Portland, OR, March 01, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global agriculture biotech market was estimated at $93.1 billion in 2021 and is expected to hit $214.6 billion by 2031, registering a CAGR of 8.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $93.1 Billion |
| Market Size in 2031 | $214.6 Billion |
| CAGR | 8.8% |
| No. of Pages in Report | 280 |
| Segments Covered | Type, Technology, Application, and Region. |
| Drivers | Rise in the number of effective approaches for boosting agricultural productivity |
| Rapid adoption of biotechnology in transgenic crops | |
| Restraints | Insufficient budget allocation for R&D in developing economies |
| Lack of infrastructure for research | |
| Opportunities | Increase in the potential of agricultural biotechnology to boost crop yield by providing crops with disease resistance abilities |
Covid-19 scenario-
- The aftereffects of the pandemic and the global economic crisis could disrupt the smooth operation of food systems in the future. Consequently, demand for top-end agriculture biotech solutions has increased so as to mitigate such disruptions by advanced technologies such as biotechnology.
- This factor has been highly beneficial for the global agriculture biotech market and this trend is expected to persist too.
The global agriculture biotech market is analyzed across type, technology, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By type, the hybrid seeds segment held the highest share in 2021, garnering nearly one-third of the global agriculture biotech market revenue. The bio-fertilizers segment, on the other hand, would showcase the fastest CAGR of 9.5% throughout the forecast period. The transgenic crops and bio-pesticides segments are also assessed in the study.
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By technology, the genetic engineering segment contributed to more than one-fourth of the global agriculture biotech market share in 2021, and is projected to rule the roost by 2031. The vaccine segment, however, would display the fastest CAGR of 9.8% throughout the forecast period. The other segments discussed in the report include tissue culture, embryo rescue, somatic hybridization, and molecular diagnostics.
By application, the crop production segment accounted for the highest share in 2021, generating more than one-fourth of the global agriculture biotech market revenue. The same segment would also portray the fastest CAGR of 9.7% during the forecast period. The crop protection, chemical tolerance, and disease resistance segments are also discussed in the study.
By region, North America held the major share in 2021, garnering more than one-fourth of the global agriculture biotech market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 9.7% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
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The key market players analyzed in the global agriculture biotech market report include MITSUI & CO., LTD, KWS SAAT SE & Co. KGaA, Bayer AG, Corteva, Nufarm, Limagrain, Evogene Ltd., Valent BioSciences LLC., and Marrone Bio Innovations. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
