Agricultural biotechnology involves an array of tools and techniques for the modification of plants, animals, and organisms. The global agricultural biotechnology market report by Market Research Future (MRFR) contains developments in agritech as well as information on latest GM crops. The drivers, challenges, opportunities, and trends are explored for the period of 2019 to 2024 (forecast period). The COVID-19 pandemic and its impact has been discussed.
Agricultural Biotechnology Market Scope
The global agricultural biotechnology market is expected to register a CAGR of 10.10% over the forecast period. It was valued at USD 27,778.64 million in 2018.
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Adoption of biotechnology crops in developing and developed economies can drive market growth. Benefit to the environment and improvement of economic conditions of farmers as a result can bode well for the market. According to the International Service for Acquisitions of Agri-biotech Applications, the area of biotech crops farmed globally reached 189.8 million hectares in 2017. Brazil, Argentina, the U.S., India, and Canada have adopted biotech cultivation as part of modern farming.
The outbreak of the COVID-19 pandemic has put the pressure on food processing industries and farmers who are unable to function due to lockdown restrictions. The need for synergy between food processing and agriculture biotechnology to prevent food scarcity issues can provide growth opportunities for the global agricultural biotechnology market. Adaptation of innovative technologies and encouraging new technology can bode well for the market.
But the unfavorable policies of cultivation of genetically engineered crops in Europe can hamper market growth.
Agricultural Biotechnology Market Competitive Intelligence
- Biocentury Transgene Co. Ltd.
- LGC Biosearch Technologies
- Arcadia Biosciences
- Bayer AG
- Evogene Ltd
- Corteva Agriscience
- Thermo Fisher Scientific
- Yield10 Bioscience Inc.
- Vilmorin & Cie
- Eurofins Scientific
- Dr. Chip Biotech Inc.
are key players of the global agricultural biotechnology market.
Agricultural Biotechnology Market Segmentation
The global agricultural biotechnology market has been segmented by crop type, application, and technique.
The market, based on crop type, has been segregated into cotton, soybean, maize, and others. Based on the application, the agricultural biotechnology market has been divided into insect tolerance, herbicide tolerance, stacked traits, and others. On the basis of technique, it is segmented into genetic engineering, molecular breeding, molecular diagnostics, and tissue culture.
Agricultural Biotechnology Market Regional Analysis
The global agricultural biotechnology market, based on region, has been divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is likely to dominate the global agricultural biotechnology market till the end of the forecast period. Continuous adoption of biotech crops in the region and efforts by farmers to tackle climate changes while improving agricultural productivity can augur favorably for the market. As per the 2017 study of the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the US was the top producer of biotech crops globally, which planted crops in 75 million hectares in 2017, covering 40% of the global biotech crop plantings. Brazil held the second-largest position with 50.2 million hectares.
APAC is estimated to be the fastest-growing region in the global market. This is due to the high production of biotech crops and favorable government policies for agricultural biotechnology research. According to the 2017 report of ISAAA, India planted 11.4 million hectares of biotech crops in 2017 which was a 5.6% increase from 10.8 million hectares in 2016.
Europe held a less impressive share in the global agricultural biotechnology market. This can be attributed to unfavorable regulations pertaining to genetically engineered crops in Europe. According to the 2018 annual report by the USDA Foreign Agricultural Service, Europe does not export any genetically engineered products, but it allows for imports.
The agricultural biotechnology market in the Middle East & Africa (MEA) is expected to witness a modest growth rate during the review period due to limited access and poor healthcare planning for the population. The rising adoption of genetically engineered food products can fuel the global market growth.
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