Increasing Demand for Transgenic Crops Boosts Agricultural Biotechnology Market

The agricultural biotechnology market will touch USD 106,870.0 million, powering at a 10.7% compound annual growth rate, by 2030.

This growth is because of the growing need for new breeding methods, including genomic sciences, genetic engineering, plant molecular breeding, and plant grafting.

Moreover, this is ascribed to the rising utilization of biotechnology to modify or develop traits of organisms-including animals, microbes, and plants concerning yield, size, or color.

In the past few years, the transgenic seeds category, based on product, accounted for the larger share of the industry. This can be mainly because of the rising emphasis of industry players on producing these seeds to increase the productivity of farming processes.

In addition, these products assist in the reduction of the impact of any outside factor ruining the quality of the yield.

The crop protection products category, on the other hand, is likely to advance at a faster compound annual growth rate, in the years to come. This will be mainly because of the continuous technological developments in agricultural chemistry, which have allowed agrarians to engage in successful pest management.

The genome editing category, on the basis of technology, was the largest contributor to the agricultural biotechnology market, in recent years. This can be because of the rising genome research activities and increasing uses of genome tools in the agricultural sector.

Furthermore, this category will also propel at the fastest rate during this decade. Through genome editing, stronger crops can be produced that have a better resistance to insects and a lower risk of failure because of extreme weather conditions like drought and floods.

North America led the industry in recent years. This is mainly because of the surging acceptance of GM crops on this continent. Furthermore, the lack of traditional fossil fuels has resulted in the development of biofuels, which, along with the regulatory authorization for them by legal organizations in the U.S., will have a positive influence on this industry expansion.

APAC is likely to propel at the fastest compound annual growth rate in the years to come. This region provides significant opportunities for GM crop production owing to the rising acceptance of new farming methods to improve efficiency.

The developing nations of this region are prioritizing mechanization to increase the farmland's yield. APAC has observed the development of GM crops over the last two decades due to wide research & development and the acceptance of sustainable farming methods for enhanced crop yield.

It is because of the growing need for transgenic crops, mounting population, and increasing per capita salary, the agricultural biotechnology industry will continue to grow in the coming years.

SOURCE: P&S Intelligence