Agricultural Biotechnology Market Size was valued at USD 227.91 Billion in 2023. The Global Agricultural Biotechnology industry is projected to grow from USD 247.77 Billion in 2024 to USD 490.11 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2024 - 2032). Market Research Future (MRFR) claims that the market has several factors that can boost its growth. Growing demand for engineered crops for a better yield and nutritional standard, better integration of technologies, increased number of research works and its funding, funding from the government, and others are expected to boost the market in the coming days.
Segmentation:
The global agricultural biotechnology market has been segmented by MRFR experts into crop type, application, and technique to create opportunities for a better understanding. These segments have insights that can be explored to increase the chances of better market expansion. These insights have figures and factors to support the claims.
By crop type, the global market study on agricultural biotechnology can be segmented into cotton, soybean, maize, and others. The soybean segment is getting a boost due to its rising popularity among vegans and vegetarians and also its use in the production of biofuels. The maize segment is also getting high traction.
By application, the extensive study report on the agricultural biotechnology market has been segmented into stacked traits, insect tolerance, herbicide tolerance, and others. The herbicide tolerance is getting traction for the growing demand for improved crop yield and better nutrition.
By technique, the study with the agricultural biologicals market has been segmented into molecular breeding, molecular diagnostics, genetic engineering, and tissue culture. The genetic engineering segment is getting tailwinds for its ability to assist in the production of a high number of crops with a better nutritional standard.
Regional Analysis:
The Americas would dominate the market with the contributions made by the US and Canada. Better technologies and supportive infrastructure are expected to boost the regional market. The Asia Pacific market would benefit from the presence of several agrarian economies where the market will experience better intake.
Competitive Landscape:
The agricultural biotechnology market players are is expected to get benefits from companies like Thermo Fisher Scientific (US), Arcadia Biosciences (US)., Biocentury Transgene Co., Ltd (China), Bayer AG (Germany), Eurofins Scientific (Luxembourg), LGC Biosearch Technologies (US), Vilmorin & Cie (France), Dr. Chip Biotech Inc. (Taiwan), Evogene Ltd (Israel), Corteva Agriscience (US), and Yield10 Bioscience, Inc. (US). These companies are launching various strategic plans and implementing changes to ensure scopes for better growth. Mergers, collaborations, acquisitions, and others are methods that can be used in developing proper growth-inducing strategies. On the other hand, rising expenditure in the research sector can boost innovation and open ups spaces for better launching of products. This will help in better competition and increase the chances of percolation.
Industry News:
The recent Brexit deal is expected to boost the market for agricultural biotechnology. This is due to the expected changes in the policy in dealing between other EU countries and Britain. The regional market would benefit from the participation of the players from the UK who will now invest more to ensure better support for the regional needs.
The U.S. Department of Agriculture (USDA) recently announced that they are not going to regulate any plants that could have been developed using other means like traditional methods. But the genetic changes that CRISPR can help in making a better assessment can produce some differences. Experts are hoping that this would play in favor of the market and boost the revenue generated using the process.
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