Agricultural Biotechnology Market Highlights
Global Agricultural Biotechnology Market is expected to register a CAGR of 10.10% during the forecast period with a market value of USD 40,818.80 Million till 2022.
Agricultural biotechnology is the use of different scientific techniques to modify plants to produce genetically modified plants. Biotechnology plays a vital role in increasing resistance of plants towards a disease or any harsh environmental condition and also improving agriculture productivity.
The increasing cultivation of biotech crops across the globe; and high investment in agriculture research and development are anticipated to drive the market growth of the global agricultural biotechnology industry. However, the unfavorable scenario of the cultivation of genetically engineered crops in Europe is expected to restrict the market growth.
Agricultural Biotechnology Market Segment Analysis
The Global Agricultural Biotechnology Market 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 segmented into genetic engineering, molecular breeding, molecular diagnostics, and tissue culture.
Agricultural Biotechnology Market Regional Analysis
The global agricultural biotechnology market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are likely to hold the largest share of the global agricultural biotechnology market during the assessment period. Increasing the cultivation of biotech crops and well-established players are likely to support the dominance of the Americas during the forecast period. The European market established less growth in the market due to the unfavorable scenario of the cultivation of genetically engineered crops in this region. Asia-Pacific is estimated to be the fastest-growing region in the global market due to the increasing refinement of biotech crops across the globe; and high investment in agriculture research and development in the region. The agricultural biotechnology market in the Middle East & Africa is expected to witness gradual growth due to the increasing awareness about the agricultural biotechnology market.
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Agricultural Biotechnology Market Key Players
MRFR recognizes the following companies as the Key Players in the Global Agricultural Biotechnology Market— 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).
Key Findings of the Study
- The Global Agricultural Biotechnology Market was valued at USD 27,778.64 Million in 2018 and is expected to register a CAGR of 10.10% during the assessment period.
- The Americas accounted for the largest share of the global market due to the presence of key market players; and increasing cultivation of biotech crops attributed to the growth of agricultural biotechnology in the US, Brazil, Argentina, and Canada.
- Based on the crop type, the maize segment accounted for the largest market share of 08% in 2018.
- Based on application, the herbicide tolerance segment accounted for the largest market share of 0% in 2018.
- Based on the technique, the genetic engineering segment accounted for the largest market share of 41% in 2018.