Agriculture Biotech Market Expected to Reach $214.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Agriculture Biotech Market," The agriculture biotech market was valued at $93.10 billion in 2021, and is estimated to reach $214.6 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.

Agriculture biotech is a scientific method for improving microbes, animals, and plants. The approaches for boosting agricultural productivity have been created by scientists using knowledge of DNA. Agriculture biotechnology has the potential to significantly contribute to meeting the fast-rising food demand in emerging countries while protecting the environment for future generations. To improve a plant species' nutritional value, separate genes can even be injected into the genome. To activate certain genes during growth, scientists reversed the process. This suggests that by employing recombinant DNA technology, the nutritional content of many more food crops may be improved. This may be the remedy for malnutrition, given the anticipated increase in food demand. Other comparable instances are the greater protein content of soybeans or potatoes, which both have higher levels of amino acids and starch.These factors are anticipated to boost the agriculture biotech market size in the upcoming years.

The genes for antibiotic resistance are utilized to identify and track new desirable features when plants are bred with them. This method indicates that the gene transfer was effective. The introduction of these antibiotic-resistance genes in this method raises the possibility of the emergence of novel antibiotic-resistant bacteria that would be challenging to treat with current antibiotics. Due to this, the FDA now cautions food developers against utilizing this kind of gene, even if there is very little probability that it may end up in the DNA of bacteria. These factors are anticipated to hinder the agriculture biotech market in the upcoming years.

A large group of plant protection chemicals or compounds originating from living things is known as "biologics." They frequently serve as environmentally safe substitutes for chemical agrochemicals but can be damaging to the environment. Insect pheromones, for instance, provide naturally occurring, non-toxic, and transient chemicals that can act as crop protectants. Furthermore, because pheromone-based crop protection is species-specific, it has no impact on unintended pests that could be crucial to the ecosystem. These factors are anticipated to boost the agriculture biotech market growth in the upcoming years.

The global agriculture biotech market share is segmented based on type, technology, application, and region. By type, it is classified into hybrid seeds, transgenic crops, bio-pesticides, and bio-fertilizers. By technology, it is classified into genetic engineering, tissue culture, embryo rescue, somatic hybridization, molecular diagnostics, vaccine, and others. By application, it is classified into crop production, crop protection, chemical tolerance, disease resistance, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the agriculture biotech market analysis report include KWS SAAT SE & Co. KGaA, ChemChina, Bayer AG, Corteva, Nufarm, Limagrain, MITSUI & CO., LTD, Evogene Ltd., Valent BioSciences LLC., and Marrone Bio Innovations.

The agriculture biotech market forecast report offers a comprehensive analysis of the global agriculture biotech market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the agriculture biotech market.

Impact of Covid-19 on the Global Agriculture Biotech Industry

• The COVID-19 pandemic had a significant negative impact on global economic activity. Various measures, including social isolation, lockdowns, travel bans, etc., had been implemented globally to stop the virus's spread.
• The pandemic severely harmed trade operations, the world economy, and mobility.
• Supply chain disruptions caused by the COVID-19 pandemic are a major factor that will provide a significant obstacle to agriculture biotech market expansion.
• There is a food scarcity in many nations as a result of supply chain disruptions and income losses brought on by the pandemic. However, the demand for agricultural products didn’t decline, owing to increased food consumption.

Key Findings of the Study

• Based on type, the hybrid seeds sub-segment emerged as the global leader in 2021 and bio-fertilizers sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on technology, the genetic engineering sub-segment emerged as the global leader in 2021 and vaccine sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on application, the crop production sub-segment emerged as the global leader in 2021 as well as is predicted to show the fastest growth in the upcoming years.
• Based on region, the North America market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.