Global Agriculture Biotech Market to Generate $214.6 Billion by 2031, Owing to Increased Use of Agriculture Biotech for Marker-Assisted Breeding

Agriculture biotech generally refers to use of biotechnology and similar techniques in agriculture and allied activities like animal husbandry in order to enhance the productivity. In particular, agriculture biotech uses tools of genetic engineering to modify agricultural products, such as use of biotechnology to boost the production of milk or to enhance crop yield. Agriculture biotech, in case of crops, also helps in developing improved variety of crops which are drought-resistant, disease and pest resistant, etc. Along with this, agriculture biotech can also be used to enhance the nutritional content of the foodgrains.

Forecast Analysis of the Global Market

In the recent years, there has been an increase in the use of biotechnology tools and techniques in agriculture for marker-assisted breeding. This growth in use of agriculture biotech is expected to be the primary growth driver of the agriculture biotech market in the forecast years. Along with this, surge in the use of biotechnology in transgenic crops is expected to push the market further. Also, growing need for biotech corporations to improve nutritional value is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, fears of negative impact of genetically modified goods on human health may restrain the growth of the agriculture biotech market in the forecast period.

Regionally, the agriculture biotech market in the North America region is expected to be the most dominant by 2031. Surging research & development activities and strong government support are anticipated to become the two main growth drivers of the market in this region.

According to the report published by Research Dive, the global agriculture biotech market is expected to gather a revenue of $214.6 billion by 2031 and grow at 8.8% CAGR in the 2022-2031 timeframe. Some prominent market players include KWS SAAT SE & Co. KGaA, Nufarm, Evogene Ltd., ChemChina, Limagrain, Valent BioSciences LLC., Bayer AG, MITSUI & CO., LTD, Marrone Bio Innovations, Corteva, and many others.

Covid-19 Impact on the Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The agriculture biotech market faced a similar fate due to the pandemic. The primary reason behind the slowdown of the market was disruptions in global food supply chains which resulted in massive food shortages across the globe. Also, the research in biotechnology was mainly focused on vaccines and drug development during these years. This further brought down the growth rate of the market.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the agriculture biotech market to flourish. For instance:

• In July 2020, Advanced Biological Marketing (ABM), a commercial agriculture solutions provider, announced the launch of a metabolite derived from Trichoderma. This new product is a first-of-its-kind, non-living biological seed treatment launched by ABM and the product launch is expected to create numerous growth opportunities for the company in the coming period.
   
• In January 2021, VIB, a leading life sciences institution, announced the acquisition of CropDesign site from BASF, a multinational chemicals company. This acquisition is aimed at launching the first agriculture biotech incubator which will help VIB to expand its footprint in the agriculture biotech market in the near future.
   
• In January 2022, Symborg, a biotechnology company based in Spain, announced the acquisition of Glen Biotech, an agriculture biotech startup. This acquisition is predicted to help the acquiring company, i.e., Symborg to cater to the demands of the market in a more holistic way and consolidate its position as the leader of the market.