Agriculture Biotech Market Size is Projected to Generate a Revenue of $214.6 Bn by 2031Download Sample Reports Overview
The Global Agriculture Biotech Market Size is predicted to be valued at $214.6 billion by 2031, surging from $93.1 billion in 2021, at a noteworthy CAGR of 8.8%.
COVID-19 Impact on the Agriculture Biotech Market
The COVID-19 pandemic led to severe disruptions that affected the demand, supply, import-export, and availability and implementation of agriculture biotech applications. The agriculture biotech industry was impeded by the COVID-19 pandemic. Lockdowns and restrictions on people's freedom of movement slowed down the flow of products both locally and internationally. Lockdowns also made it harder to get workers at ports to discharge ships and carry out other trade procedures including physical inspections, testing, and certifications. At the same time, numerous nations altered the rules governing port access, causing delays from port closures and demands for additional documentation and quarantine procedures. Additionally, some nations enacted temporary export limitations, that further decreased global trade. Lockdowns and travel restrictions have been removed in some countries as of the time of writing, but it is anticipated that they will be restored in nations where the virus has started to (re-)emerge. All these factors have negatively affected the agriculture biotech market share during the pandemic.
Global Agriculture Biotech Market Analysis
Biotechnology is used in agriculture in the production of biofuels. Rather than being generated from petroleum products, biofuels are produced from natural resources including algae, corn stover, and sugarcane bagasse. The fact that they do not produce carbon when burned, reduces greenhouse gas emissions. Because the methyl esters, included in the fuel source, are a potent solvent that may be employed as a washing agent for damaged shorelines, biofuels are also utilized in oil cleaning operations because they have been shown to successfully handle this issue. Additionally, this broadens the variety of fuel sources that are accessible and can encourage competition, which would drive down prices of fuel. It may be possible to reduce greenhouse gas emissions while simultaneously producing a more dependable fuel source by creating biofuels utilizing advanced biotechnology. These are the major factors anticipated to boost the agriculture biotech market share during the analysis timeframe.
Agricultural biotechnology offers several advantages, but it also has some drawbacks. The possibility of a decline in biodiversity, possible repercussions on the ecosystem, and potential health consequences are a few of them. As a method of reducing food poverty, biotechnology has not yet been widely adopted in developing countries that can hamper the agriculture biotech market size.
A biosensor is, in the most basic sense, an analytical tool that transforms a biological signal into an electrical one. They combine a physical transducer with a biological recognition component (bioreceptor) (sensor). Briefly, the transducer transforms a measurable signal into data when the bioreceptor contacts a target chemical. With devices accessible for a variety of illnesses with significant agricultural importance, biosensors for pathogen detection are becoming more widespread in agriculture. Even real-time metabolic process monitoring can be done with them.
Global Agriculture Biotech Market, Segmentation
The global agriculture biotech market is segmented based on type, technology, application, and region.
The type segment is further classified into hybrid seeds, transgenic crops, bio-pesticides, and bio-fertilizers. Among these, the hybrid seeds sub-segment held largest market share in 2021. A hybrid seed, commonly known as an F1 hybrid, is created by carefully regulated cross-pollination between various cultivars of the same plant. These are selected to improve the traits of the plants that are produced, such as higher yield, more uniformity, and disease resistance.
The technology segment is further classified into genetic engineering, tissue culture, embryo rescue, somatic hybridization, molecular diagnostics, vaccine, and others. Among these, the genetic engineering sub-segment accounted for the largest market share in 2021. Genetic engineering enables the detection of disorders in both young children and prenatal children. In the case of Huntington's disease, which is a condition that may be transferred from parents to children, genetic engineering has made it possible for medical professionals to identify the illness even in an unborn kid and start treating it right away, extending the life of the unborn child.
The application segment is further classified into crop production, crop protection, chemical tolerance, disease resistance, and others. Among these, the crop production sub-segment held largest market share in 2021. Growing and producing crops for use as food and fibre is a typical agricultural method used by farmers all over the world. This method uses all the feed materials needed to grow and sustain crops. Several of the techniques used in crop production are listed below.
The agriculture biotech market in the Asia-Pacific region is projected to show the fastest growth. One of the major factors driving the agriculture biotech market growth in the Asia-Pacific region is increase in the market in China that is being driven by an increase in demand for equipment, goods, and transgenic agricultural commodities (corn, soybean, and cotton). Also, Asia-Pacific accounts for about 40% of the world's arable land, making it a valuable market (nearly 600 billion hectares). In addition, the area is distinguished by the significance of the rice crop (with the exception of Australasia) and the domination of smallholders. In Asia, rice is widely accessible at greatly reduced prices, and local governments in the majority of its growing economies are very concerned about food security. Nearly 90% of the world's rice crop land is in this region, with 20% and 28% of that land being in China and India, respectively.
Key Players in the Global Agriculture Biotech Market
Some of the leading agriculture biotech market players are
- KWS SAAT SE & Co. KGaA
- Bayer AG
- MITSUI & CO.LTD
- Evogene Ltd.
- Valent BioSciences LLC
- Marrone Bio Innovations
In May 6, 2022, Corteva Agriscience, stated that it has completed an additional € 14 billion investment in the Romanian production facility, Afumati, leading to the development of its sunflower seed business in Europe. According to estimates, the investment would allow the business to meet the growing local and global demand from farmers for premium sunflower seeds.