The global agricultural biotechnology market size is expected to be worth around US$ 161.40 billion by 2028 from valued at US$ 89.99 billion in 2020 and expanding growth at a CAGR of 7.10% during forecast period 2021 to 2028.
The global agricultural biotechnology market size is expected to be worth around US$ 161.40 billion by 2028 from valued at US$ 89.99 billion in 2020 and expanding growth at a CAGR of 7.10% during forecast period 2021 to 2028.
Advent of unique genetic resources and genome modification tools is anticipated to enhance understanding of plant biology over the coming years. Additionally, a rise in demand for biofuel owing to depletion of conventional fuel is further projected to propel the market growth.
Penetration of genetic engineering tools has been recognized as a solution to overcome the pitfalls of conventional vaccine production. Genetically engineered vaccines have the potential of transforming the vaccine development scenario in the future. These products are continuously assessed by vaccine developing companies to understand the significance of recombinant vaccines in clinical as well as economical aspects which has made significant contributions to the revenue generated by vaccine development application segment in 2020.
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| Report Coverage | Details |
| Market Size by 2028 | US$ 161.40 Billion |
| Growth Rate from 2021 to 2028 | CAGR of 7.10% |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Data | 2021 to 2028 |
Report Highlights
The agricultural biotechnology market is classified into six segments based on application, namely vaccine development, transgenic crops & animals, antibiotic development, flower culturing, and biofuels. Transgenic crops & animals segment generated the highest revenue in 2020 while development is estimated to witness the fastest growth than other applications.
Agricultural biotechnology has helped in livestock as well as crop enhancement via incorporating advanced tools. Agriculture-integrated biotechnology finds vast applications across tissue culture, micropropagation, embryo transfer, cloning, and artificial insemination among others. Biotechnology tools have been applied successfully in micropropagation of disease-free plants, improving aluminum tolerance, crop fortification, and genetic modification in crops.
Agricultural biotechnology involves the use of a broad range of modern techniques to develop innovative products with enhanced quality traits. Conventional breeding techniques have been adopted largely to carry out alterations in plant and animal genomes. In addition, advancements in the field of genetic engineering have enabled controlling of genetic changes induced into the organism.
Advanced biotechnology tools have enabled professionals to incorporate new genes from one species to another unrelated species targeting towards the optimization of agricultural production or manufacturing valuable pharmaceutical compounds. The most common subjects of genetic engineering include farm animals, crops, and soil bacteria.
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The global agricultural biotechnology market is classified into three segments based on the organism: plants, animals, and microbes. The plants’ segment has generated the largest revenue in 2020 and is expected to maintain its dominance throughout the forecast period. Whereas the animals’ segment is expected to grow at the fastest CAGR in the coming years. Each of the segments of organism outlook is further classified into three segments based on techniques; conventional techniques established genetic modification and new breeding techniques.
North America dominated with the largest revenue share in 2020, owing to its wide range of agro-climatic zones and crops, along with a large global Genetically Modified (GM) planted area. In this region, the U.S. and Canada together represent around 50% of the global GM area and around 10% global planted area. Major crops cultivated in around 70% of the cultivated area of North America include corn, soybean, and wheat, followed by alfalfa, cotton, canola, & barley. Moreover, North America is a net exporter of agricultural products with around 30% production of corn, soybean, and wheat globally.
Key Players
KWS SAAT SE & Co. KGaA, ChemChina, Limagrain, Nufarm, Marrone Bio Innovations, Performance Plants Inc., Corteva, ADAMA Ltd, MITSUI & CO., LTD, Evogene Ltd., Valent BioSciences LLC, and Bayer AG.
Market Segmentation
- Application Outlook
- Vaccine Development
- Transgenic Crops & Animals
- Antibiotic Development
- Nutritional Supplements
- Flower Culturing
- Biofuels
- Organism Type Outlook
- Plants
- Conventional Techniques
- Established Genetic Modification
- New Breeding Techniques
- Animals
- Conventional Techniques
- Established Genetic Modification
- New Breeding Techniques
- Microbes
- Conventional Techniques
- Established Genetic Modification
- New Breeding Techniques
- Plants
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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