According to Precedence Research, the agricultural biotechnology market size was 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. The increasing adoption of genetically modified crops is expected to enhance the growth of the agricultural biotechnology market.
What is agricultural biotechnology?
Agricultural biotechnology caters as a significant growth factor across the farming industry and provides streamlined and cost-effective production methods. Scientists develop solutions that elevate agricultural productivity, by harnessing DNA. Biotechnology empowers breeders to make targeted enhancements in livestock and crops and enables precise manipulation of genes. Biotechnology encompasses an arrangement of tools, aimed at modifying organisms to enhance animal and plant characteristics and improve product quality.
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Various driving factors are expected to enhance the market growth such as the increasing need for pest resistance for certain plants, increasing awareness regarding supreme quality farm produce, and rising incidences of pest outbreaks in agricultural produce contributed 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.
· By application, the crop production segment has accounted revenue share of around 30% in 2023.
· By technology, the genetic engineering segment has held revenue share of around 25% in 2023.
· The tissue culture technology segment has accounted 20% of market share in 2023.
· By Type, the hybrid seeds segment has accounted revenue share of 30% in 2023.
· The bio-fertilizer type segment has accounted a revenue share of 26% in 2023.
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Improved crop quality, protect crops to fuel the market growth
Agricultural biotechnology can improve crop quality and output and make the farm more profitable. Some of these crops can help farmers to make their jobs safer and easier. Farmers invest less time and effort in crop monitoring and more time in other productive activities. Due to the increased beta-carotene level in rice plants enhanced oil compositions and helped minimize vitamin A storage. In addition, agricultural biotechnology can protect crops from deadly diseases on the farm. It also helped to improve the taste of flavors by increasing the activity of plant enzymes. Thus, these driving factors are anticipated to drive the growth of the agricultural biotechnology market.
However, a lack of knowledge related to agricultural biotechnology may restrain market growth.
Insufficient or lack of knowledge associated with agricultural biotechnology, such as infrastructure in developing countries, understanding of specific areas, and research focus, is expected to hinder the market for agricultural biotechnology. Lack of understanding of specific areas of agricultural biotechnology in various emerging countries in which investments should be made to address certain objectives will further create various challenges. Thus, these factors are expected to restrain the growth of the agricultural biotechnology market during the forecast period.
Increasing use of agricultural biotechnology for marker-assisted breeding to enhance the market growth.
For thousands of years, researchers have controlled animal and plant development for agricultural interests. However, manufacturing new crop varieties requires a lengthy and imprecise procedure called selective breeding. By adding jet fuel, novel molecular methods have improved certain breeding tanks. The major method is marker-assisted selection, in which DNA markers accelerate, guide, and support plant breeding operations. Furthermore, marker-assisted selection provides a great deal more precision than other approaches to increasing plant breeding. Then it is based on experienced bioinformatics techniques to search markers. Thus, these factors are expected to enhance the growth of the agricultural biotechnology market in the upcoming years.
Why will the North American region dominate the agricultural biotechnology market?
The reduced use of pesticides and insecticides in farming and increasing genetic techniques acceptance for crops across the region is expected to drive the growth of the agricultural biotechnology market in North America. Agricultural biotechnology caters as a catalyst for improving food production globally, in the region. The U.S. and Canada are the leading countries in the region. In the U.S., the papaya ringspot virus harmed to disturbed the Hawaiian papaya industry till papayas resistant to the diseases were established via genetic engineering, which saved the U.S. papaya industry. In addition, the United States Department of Agriculture works to ensure that crops manufactured via genetic engineering for commercial use are properly studied and tested to ensure they create no significant risk to the environment or the consumers. Thus, these factors are expected to accelerate the growth of the agricultural biotechnology market in North America.
Why is Asia-Pacific expected to grow faster during the forecast period?
China, India, Japan, and South Korea are the leading countries in the region. China is the fastest growing country and led the market growth in the region. The increasing demand for agricultural biotechnology in synthetic biology-enabled tools and products and transgenic crops such as cotton, soybean, and corn are enhancing the market growth in China. In China, Biotechnology laboratories at government research institutions such as the China Agricultural University, the Chinese Academy of Agricultural Sciences (CAAS), and the Chinese Academy of Sciences (CAS). China’s government has been investing significantly in biotechnology research and development, to improve agricultural productivity. These factors help to enhance the growth of the market in the Asia Pacific region.
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Agricultural Biotechnology Market Segmentation
By application type, 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 transgenesis. The crop production elevates both quality and quantity while tailoring specific nutritional values and facilitates the enhancement of nutrients in animal products.
By technology, the genetic engineering segment led the market.
The genetic engineering segment dominated the agricultural biotechnology market in 2023, representing its important role in revolutionizing agricultural stability, pest resistance, and crop improvement. This dominance expected significant strides to be made in using genetic engineering techniques to mitigate environmental challenges, increase yields, and enhance crop traits.
Agricultural Biotechnology Market Recent Innovations
· In May 2024, EN3ZYME, a Cellulose enzyme cocktail launched by Fermbox Bio, a synthetic biology research and manufacturing company to transform agricultural waste into 2G ethanol production. The aim behind this launch was to enhance both the cost-effectiveness and efficiency of transforming pre-treated agri-based residues into sugars, cellulosic and fermentable.
· In September 2023, in the Philippines, the launch of the study titled Public Perception of Agricultural Biotechnology was organized by ISAAA Inc.
· In June 2024, IPL Biologicals launched a bio-fungicide, Agenor, in collaboration with Punjab Agricultural University. This bio-fungicide is designed to meet the challenges faced by paddy farmers.
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· Environmental Biotechnology Market: https://www.precedenceresearch.com/environmental-biotechnology-market
Which are the top manufacturers in the Agricultural Biotechnology Market?
· ADAMA Ltd
· Bayer AG
· ChemChina
· Corteva
· Evogene Ltd.
· KWS SAAT SE & Co. KGaA
· Limagrain
· Marrone Bio Innovations
· MITSUI & CO., LTD
· Nufarm
· Performance Plants Inc.
· Valent BioSciences LLC
Segments Covered in the Report
By Application
· Vaccine Development
· Transgenic Crops & Animals
· Antibiotic Development
· Nutritional Supplements
· Flower Culturing
· Biofuels
By Organism Type
· Plants
· Animals
· Microbes
By Type
· Hybrid Seeds
· Transgenic Crops
· Bio-pesticides
· Bio-fertilizers
By Technology
· Genetic Engineering
· Tissue Culture
· Embryo Rescue
· Somatic Hybridization
· Molecular Diagnostics
· Vaccine
· Others
By Region
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa (MEA)
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