Ottawa, May 18, 2023 (GLOBE NEWSWIRE) -- The global agricultural biotechnology market is expanding at a CAGR of 8.12% over the forecast period 2023 to 2032. A considerable rise in the requirement for new breeding techniques is anticipated to boost the agricultural biotechnology market growth substantially. The market growth is also supplemented by the growing penetration of biotechnology solutions to modify or create traits of organisms-including animals, microbes, and plants with respect to yield, color, and size. Adopting soil biotechnology can help in applying modern farming techniques for soil conservation.
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The stream of biotechnology that specializes in various agricultural applications is known as agricultural biotechnology. Agriculture biotechnology is adopted for a very long time to enhance agriculturally crucial organisms through selection and breeding.
Due to the limited count of agricultural biotechnology providers, the bargaining power of buyers is relatively less as compared to the bargaining power of suppliers in this market. The threat of substitutes is moderate in the global agricultural biotechnology market as of now.
The agricultural biotechnology market players can consider collaborations, expansions, joint ventures, acquisitions, and partnerships to advance the scope for agricultural biotechnology techniques, tools, and solutions respectively.
The global agricultural biotechnology market report analyses leading continents across the globe to provide a better understanding of the recent scenario. Additionally, our global agricultural biotechnology market research report offers crucial insights about the latest industry developments and scrutinizes agricultural technologies that can be adopted at a global level at a rapid pace. Our report highlights some of the significant influencing factors such as drivers, restraints, opportunities, and challenges. The report also includes value chain analysis, ecosystem analysis, and vendor landscape.
The Feed the Future Biotechnology Potato Partnership, a 5-year multi-institution cooperative agreement was signed for developing and providing improved potato products with respect to consumer and farmer-preferred varieties in Asian countries. This $6.48 million multi-institution cooperative agreement is between Michigan State University (MSU), United States Agency for International Development (USAID), Simplot Company, and other global institutions. The Feed the Future Biotechnology Potato Partnership particularly emphasizes Indonesia and Bangladesh.
Report Highlights
- By application, the global agricultural biotechnology sector is segmented into transgenic crops & animals, vaccine development, nutritional supplements, antibiotic development, biofuels, and flower culturing. The transgenic crops & animals segment is expected to hold a significant market share during the forecast period. The transgenic crops & animals segment held the largest market share in 2022.
- By organism type, the global agricultural biotechnology industry is divided into plants, animals, and microbes. The plants segment is anticipated to dominate the market during the study period. The plants segment had the largest revenue share in 2022.
- By Region, the agricultural biotechnology market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and Latin America. North America held the highest maker share of the global agricultural biotechnology Market in 2022.
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Scope of this report
| Coverage | Details | |
| Market Value in 2032 | USD 221.87 Billion | |
| CAGR | 8.12% | |
| India agriculture production | 47% | |
| Fastest Growing Region | Asia Pacific | |
| North America CAGR | 10.45% | |
| Key Players | ADAMA Ltd, ChemChina, Corteva, Evogene Ltd., KWS SAAT SE & Co. KGaA, Bayer AG, Marrone Bio Innovations, MITSUI & CO., LTD, Limagrain, Nufarm, Performance Plants Inc., Valent BioSciences LLC, and Others | |
Regional Snapshots
North America is among the most lucrative markets for agricultural biotechnology. The growing inclination of farmers toward modern farming methods is expected to boost the adoption of respective agricultural biotechnologies.
The immigrant population is increasing considerably in Canada since past few years. Canada’s population is growing at almost double the pace of each G7 country. Approximately 4/5th of the 1.8 million population rise from 2016 to 2021 was attributable to the new arrivals in Canada, either as temporary or permanent immigrants. When the COVID-19 pandemic slowed the movement of people across various regions, almost 185,000 permanent immigrants arrived in Canada in FY 2020. Thus, the rising population in Canada is creating immense scope for the food sector. The rising population in Canada influences the need for fruits & vegetables in the country. Thus, the growing population in the North American region creates immense scope for the latest agricultural biotechnology tools.
Biotechnology has a significant role in the production of soybeans. Almost 81% of the world's soybeans are biotech and this allows the producer to grow soybeans more profitably. China’s Soybean cropland accounted for about 25.2 million acres (10.2 million hectares) in 2022, which is a substantial rise of almost 1.82 million hectares, or about 21% as compared to 2021. Thus, the growing production of soybean in the Asia Pacific (APAC) region is driving the agricultural biotechnology market growth in the region.
The Biotechnology Department of the Kuwait Institute for Scientific Research conducted preliminary research on the use of biotechnology for growing date palm trees. The Kingdom of Saudi Arabia’s regulations permit the importation of biotech plant products. But these imported biotech plant products are needed to be labelled in case they contain over 1% genetically engineered (GE) plant ingredients. Thus, ongoing research activities along with favourable regulations are expected to promote the development of the agricultural biotechnology market in the Middle East region.
The countries in the African continent are still in the developing stage and are not as developed as the countries in the West. Thus, the adoption of agricultural biotechnology in the African region is estimated to take place at a relatively slow rate. The awareness about the benefits of agricultural biotechnology is increasing in the Latin America region. The agricultural biotechnology market in the Latin America region is expected to grow considerably.
Market Dynamics:
Market Driver: Rising population all over the world
The increasing population all over the world is boosting the requirement for nutritious food.
On the basis of Worldometer elaboration of the latest United Nations data, the population of the United States was 336,343,250 as of the 6th of April 2023. The population of the United States of America was 331,002,651 by mid-2020.
The population of Australia rose from 25,499,884 in mid-2020 to 26,314,341 in April 2023. The population is forecast to reach about 29,410,244 by 2035.
Based on the Worldometer elaboration of the latest UN data, the population of Brazil is 216,717,274. This is a considerable rise from the count of 212,559,417 in mid-2020.
The world population is predicted to account for 8,548,487,400 by 2030. Thus, the rising population is creating remarkable demand for enhanced agricultural biotechnology required to grow nutritious fruits & vegetables.
Market Restraint: Unfavourable Agricultural Conditions in a Few Nations
Due to limited water resources and harsh climate, commercial agriculture in Qatar, Oman, Kuwait, and the United Arab Emirates (UAE) is limited. Owing to this fact, the mentioned countries are majorly dependent on imports of semi, raw, and fully processed food products to meet about 90% of their food requirements. Extreme weather conditions and the unavailability of natural resources prominently make agricultural production difficult in some parts of the Middle East region. Low rainfall and drought have severely decreased the farmer's capability to produce crops in the Middle East region. Thus, unfavourable agricultural conditions in some countries restrain the agricultural biotechnology market growth to some extent.
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Key Developments in the Marketplace:
- In July 2021, Micropep Technologies, one of the prominent agri-biotech companies announced that it raised $10 million (€8.5 million) in a Series A funding round. This Series A funding round was led by FMC Venture and Supernova Invest. Increasing funding is expected to boost the development of the agricultural biotechnology market in near future.
- In October 2022, Agri-biotech firm BioPrime Agrisolutions received funding of $1.09 million (₹90 crore) in a pre-series A round. The funding was from Inflexor Ventures, a tech-focused venture company. Agricultural biotechnology startup BioPrime AgriSolutions Pvt. planned to use this funding for deploying the fresh proceeds for expansion, product sale registrations, and ramping up production capabilities.
Market Segmentation
By Application
- Vaccine Development
- Transgenic Crops & Animals
- Antibiotic Development
- Nutritional Supplements
- Flower Culturing
- Biofuels
By Organism Type
- Plants
- Animals
- Microbes
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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