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Global Agricultural Biotechnology Market 2021: By Application (Vaccine Development, Transgenic Crops and Animals, Antibiotic Development, Nutritional Supplements, Flower Culturing, Biofuels), By Organism Type (Plants, Animals, Microbes)Global Agricultural Biotechnology Market is a report title, which is under production at Trusted Business Insights. Presentation of revenue details, both historical and projected, provide an understanding of the potential in the market currently as well as over the next 10 years. Various data and information on the global agricultural biotechnology market including market trends, drivers, restraints, growth opportunities, competitive landscape, revenue details, details on key players, and recent developments in the market are included in the report. Research findings and results are verified by industry experts before we present them in the report. The Global The Global Agricultural Biotechnology market size was valued at USD $62.86 Billion in 2020, USD $68.36 Billion in 2021, forecasted to reach USD $74.33 Billion in 2022, and is projected to reach USD $132.54 Billion by 2030, and is anticipated to expand at a CAGR of 8.74% over the forecast period from 2020 to 2030.
OverviewAgricultural biotechnology, a branch of agriculture, uses scientific tools and techniques to modify plants for better yield. It is also known in other name, agritech. Agricultural biotechnology is used to improve agricultural crop productivity. It is a collection of scientific tools and procedures, which can be used on plants or living organisms. Agricultural biotechnology is widely used to change the genome sequence of different crops. These altered crops can be termed as genetically modified or transgenic crops. Agricultural biotechnology has benefitted producers, farmers, and consumers with good food quality and high crop yield.
DynamicsIncreasing need for new breeding techniques is the key factor driving market growth. Biotechnology tools are significantly gaining popularity across agricultural applications. These applications include marker-assisted selection or molecular breeding, tissue culture and micro propagation, molecular diagnostic technologies, genetically modified crops & genetic engineering, and conventional plant breeding. Demand for agricultural biotechnology has been increasing significantly due to increasing adoption of Genetically Modified (GM) crops around the globe. This is due to genetic modifications allow the production of food crops and feed with various enhanced characteristics including high yield, high nutritional value, resistance against diseases and insects, and enhanced food-processing qualities. Among some of the major factors driving growth of the global agricultural biotechnology market are increasing demand for biofuels, rising population size, supportive regulations by governments, rapidly changing environmental conditions and rising demand for transgenic plants. The major restraint for the growth of the global market is increasing concerns about genetically modified plants.
Global Agricultural Biotechnology Market Segment Analysis:By Application: The transgenic crops and animal segment accounts for highest revenue share compared to other application segments. This can be attributed to wide use of it by farmers globally. By Organism Type: Among the organism type segments, the plants segment is expected to continue to dominate the market in terms of revenue share over the forecast period. This can be attributed to wide use of agricultural biotechnology by farmers to alter various plants for better crop productivity.
Global Agricultural Biotechnology Market Regional Analysis:Among the regional markets, the market in North America dominates in terms of revenue share in the global agricultural biotechnology market and this trend is expected to continue over the forecast period. This growth can be attributed to wide range of agro-climatic zones and crops, and large global Genetically Modified (GM) planted areas in the region. In addition, North America remains a net exporter of different agricultural products, which include 30% production of soybean, wheat, and corn globally. Among the regions, Asia Pacific is projected to register a fastest revenue growth owing to the region occupying around 40% of the global cropped area.
Below are the leading companies profiled in this Agricultural Biotechnology Market Report:
Chapter 1 Methodology and Scope