Agricultural Biotechnology Marketwas worth USD 39.7 billion in 2020 and estimated to be growing at a CAGR of 10.91%, to reach USD 66.7 billion by 2025.
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Transgenic crops increase agricultural productivity and benefit producers, consumers and farmers in terms of improved yield and crop quality. Genetically modified or transgenic crops are among the top end users of agricultural biotechnology. Agricultural biotechnology could advantage consumers and also producers and farmers.
The transgenic cropping method offers more crop varieties to consumers than cross-pollination or any natural process can offer. It provides higher & improved yield, resistance to pests, longer shelf life and high nutritional value due to which food grains demand-supply gap is reduced. This is expected to drive the market. Increase in the demand for bio-fuel due to exhausting conventional resources is further expected to fuel market growth.
The market for Agricultural Biotechnology is broadly categorized into the
o synthetic biology enabled products
o Transgenic crops
Transgenic crops are expected to account for a major share of the market revenue. Corn and soybean are the most widely consumed crops. Soybean is expected to grow at the highest rate during the forecast period. Synthetic biology-enabled products and tools, on the other hand, are growing at a slower pace considering their smaller shares in the past.
On the basis of geography, the market is analyzed under various regions namely
· North America
· Latin America
· Middle East and Africa
The Agricultural Biotechnology market was dominated by North America. Europe is growing at a steady rate and Asia Pacific is expected to register the highest CAGR.
Key players operating in the market include Dow AgroSciences, Vilmorin, Certis USA, KWS SAAT AG, Monsanto, Syngenta, Evogene Ltd, Bayer Crop Science, and DuPont.