Agriculture Biotech Market by Type (Hybrid Seeds, Transgenic Crops, Bio-pesticides, and Bio-fertilizers), Technology (Genetic Engineering, Tissue Culture, Embryo Rescue, Somatic Hybridization, Molecular Diagnostics, Vaccine, and Others), by Application (Crop Production, Crop Protection, Chemical Tolerance, Disease Resistance, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Agriculture & Agri Products

FO23028611

Pages: 270

Feb 2023

Reports Overview

Global Agriculture Biotech Market Analysis

The Global Agriculture Biotech Market Size was $93.1 billion in 2021, and it is predicted to grow with a CAGR of 8.8% by generating a revenue of $214.6 billion by 2031.

Global Agriculture Biotech Market Synopsis

Biotechnology is the use of scientific methods to change and enhance microbes, plants, and animals to increase their value. The branch of biotechnology that involves applications in agriculture is known as agricultural biotechnology. Agricultural biotechnology has been used for a very long time as a means of improving agriculturally significant organisms through breeding and selection. For instance, biotechnology has been used to breed animals with characteristics like quick growth and higher disease resistance. To boost milk output in dairy cows, the growth hormone gene in cattle has been cloned. The surge in the uses of biotechnology in transgenic crops is expected to boost the agriculture biotech market growth during the forecast period. Genetic modification of crops is helping plant breeders to improve plants to minimize important issues of modern agriculture. These transgenic crops show excellent resistance to insects, pathogens, and herbicides.

Lack of research focus and infrastructure in developing economies is anticipated to hamper agriculture biotech market share during the forecast period. Many developing countries lack the understanding of specific areas of agriculture biotech in which investment should be made to meet certain objectives. In addition, the lack of biotech infrastructure in developing nations is challenging for policymakers to make long-term policies.

Agriculture biotech has great potential to improve crop productivity by providing excellent disease resistance and increased drought tolerance to the crops. In addition, agriculture biotech aids in improving the flavor, nutritional value, and texture of foods. For instance, genetically modified soybeans offer higher protein content, and potatoes with more nutritionally available starch and enhanced amino acid content. Such factors are anticipated to boost the agriculture biotech market share during the forecast period.

According to regional analysis, the North America agriculture biotech market size dominated the global market in 2021 on account of well-established biotechnology infrastructure, robust research & development (R&D) funding, increasing population, the burgeoning demand for food, and the rising adoption of cutting-edge technologies for crop cultivation.

Agriculture Biotech Overview

The term "agricultural biotechnology" designates a group of scientific techniques for enhancing plants, animals, and microorganisms. Based on their knowledge of DNA, scientists have developed methods for increasing agricultural yield. Agriculture biotech has the great potential to play a large role in rapidly increasing food demand in developing nations while safeguarding the environment for coming generations. The techniques and products of agricultural biotechnology are generally patentable.

COVID-19 Impact on Global Agriculture Biotech Market

The COVID-19 pandemic has brought several uncertainties leading to severe economic losses as various businesses across the world came to a standstill. Like all businesses, the agricultural biotechnology market also impacted by the COVID-19 pandemic. COVID-19 severely threatened food security around the world. Before the pandemic, already billions of people were suffering from malnutrition and hunger, hence, prompt action is needed to tackle the global food emergency. Dealing with food security is one of the important steps toward post-COVID-19 recovery strategies. In addition, the pandemic disrupted domestic food supply chains in many countries. In the upcoming years, the aftereffects of COVID-19 coupled with the global economic downturn could disrupt the smooth functioning of food systems. Hence, mitigation of such disruption using advanced technologies such as biotechnology is anticipated to augment in the upcoming years. Biotechnology has great potential to help in solving the food security issue. Extensive biotechnology R&D activities in the agriculture sector delivered substantial products on the market and are expected to play important role in facilitating and improving food production substantially.

Growing Need for Biotech Corporations to Improve Nutritional Value Will Drive The Global Agricultural Biotechnology Market Growth

The nutritional value of crops can be increased by using genetic manipulation to create crops with higher vitamin content. With the help of three genes inserted into genetically altered "golden rice," plants are now able to produce beta-carotene, a substance that the human body uses to create vitamin A. Vitamin A deficiency, the leading contributor to blindness worldwide, affects over 250 billion children. To increase the amount of oil produced or to vary the types of oils produced, biotechnology has been used to modify the composition of certain oil crops. Furthermore, growing populations are driving up food product demand, and the ensuing need for food with better nutrition is anticipated to drive up the use of biotechnology in agriculture throughout the projected period.

To know more about global agriculture biotech market drivers, get in touch with our analysts here.

Growing Effects on Human Health Over Agricultural Biotechnology to Restrain the Market Growth

Agricultural biotechnology has just recently been put into use. It is therefore challenging to predict its possible consequences on the environment and health. Since specialists are unaware of the impact of genetically modified goods on human health, there are a variety of perspectives on this topic. Antibiotic resistance genes are used as markers in genetic engineering. These genes might decrease the efficiency of antibiotics, which would be harmful if they were inserted into a plant's genome. Pathogens may potentially acquire the resistance gene, which would make them more resistant to drugs. These risks and uncertainties of agriculture biotechnology are anticipated to hamper the agriculture biotech market growth.

Use of Agriculture Biotech for Marker-assisted Breeding to Drive Excellent Opportunities

Over thousands of years, we have controlled animal and plant development for agricultural interests. Creating a new crop variety, however, requires a lengthy and imprecise procedure called selective breeding. Novel molecular approaches have lately given the selective breeding tank a boost by adding jet fuel. One illustration of this is marker-assisted selection (MAS), in which plant breeding operations are guided, supported, and accelerated by the use of DNA markers. In addition to accelerating plant breeding, MAS provides a great deal more precision than traditional approaches since it relies on genome sequencing and sophisticated bioinformatics techniques to find markers. All these aspects are predicted to boost the agriculture biotech market size in the upcoming years.

To know more about global agriculture biotech market opportunities, get in touch with our analysts here.

Global Agriculture Biotech Market, by Type

Based on type, the market has been divided into hybrid seeds, transgenic crops, bio-pesticides, and bio-fertilizers. Among these, the bio-fertilizers sub-segment is estimated to show the fastest growth during the forecast period.