Agricultural Biotechnology Market to Reach US$ 64.7 Bn by 2031, Finds TMR Study
- R&D in agricultural biotechnology to reinforce the application in improving nutritional value of crops in multiple ways; global push toward commercialization of transgenic crops underpins abundant avenues in agricultural biotechnology market especially in countries of North America and Asia Pacific
- Potential agronomic and environmental benefits present incredible opportunities for targeting advanced biotechnology in sustainable food production
ALBANY, N.Y., June 24, 2022 /PRNewswire/ — Recent developments in agricultural biotechnology market underscore the growing potential in improving nutritional value of various crops. The demand has gained worldwide attention in the agriculture sector on the back of their use in increasing dietary diversity and bolstering biofortification, especially to promote food security in emerging economies. The global agricultural biotechnology market is forecast to expand at CAGR of 9.5% from 2022 to 2031.
Transgenic crops are expected to be the fastest growing market for agricultural biotechnology of all the application segments. Indeed, the authors of the study on the agricultural biotechnology market found that the segment held a leading share in 2021. Continued commercialization of transgenic crops particularly cotton, corn, and soyabean notably in North America and advancements in recombinant DNA methods will shape the dynamics of future market demand for agricultural biotechnology. Case in point is the preference for genetically modified soybean among cultivators in the U.S.
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The introduction of new generation of transgenic crops will emerge from the inclination of governments in various developed as well as developing nations toward changing regulatory policies. Adoption of new agriculture practices together with ongoing studies on environmental impacts of transgenic crops will open up new frontiers, and will affect future market demand for agricultural biotechnology.
R&D over the years have found that biotechnology plays crucial role in meeting the burgeoning energy needs mainly through its application in alternative energy forms. Of note, rising global interest in biodiesel and biofuel has created a vast profitably avenue for players in the agricultural biotechnology market, especially in North America and Asia Pacific.
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Key Findings of Agricultural Biotechnology Market Study
- Crop Productivity and Food Security Lucrative Targets of Agricultural Biotechnology: Genetic engineering techniques are gaining traction for improving crop productivity, notably to help agriculturists and farmers combat late-season plant diseases, droughts, and pest attacks. Advancements in agriculture biotechnology are used for making crops more productive in poor agronomic conditions such as heat and drought stresses. The revenue potential of firms in the agricultural biotechnology market has been bolstered by growing application in ensuring food security. Agricultural biotechnology has shown significant effect in reducing post-harvest losses. Furthermore, the growing application in transgenic crops pivots abundant avenues in agricultural biotechnology market.
- Role in Improving Nutritional Value of Crops Expanding Horizon: Potential in improving nutritional value of crops presents a vast opportunity for players in the agricultural biotechnology market. A prominent case in point is the rising demand for biotechnology for alleviating micronutrient deficiencies, such as genetic engineering of rice improves Vitamin A. Advancements in agriculture biotechnology have been instrumental in improving the nutritional value in multiple ways such as by increasing the oil and starch components of seeds, increasing essential amino acids and phosphates in grains. The mounting concern of food security in developing economies is expanding the window of opportunities in the agricultural biotechnology market.
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Agricultural Biotechnology Market: Key Drivers
- Need for improving the sustainability of farming processes is expanding the canvas for applying biotechnology. The aspect is a key driver of the agricultural biotechnology market. Focus of policymakers worldwide to use biodiversity in a sustainable manner will play a pivotal role in the future of agricultural biotechnology market
- Food security concerns globally has led to the demand for new biotechnologies especially for reducing risk of variability in food availability. Strides in the market will unlock new possibilities in increasing the alternative types of crops.
Agricultural Biotechnology Market: Key Players
Some of the key players in the agricultural biotechnology market are Rubicon, Performance Plants Inc., Global Bio-chem Technology, Mycogen Seeds, Certis USA, KWS SAAT AG, Evogene Ltd, Dow AgroSciences, Vilmorin, DuPont Pioneer Hi-Bred, Corteva Agriscience, and Bayer CropScience.
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Agricultural Biotechnology Market Segmentation
- Transgenic Crops
- Synthetic Biology-enabled Products
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Russia & CIS
- GCC Countries
- South Africa
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