Agricultural Biotechnology Market to Surge at 7.86% CAGR, Driven by Technological Advances
The global agricultural biotechnology market, valued at USD 111 billion in 2022, is projected to reach approximately USD 232 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.86% during the forecast period. This growth is driven by several key factors, including the increasing adoption of genetically modified (GM) crops, advancements in gene editing technologies like CRISPR, and the rising demand for sustainable agricultural practices to meet the food needs of a growing global population. Innovations such as marker-assisted selection (MAS) are enhancing crop yields and nutritional value, which is crucial for addressing food security challenges.
However, the market faces significant challenges, including regulatory hurdles, public concerns over genetically modified organisms (GMOs), and the high costs associated with biotechnology research and development. Additionally, the potential health and environmental impacts of GM crops remain areas of contention and risk, possibly hampering market expansion.
Recent developments in the field include the increased use of biotechnology for developing crops with improved resistance to pests and diseases, and the creation of crops with enhanced nutritional profiles. The adoption of biotechnological solutions is particularly prominent in North America, which leads the market due to its supportive regulatory environment and advanced research infrastructure. Meanwhile, regions like Asia-Pacific are experiencing rapid growth driven by government initiatives and increasing investment in agricultural biotechnology to boost productivity and sustainability.
Key Takeaways
- The agricultural biotechnology market is expected to reach USD 232 billion in revenues by 2032, growing at a CAGR of 7.86% from 2023 to 2032.
- Genetic modification of crops enhances nutrient content, food processing, pest and disease resistance, yields, nitrogen fixation, and weather resilience.
- In 2022, the global agricultural biotechnology market generated around USD 111 billion in revenue.
- Agritech involves using scientific tools to improve plant yields, including genetically modified or transgenic crops with altered characteristics.
- Innovative breeding techniques are in high demand within the agricultural biotechnology sector.
- Plant organisms dominate the agricultural biotechnology market in terms of revenue.
- Transgenic crops and animals are the highest revenue-generating applications in agricultural biotechnology.
- North America holds the largest market share at 35.3% in the agricultural biotechnology market.
- Asia Pacific is projected to become the second-largest market for agricultural biotechnology.
- Biotechnology tools are extensively used in agriculture for various applications.
- Market growth is driven by the rise of genetically modified crops, high demand for sustainable crops, and marker-assisted breeding techniques.
- Increasing global population boosts food demand and the need for organic fertilizers.
- Market growth is hindered by the high cost of biotechnology products and uncertainty about their environmental and health impacts.
- Key players in the agricultural biotechnology market include ADAMA Agricultural Solutions Ltd., BASF SE, Bayer AG, and others.
- Lavie Bio Ltd. focuses on improving food quality and sustainability through microbiological-based products.
Get Sample PDF Report: https://market.us/report/agricultural-biotechnology-market/request-sample/
Agricultural Biotechnology Market Key Segments
By Organism Type
- Plants
- Animals
- Microbes
By Application
- Vaccine Development
- Transgenic Crops & Animals
- Antibiotic Development
- Nutritional Supplements
- Flower Culturing
- Biofuels
- Other Applications
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
Buy Directly: https://market.us/purchase-report/?report_id=37333
Key Players Analysis
ADAMA Agricultural Solutions Ltd., headquartered in Israel, is a leading company specializing in crop protection solutions. Formerly known as Makhteshim Agan Industries, ADAMA develops, produces, and markets innovative pesticide formulations including herbicides, insecticides, and fungicides. The company operates extensive R&D and manufacturing facilities in Israel and China, and its products are available in about 100 countries. In 2017, ADAMA was fully acquired by ChemChina, enhancing its market presence and capacity to deliver advanced agricultural technologies to farmers globally.
BASF SE, a German multinational chemical company, is a major player in agricultural biotechnology. BASF focuses on developing crop protection products, including herbicides, insecticides, and fungicides, as well as seed solutions and biological crop protection. The company leverages advanced biotechnological methods to enhance crop yields and resistance to pests and diseases. BASF’s commitment to sustainable agriculture is evident in its investments in R&D to create innovative solutions that meet the evolving needs of modern farming.
Bayer AG, another key player in the agricultural biotechnology sector, is renowned for its extensive portfolio in crop science. Bayer’s offerings include high-quality seeds, innovative crop protection products, and digital farming solutions. The company integrates cutting-edge biotechnology to develop genetically modified crops that are more resilient to environmental stresses and pests. Bayer’s focus on sustainability is reflected in its initiatives to improve agricultural productivity while minimizing environmental impact.
Benson Hill Inc. is an innovative company in the agricultural biotechnology industry, specializing in plant genetics. The company uses a unique platform combining data science, machine learning, and biology to accelerate crop improvement. Benson Hill’s approach aims to enhance the nutritional value and yield of crops while reducing resource usage. Their focus on leveraging natural genetic diversity helps in developing plant varieties that cater to the demands of a growing population and changing climate.
Certis USA LLC, part of Mitsui & Co., is a leader in the development and marketing of biopesticides. The company offers a wide range of bio-based products, including insecticides, fungicides, and nematicides, which are derived from natural sources. Certis USA focuses on sustainable agricultural practices, providing farmers with effective alternatives to conventional chemical pesticides. Their biopesticides are designed to be environmentally friendly while maintaining high efficacy in pest and disease management.
Agricultural Biotechnology Market Key Players:
- ADAMA Agricultural Solutions Ltd.
- BASF SE
- Bayer AG
- Benson Hill Inc.
- Certis USA LLC
- Corteva Inc.
- DuPont de Nemours Inc.
- Eurofins Scientific SE
- Evogene Ltd.
- Isagro SPA
- KWS SAAT SE & Co. KGaA
- Marrone Bio Innovations Inc.
- Novozymes A/S
- Performance Plants Inc.
- Syngenta AG
- Vilmorin & Cie S.A
- Yield10 Bioscience Inc.
- Other Key Players
Agricultural Biotechnology Market Report Scope >> Market Value (2022): USD 111 Billion || Forecast Revenue (2032): USD 232 Billion || CAGR (2023-2032): 7.86% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
Inquire More about report: https://market.us/report/agricultural-biotechnology-market/#inquiry
About Market.US
Market.US is renowned for its comprehensive market research and analysis, providing customized and syndicated reports to a global clientele. Specializing in a variety of sectors, they offer strategic insights and detailed market forecasts, assisting businesses in making informed decisions. With a focus on innovation and accuracy, Market.US supports clients in over 126 countries, and maintains a strong repeat customer rate, underscoring their commitment to quality and client satisfaction. Their team excels in delivering exceptional research services, ensuring that no detail is overlooked in any target market.
Contact Details
Market.us (Powered By Prudour Pvt. Ltd.)
Contact No: +1 718 618 4351.
Email: inquiry@market.us
Blog: https://medicalmarketreport.com/
View More Trending Reports
Dermatoscope Market Forecasted To Attain USD 3,076.7 Million By 2032, Showcasing A 12.6% CAGR
Digestive Health Market Estimated To Reach USD 104 Billion By 2032
Immunoassays Market Trends Suggest A USD 58.2 Billion Valuation By 2032
ePharmacy Market Expansion: Anticipated To Reach USD 258.6 Billion By 2033
Editor Details
-
Company:
- Wired Release
- Website:
