ID: MRFR/HC/7252-CR | January 2020 | Region: Global | 122 pages
Global Agricultural Biotechnology Market size is expected to register a CAGR of 10.10% and was valued at USD 27,778.64 Million in 2018.
Agricultural biotechnology market has been identified as one of the fastest-growing industries, owing to the increasing cultivation of biotech crops across the globe and high investment in agriculture research and development. Agricultural biotechnology plays a vital role in increasing resistance of plants towards a harsh environmental condition or any disease. It is also improving agriculture productivity. The demand for agricultural biotechnology is increasing due to the increasing cultivation of biotech crops across the globe. This factor is expected to fuel the growth of the global agricultural biotechnology market. However, the unfavorable scenario of the cultivation of genetically engineered crops in Europe is anticipated to hamper the market growth.
The rapid adoption of biotech crops in industrial and developing countries helps to support the substantial growth of the market. The cultivation of biotech crops is increasing across the globe due to its benefits to the environment and the improvement of the economic conditions of farmers. According to the International Service for the Acquisition of Agri-biotech Applications, in 2017, the global area of biotech crops reached 189.8 million hectares compared to 185.1 million hectares in 2016. The increasing cultivation of biotech crops will support the growth of the market during the forecast period.
Similarly, The US is a leading region in the form of a large area of cultivation of biotech plants. As stated by the International Service for the Acquisition of Agri-biotech Applications in 2016, biotech crops in the US were planted in 72.9 million hectares whereas, 70.9 million hectares in 2015. Similarly, in Brazil, biotech crops were planted in 49.1 million hectares in 2016, whereas 44.2 million hectares in 2015. The increasing cultivation of biotech plants will support the growth of the market during the forecast period.
Moreover, more than 70 countries adopted the cultivation of biotech crops. The US, Argentina, Canada, Brazil, and India collectively occupied almost 91% of the global biotech crop area.
Global Agricultural Biotechnology Market Share, by Application, 2018 (%)
Source: MRFR Analysis
Global Agricultural Biotechnology Industry has been divided based on crop Type, Application, And Technique. The market, based on crop type, has been segregated into soybean, maize, cotton, and others. Based on the application, the agricultural biotechnology market has been divided into herbicide tolerance, stacked traits, insect tolerance, and others. On the basis of technique, it is bifurcated into genetic engineering, molecular breeding, molecular diagnostics, and tissue culture.
Global Agricultural Biotechnology Market Share, by Region, 2018 (%)
Source: MRFR Analysis
Global Agricultural Biotechnology Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to dominate the global agricultural biotechnology industry. Continuous growth in the adoption of biotech crops in this region would drive the growth of the agricultural biotechnology market in this region. As per the 2017 study published by the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the US was the top producer of biotech crops globally, which planted crops in 75 million hectares in 2017, covering 40% of the global biotech crop plantings. Brazil held the second-largest position, with 50.2 million hectares or 26% of the global output.
Asia-Pacific is estimated to be the fastest-growing region in the global market. This is due to the high production of biotech crops and favorable government initiatives for agricultural biotechnology research. According to the 2017 report published by the International Service for the Acquisition of Agri-biotech Applications (ISAAA), India planted 11.4 million hectares of biotech crop in 2017 which was a 5.6% increase from 10.8 million hectares in 2016.
Europe held a less share in the global agricultural biotechnology market. This can be attributed to the unfavorable scenario of the cultivation of genetically engineered crops in Europe. According to the 2018 annual report published by the USDA Foreign Agricultural Service, Europe does not export any genetically engineered products, but it imports more than 30 million metric tons of soybean products, 2.5 to 4.5 million metric tons of rapeseed products, and 10 to 15 million metric tons of corn products, per year, mainly for feed.
The agricultural biotechnology market in the Middle East & Africa is expected to witness steady growth during the review period due to limited access and healthcare affordability among the population. The rising adoption of genetically engineered food products is expected to drive market growth during the assessment period.
The Prominent Players in the Global Agricultural Biotechnology Market 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).
Global Agricultural Biotechnology Market, by Crop Type
Global Agricultural Biotechnology Market, by Application
Global Agricultural Biotechnology Market, by Technique
Global Agricultural Biotechnology Market, by Region
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Frequently Asked Questions (FAQ) :
The Agriculture biotechnology market can expand at 10.10%CAGR by 2022.
By 2022, the agriculture biotechnology market value can be above USD 27,778.64 Million.
LGC Biosearch Technologies (US), Eurofins Scientific (Luxembourg), and Corteva Agriscience (US) are some reputed names in the agriculture biotechnology market.
The increase in sales of herbicide tolerance can promote the agriculture biotechnology market.
Deterioration of climatic condition can restrain agriculture biotechnology market.