According to Precedence Research, the agricultural biotechnology market size is valued at USD 116 billion in 2023 and is projected to reach USD 293.35 billion by 2034, registering a CAGR of 8.8% from 2024 to 2034. Increasing adoption of genetically modified crops is expected to drive the growth of the agricultural biotechnology market.
What is Agricultural Biotechnology?
Agricultural biotechnology serves as a key growth driver across the agriculture industry, providing streamlined and cost-effective production methods. Scientists are developing solutions that utilize DNA to increase agricultural productivity. Biotechnology allows breeders to make targeted improvements in livestock and crops, allowing for precise manipulation of genes. Biotechnology includes a set of tools aimed at modifying living organisms to enhance animal and plant characteristics and improve product quality.
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Various driving factors such as increasing need for pest resistance for certain plants, growing awareness regarding best quality agricultural produce, and rising incidence of pests in agricultural produce are expected to drive the market growth, contributing to the growth of the agricultural biotechnology market during the forecast period.
Key Takeaways
North America is expected to grow at a CAGR of 10.45% from 2024 to 2034.
Based on application, the crop production segment accounted for around 30% revenue share in 2023.
· By technology, the genetic engineering segment accounted for around 25% revenue share in 2023.
The tissue culture technology segment accounted for 20% of the market share in 2023.
· By type, the hybrid seeds segment accounted for 30% of the revenue share in 2023.
The biofertilizer type segment accounted for a revenue share of 26% in 2023.
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Improved crop quality, crop protection drive market growth
Agricultural biotechnology can improve crop quality and yield, thereby increasing farm profitability. Some of these crops also help in making the farmer’s job safer and easier. Farmers can spend less time and effort on monitoring the crops and spend more time on other production activities. Increased beta-carotene levels in rice have improved the oil composition and minimized the accumulation of Vitamin A. Moreover, agricultural biotechnology can protect crops from deadly diseases on the farm. It has also helped in improving flavor by increasing the activity of plant enzymes. Thus, these driving factors are expected to boost the growth of the agricultural biotechnology market.
However, lack of knowledge regarding agricultural biotechnology may restrain the market growth.
Lack of knowledge related to agricultural biotechnology, such as infrastructure in developing countries, domain understanding, and research focus, is expected to hinder the agricultural biotechnology market. Lack of understanding of the domain of agricultural biotechnology in various emerging countries, where investments should be made to address specific objectives, further creates various challenges. Hence, these factors are expected to restrain the agricultural biotechnology market growth during the forecast period.
Increased use of agricultural biotechnology for marker-assisted breeding to drive market growth.
For thousands of years, researchers have controlled the development of animals and plants for agricultural benefits. However, producing new crop varieties requires a lengthy and imprecise procedure called selective breeding. With the addition of jet fuel, new molecular methods have improved certain breeding tanks. The main method is marker-assisted selection, where DNA markers accelerate, guide, and support plant breeding efforts. Moreover, marker-assisted selection offers much higher accuracy than other approaches to increase plant breeding. And it is based on experienced bioinformatics techniques to search for markers. Therefore, these factors are expected to drive the growth of the agricultural biotechnology market in the coming years.
Why North America region will dominate the agricultural biotechnology market?
Reduction in the use of pesticides and insecticides in agriculture and increasing acceptance of genetic modification technology for crops across the region are expected to drive the growth of the agricultural biotechnology market in North America. Agricultural biotechnology acts as a catalyst to improve food production globally in this region. The United States and Canada are the leading countries in the region. In the United States, the papaya ringspot virus damaged and disrupted the Hawaiian papaya industry, but genetic engineering established disease-resistant papayas, saving the papaya industry in the United States. Moreover, the United States Department of Agriculture is working to ensure that crops produced by genetic engineering for commercial use are properly researched and tested and do not pose significant risks to the environment or consumers. These factors are therefore expected to accelerate the growth of the agricultural biotechnology market in North America.
Why is Asia Pacific expected to experience faster growth during the forecast period?
China, India, Japan, and South Korea are the major countries in this region. China is the fastest growing country and leads the market growth in this region. Increasing demand for agricultural biotechnology for tools and products utilizing synthetic biology, genetically modified crops such as cotton, soybean, and corn is driving market growth in China. China has biotechnology institutes in government research institutes such as China Agricultural University, Chinese Academy of Agricultural Sciences (CAAS), and Chinese Academy of Sciences (CAS). The Chinese government is investing heavily in biotechnology research and development to improve agricultural productivity. These factors help drive market growth in the Asia-Pacific region.
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Agricultural Biotechnology Market Segmentation
Based on application, the crop production segment led the market.
The crop production segment dominated the market share in 2023. The major key technology across this segment is genetic modification, which enhances both quality and quantity while tailoring specific nutritional values, facilitating the nutrient fortification of animal products.
In terms of technology, the genetic engineering sector led the market.
The genetic engineering segment dominated the agricultural biotechnology market in 2023, playing a key role in revolutionizing agricultural stability, pest resistance, and crop improvement. This dominance anticipated significant advancements in mitigating environmental challenges, increasing yields, and enhancing crop traits using genetic engineering techniques.
Recent Innovations in the Agricultural Biotechnology Market
In May 2024, Fermbox Bio, a synthetic biology research and manufacturing company, launched EN3ZYME, a cellulosic enzyme cocktail for converting agricultural waste into 2G ethanol production. The goal of this launch was to increase both cost-effectiveness and efficiency in converting pre-treated agricultural-based residues into sugars, cellulose, and fermentable materials.
· In September 2023, the “Public Opinion Survey on Agricultural Biotechnology” organized by ISAAA Inc. was launched in the Philippines.
· In June 2024, IPL Biologicals in collaboration with Punjab Agricultural University launched a bio-fungicide, “Agenor”, which is designed to address the challenges faced by paddy farmers.
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Marine Biotechnology Market: https://www.precedenceresearch.com/marine-biotechnology-market
Red Biotechnology Market: https://www.precedenceresearch.com/red-biotechnology-market
Environmental Biotechnology Market: https://www.precedenceresearch.com/environmental-biotechnology-market
What are the top manufacturers in the Agricultural Biotechnology market?
ADAMA Co., Ltd.
Bayer AG
ChemChina
Corteva
Evogene Inc.
KWS SAAT SE & Co. KGaA
Limagrain
Marone Bioinnovations
· Mitsui & Co., Ltd.
New Farm
Performance Plants, Inc.
Valent Biosciences LLC
Segments Covered in the Report
By Application
Vaccine development
Genetically modified crops and animals
Antibiotic development
· Dietary supplement
Flower cultivation
Biofuels
By species
Plants
Animals
Microorganisms
By Type
Hybrid seeds
Genetically modified crops
Biological Control Agents
Biofertilizer
By Technology
· Genetic engineering
Tissue culture
Embryo rescue
Somatic cell hybridization
Molecular diagnostics
· vaccine
· others
By region
· North America
Europe
Asia Pacific
· latin america
Middle East and Africa (MEA)
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