Global Agricultural Biotechnology Market Research Report?Forecast till 2022
The Global Agricultural Biotechnology Market is anticipated to grow with its highest possible CAGR. Agricultural biotechnology is a technique of modifying living organisms like plants, animals, and microorganisms with the help of genetic engineering, molecular markers, molecular diagnostics, vaccines, and tissue culture. Agricultural Biotechnology is also referred to as agritech; it helps to increase the productivity of the crops. The investments in agriculture research and development are increasing due to the rising cultivation of biotech crops around the world.
In 2018, the Global Agricultural Biotechnology market was registered a market growth of USD 27,778.64 Million; it is anticipated to exhibit a market expansion of CAGR of 10.10%. These biotech crops are highly popular among the majority of the community hence it is adopted by many emerging economies which consequently aids in significant market growth. The agritech plants are having the capability to resist harsh environmental conditions and diseases which is one of the markets driving factors in the global market. However, genetically engineering plant cultivation doesn’t have good conditions it ultimately hinders the market expansion. Additionally, more than 70 countries accepted the cultivation of biotech crops and leveraging their business. The US, Argentina, Canada, Brazil, and India collectively occupied the largest contribution of the global biotech crop area.
Global Agricultural Biotechnology Industry has been categorized by crop Type, Application, And Technique.
The market, depending on crop type, has been classified into soybean, maize, cotton, and others. The application segment categorizes the agricultural biotechnology market into herbicide tolerance, stacked traits, insect tolerance, and others. The technique segment is further classified as genetic engineering, molecular breeding, molecular diagnostics, and tissue culture.
Region-specific analysis of the Global Agricultural Biotechnology Market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is a prominent market of the global agricultural biotechnology owing to steady expansion and fast adoption of the biotech crops in the region. The International Service for the Acquisition of Agri-biotech Applications (ISAAA), stated in 2017 that the US is a leading operator of biotech crops globally, and it has planted crops in 75 million hectares in 2017. Brazil contributes to the second largest market share crop plantation in 50,2 million hectares.
Asia-Pacific is anticipated to witness an incredible upsurge in the global agricultural biotechnology market; owing to the high production of biotech crops and favorable government initiatives for agricultural biotechnology research. The Middle East & Africa has limited access and healthcare affordability among the population causing steady market raise during the review period. However, the rising adoption of genetically engineered food products is evaluated to drive market growth during the forecast period.
The Prominent market Players in the Global Agricultural Biotechnology are Arcadia Biosciences (US)., Thermo Fisher Scientific (US), Bayer AG (Germany), Biocentury Transgene Co., Ltd (China), Vilmorin & Cie (France), Eurofins Scientific (Luxembourg), LGC Biosearch Technologies (US), Corteva Agriscience ( US), Dr. Chip Biotech Inc. (Taiwan), Evogene Ltd (Israel), and Yield10 Bioscience, Inc. (US).
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