Wellesley, Mass, April 06, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research reveals that rapid changes in technology intensive fields such as DNA sequencing, genome editing, and synthetic biology are spurring new products and applications in agriculture, driving big growth in this industry's global biotechnology market. In 2022, this market is expected to reach $53.7 billion, up from $32.1 billion in 2017.
BCC Research's Agricultural Biotechnology: Emerging Techs and Global Markets reports that rising demand for biotech seeds that can deliver higher yields and better resistance to plant stresses and threats, along with the emergence of a spectrum of enabling biotechnologies, also are keying market growth.
Research Highlights
- Of the 28 countries planting biotech crops, 19 are planting 50,000 or more hectares.
- New genome editing tools offer precision, specificity, and speed for modifying the genome, in addition to a faster pathway and the possibility of non-GMO seeds that don't require regulatory oversight.
- South America and Asia Pacific's expected high growth rates stem from favorable regulatory climates and anticipated growth in new biotech crops.
"Unlike the seeds and agrochemical markets which are undergoing consolidation, the biotechnology tools industry is fragmented. Yet, significant innovation is occurring in start-up or smaller companies," says Kevin Fitzgerald, BCC Research editorial director. "The large agricultural companies maintain active alliances with the biotechnology companies, allowing them to participate in the upside of new genomics technologies that will enhance their breeding, seed development, and biologics programs."
Global Demographic Trends Fostering Growth
Global demographics trends are driving the need for higher agricultural yields. World population growth, coupled with rising incomes, are leading to increasing consumption of higher quality foods, including meat.
"This, in turn, creates higher consumption of feed crops, including maize, soy, and wheat," notes Fitzgerald. "At the same time, the acreage of arable land available for producing crops is under pressure from a range of forces including growing population, urbanization, and global warming. All of which is contributing to market growth. "
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.