New York, United States, July 18, 2024 (GLOBE NEWSWIRE) -- The Global Agricultural Biotechnology Market Size is to Grow from USD 121.24 Billion in 2023 to USD 268.32 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.27% during the projected period.
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Agricultural biotechnology is a specialized branch of biotechnology that uses scientific methods to apply scientific principles to enhance agricultural practices. improving crop yields, pest resistance, and lowering reliance on chemical fertilizers and pesticides are all obtained through the administration of living things, including plants, animals, and microbes. Focusing on addressing some of the most urgent problems, including food security and sustainable agriculture, agricultural biotechnology uses technologies like genetic engineering, tissue culture, and molecular diagnostics to generate more prosperous, nutrient-dense, and abundant crops. Farmer productivity increases with reduced inputs due to modern biotechnology. The global need for more agricultural yields and sustainable farming methods is the main factor conditioning the global market. Furthermore, by using scientific methods to modify and improve the characteristics of plants, animals, and microbes, biotechnology acts as a catalyst to boost the value of these living things. An important subset of biotechnology called agricultural biotechnology is concerned with improving agricultural methods and results. Genetic engineering technologies represent a revolutionary frontier in agricultural innovation, even if traditional techniques like selection and breeding have long been used to develop agriculturally significant species. Furthermore, However, agricultural biotechnology is being implemented. determining its potential effects on the environment and public health is therefore difficult.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the "Global Agricultural Biotechnology Market Size, Share, and COVID-19 Impact Analysis, By Organism Type (Plants, Animals, and Microbes), By Technology (Genetic Engineering, Molecular Breeding, Molecular Diagnostics, and Tissue Culture), By Application (Vaccine Development, Transgenic Crops & Animals, Antibiotic Development, Nutritional Supplements, and Biofuels), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The plants segment is anticipated to hold the greatest share of the global agricultural biotechnology market during the projected timeframe.
Based on the organism type, the global agricultural biotechnology market is divided into plants, animals, and microbes. Among these, the plants segment is anticipated to hold the greatest share of the global agricultural biotechnology market during the projected timeframe. Agricultural biotechnology is crucial for protecting crops from harmful diseases, increasing crop resilience, and increasing farmer income. A variety of advantages are provided by biotech crops, including enhanced crop quality and possibly higher outputs. Adoption of these crops can also improve adaptability and safety for farmers by streamlining farming procedures.
The genetic engineering segment is expected to grow at the fastest CAGR in the global agricultural biotechnology market during the projected timeframe.
Based on the technology, the global agricultural biotechnology market is divided into genetic engineering, molecular breeding, molecular diagnostics, and tissue culture. Among these, the genetic engineering segment is expected to grow at the fastest CAGR in the global agricultural biotechnology market during the projected timeframe. An essential role in changing agricultural sustainability, insect resistance, and crop improvement. This dominance, which is propelling agricultural innovation and global food security measures, showcases the tremendous progress obtained in evolving genetic administration techniques to enhance crop features, raise yields, and lower environmental constraints.
The transgenic crops & animals segment is predicted at the largest revenue share in the global agricultural biotechnology market during the estimated period.
Based on the application, the global agricultural biotechnology market is divided into vaccine development, transgenic crops & animals, antibiotic development, nutritional supplements, and biofuels. Among these, the transgenic crops & animals segment is predicted at the largest revenue share in the global agricultural biotechnology market during the estimated period. Transgenesis is a vital technology in this field that encompasses the enrichment of animal products with nutrients, enhancing their quality and quantity while tailoring their nutritional profiles. With the use of this technique, it is possible to transfer or enhance nutritionally advantageous features, improving the overall nutritional profile of meals obtained from animals.
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North America is expected to hold the largest share of the global agricultural biotechnology market over the forecast period.
North America is expected to hold the largest share of the global agricultural biotechnology market over the forecast period. The agricultural biotechnology market in North America is rising rapidly as a result of some connected factors. Research and development are supported by a strong institutional network and a significant private sector investment. Demand in the industry is also boosted by consumer preferences for premium, comprehensively produced food items.
Asia Pacific is predicted to grow at the fastest pace in the global agricultural biotechnology market during the projected timeframe. Farmers in this region are becoming more and more interested in using advanced farming methods. Additionally, rising population need for food and rising consumer disposable incomes will boost future industry expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Biotechnology Market include ADAMA Ltd, Bayer AG, ChemChina, Corteva, Evogene Ltd., KWS SAAT SE & Co. KGaA, Limagrain, Marrone Bio Innovations, MITSUI & CO., LTD, Nufarm, Performance Plants Inc., Valent BioSciences LLC, and Others.
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Recent Developments
- In February 2022, Eurofins Agro Testing was proudly announced the acquisition of the Australian Precision Ag Laboratory (APAL).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Biotechnology Market based on the below-mentioned segments:
Global Agricultural Biotechnology Market, By Organism Type
- Plants
- Animals
- Microbes
Global Agricultural Biotechnology Market, By Technology
- Genetic Engineering
- Molecular Breeding
- Molecular Diagnostics
- Tissue Culture
Global Agricultural Biotechnology Market, By Application
- Vaccine Development
- Transgenic Crops & Animals
- Antibiotic Development
- Nutritional Supplements
- Biofuels
Global Agricultural Biotechnology Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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