Rise in the number of effective approaches for boosting agricultural productivity and rapid adoption of biotechnology in transgenic crops drive the growth of the global agriculture biotech market. By application, the crop production segment accounted for the highest share in 2021. By region, on the other hand, Asia-Pacific would cite the fastest CAGR by 2031.
Portland, OR, March 01, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global agriculture biotech market was estimated at $93.1 billion in 2021 and is expected to hit $214.6 billion by 2031, registering a CAGR of 8.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
|Market Size in 2021||$93.1 Billion|
|Market Size in 2031||$214.6 Billion|
|No. of Pages in Report||280|
|Segments Covered||Type, Technology, Application, and Region.|
|Drivers||Rise in the number of effective approaches for boosting agricultural productivity|
|Rapid adoption of biotechnology in transgenic crops|
|Restraints||Insufficient budget allocation for R&D in developing economies|
|Lack of infrastructure for research|
|Opportunities||Increase in the potential of agricultural biotechnology to boost crop yield by providing crops with disease resistance abilities|
- The aftereffects of the pandemic and the global economic crisis could disrupt the smooth operation of food systems in the future. Consequently, demand for top-end agriculture biotech solutions has increased so as to mitigate such disruptions by advanced technologies such as biotechnology.
- This factor has been highly beneficial for the global agriculture biotech market and this trend is expected to persist too.
The global agriculture biotech market is analyzed across type, technology, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By type, the hybrid seeds segment held the highest share in 2021, garnering nearly one-third of the global agriculture biotech market revenue. The bio-fertilizers segment, on the other hand, would showcase the fastest CAGR of 9.5% throughout the forecast period. The transgenic crops and bio-pesticides segments are also assessed in the study.
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By technology, the genetic engineering segment contributed to more than one-fourth of the global agriculture biotech market share in 2021, and is projected to rule the roost by 2031. The vaccine segment, however, would display the fastest CAGR of 9.8% throughout the forecast period. The other segments discussed in the report include tissue culture, embryo rescue, somatic hybridization, and molecular diagnostics.
By application, the crop production segment accounted for the highest share in 2021, generating more than one-fourth of the global agriculture biotech market revenue. The same segment would also portray the fastest CAGR of 9.7% during the forecast period. The crop protection, chemical tolerance, and disease resistance segments are also discussed in the study.
By region, North America held the major share in 2021, garnering more than one-fourth of the global agriculture biotech market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 9.7% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
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The key market players analyzed in the global agriculture biotech market report include MITSUI & CO., LTD, KWS SAAT SE & Co. KGaA, Bayer AG, Corteva, Nufarm, Limagrain, Evogene Ltd., Valent BioSciences LLC., and Marrone Bio Innovations. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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