Fort Collins, Colorado, April 06, 2024 (GLOBE NEWSWIRE) -- The Plant Biotechnology Market was valued at USD 105.1 Billion in 2023 and is anticipated to grow CAGR at 11.4% and reach USD 276.9 Billion by 2032.
The plant biotechnology market is poised for expansion, offering tangible and significant benefits to the environment, consumers, and farmers worldwide. Genetic advancements coupled with plant biotechnology equipment have enabled plant breeders to accelerate crop improvement, resulting in enhanced quality and yield. This aligns with sustainable development goals such as ensuring healthcare, adequate food supply, and providing accessible, affordable, and clean energy, thus contributing to the growth of the plant biotechnology market.
A key factor driving the increasing demand for plant biotechnology is its ability to facilitate faster plant and crop growth. Gene modification, a feature of plant biotechnology, enables plants to resist various crop diseases, enhance their nutritional value, and reduce the need for pesticides and herbicides. Consequently, researchers and biotechnology companies are investing in this technology to assist farmers in achieving higher-quality yields at a faster pace, thereby mitigating wastage and addressing hunger issues. According to the World Food Programme, an estimated nine million people globally die each year due to food shortages and hunger. Plant biotechnology is vital in alleviating food production challenges and increasing crop yields, contributing to food security. Additionally, considering the escalating global population, many companies are investing in this technology to enhance product quality and output to meet the growing demands for food.
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Segmentation Overview:
The global plant biotechnology market has been segmented into crop, technology, services, application, end-user, and region. Based on application, the plant biotechnology market segmentation includes soil handling, breeding, yield improvement, genetic modification, and disease resistance. Genetic modification holds a significant share of the application segment of the plant biotechnology market. The Royal Society Organization, a fellowship of scientists in London, defines genetic modification of plants as the addition of specific DNA in the plant genome to provide it with new or improved characteristics.
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Plant Biotechnology Market Report Highlights:
- The global plant biotechnology market growth is anticipated at a CAGR of 11.4% by 2032.
- A major factor contributing to the rising demand for plant biotechnology is that it helps in faster plant and crop growth. One of its features is gene modification, which also helps plants become resistant to various crop diseases, increases their nutritional value, and reduces the need for using pesticides and herbicides.
- North America holds a significant share of the plant biotechnology market, with the United States, dominating this region.
- Some prominent players in the plant biotechnology market report include Indigo Agriculture, AgroSustain SA, NewLeaf Symbiotics Inc., Symborg, Locus AG, Plant Sciences Inc., Pheronym, Afingen, Inari Agriculture Inc., Benson Hill, and others.
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Plant Biotechnology Market Segmentation:
By Crop: Cereals & Grains, Oilseed & Pulses, Fruits & Vegetables, and Others
By Technology: RF Technology, Wi-Fi Technology, Imaging Technology, Bluetooth Tehcnology, Cloud-based Technology, and Others
By Services: GMO Analysis, Cellular Imaging, Analytical Chemistry, Genomics Services, and Quality Assessment
By Application: Soil Handling, Breeding, Yield Improvement, Genetic Modification, Disease Resistance, and Others
By End-user: Research Institutions, Pharmaceutical Industry, Agricultural Companies, and Biotechnology Companies
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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