccines, Genetic Engineering, and Others) and by Application (Transgenic Crops, Synthetic Biology-Enables Products, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global agricultural biotechnology market was approximately USD 32.89 billion in 2018 and is expected to generate around USD 67.01 billion by 2025, at a CAGR of around 10.7% between 2019 and 2025.
Agricultural biotechnology is a branch of agriculture in which scientific techniques and tools that are used to modify plants for better yield. Agricultural biotechnology is also known as agritech, where plant DNAs are generally modified using different techniques. The use of agricultural biotechnology benefits the farmers as well as for the environment. Some factors fuelling the growth of the agricultural biotechnology market are growing population size, rising demand for biofuels, supportive regulations by the government of various countries, increasing demand for transgenic plants, rapidly changing environmental conditions that drive the demand for transgenic crops, and escalating per capita income. However, growing concerns about the genetically modified plants may limit this global market.
Browse through 37 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Agricultural Biotechnology Market Size & Share 2018: Industry Demand, Growth, Applications, Analysis and Forecast, 2025”.
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The agricultural biotechnology market is divided based on type and application. Based on type, the agricultural biotechnology market includes molecular diagnostics, tissue culture, molecular markers, genetic engineering, vaccines, and others. Molecular diagnostics is anticipated to show the highest growth rate in the years ahead, owing to the increasing awareness about molecular diagnostics techniques for the development of biotechnologically developed plants and crops and rapid technological advancements witnessed in the molecular diagnostic techniques.
The application segment of the agricultural biotechnology market is fragmented into synthetic biology-enabled products, transgenic crops, and others. Transgenic crops segment is further divided into corn, soybean, cotton, and others. Transgenic crops are anticipated to dominate the global market, owing to the growing demand for genetically modified plants and transgenic plants due to its characteristics to survive in extreme conditions, and increasing use of transgenic plants in both developed as well as developing countries. Soybean and corn are the most consumed crops worldwide, which is boosting the global demand for their transgenic plants. Transgenic crops can also be grown in extreme climatic conditions, such as drought, which also is further supporting the transgenic crops segmented growth.
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North America is projected to dominate the global agricultural biotechnology market in the future, owing to an early introduction of highly developed techniques, availability of a highly skilled workforce, huge cultivation area for genetically altered plants and crops, rising government investments for the development of agricultural conditions, and presence of advanced research infrastructure. In 2010, in the U.S., about 80% of the total corn, cotton, sugar beets, and soybeans cultivation were genetically modified plants. This high cultivation rate of genetically modified plants is also fueling the region’s agricultural biotechnology market.
Europe held the second largest share of the global agricultural biotechnology market in 2018, due to the increasing population of various European countries, growing demand for transgenic and genetically modified plants and crops, rising R&D activities related to the development of transgenic plants, accelerating number of initiatives by government for the use of genetically modified plants instead of normal plants, and the presence of major market players.
Browse the full “Agricultural Biotechnology Market by Type (Molecular Diagnostics, Molecular Markers, Tissue Culture, Vaccines, Genetic Engineering, and Others) and by Application (Transgenic Crops, Synthetic Biology-Enables Products, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/agricultural-biotechnology-market
The Asia Pacific region is anticipated to be the most lucrative agricultural biotechnology market in the upcoming years, owing to the rising investments and funding by government, increasing the establishment of biotechnology companies, and the introduction of recent technologies in developing countries. According to the World Bank, the United States Census Bureau, in 2017, the regional population of the Asia Pacific was around 1,000 million, i.e., 1 billion. This high population presence in developing countries like India and China is fueling the demand for food, as it drives the agricultural activities. This, in turn, boosts the demand for genetically modified crops, as they have a higher yield capacity than normal plants.
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The Middle East and Africa and Latin America are forecasted to show moderate market growth, owing to the development in the healthcare infrastructure, increasing population that leads to increased food demand, growing government investments for R&D activities, and the introduction of advanced technologies by the leading companies.
Some major players operating in the global agricultural biotechnology market are Monsanto, Vilmorin, Bayer CropScience, Syngenta, Certis, DuPont Pioneer Hi-Bred, Evogene, KWS SAAT, Dow AgroSciences, and Mycogen Seeds.
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This report segments the global agricultural biotechnology market into:
Global Agricultural Biotechnology Market: Type Analysis
- Molecular Diagnostics
- Molecular Markers
- Tissue Culture
- Genetic Engineering
Global Agricultural Biotechnology Market: Application Analysis
- Transgenic Crops
- Synthetic Biology-Enabled Products
Global Agricultural Biotechnology Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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