Press release
Agricultural Biotechnology Market Emerging Trends 2031 | Monsanto, Syngenta, Bayer CropScience
The global agricultural biotechnology market was valued at US$ 28.6 Bn in 2021
It is estimated to grow at a CAGR of 9.5% from 2022 to 2031
The global agricultural biotechnology market is expected to reach value of US$ 64.7 Bn by the end of 2031
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Analysts' Viewpoint on Global Agricultural Biotechnology Market Scenario
The agricultural biotechnology market is projected to be driven due to the prominent application of agricultural biotechnology in transgenic crops. Developments in agricultural biotechnology are estimated to enhance the nutritional content of various crops in an effort to cater to the needs of an increasing population. Biotechnology leads to a significant increase in crop production with better disease control and tolerance to drought & flooding. This also helps farmers to lower losses.
The conversion of biomass to biofuel is one of the prominent applications of agricultural biotechnology. Companies such as Australian Renewable Fuels Limited, Cosan, Coakata Inc., etc., are investing heavily in R&D in order to develop more efficient conversion process, as biofuels are widely being used in automobiles and other industrial applications. This is also estimated to offer significant opportunities to manufacturers during the forecast period.
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Overview of Global Agricultural Biotechnology Market
Agricultural biotechnology refers to a set of scientific methods for improving plants, animals, and microbes. Scientists have devised strategies to boost agricultural output based on their understanding of DNA. Starting with the ability to recognize genes that may offer advantages to specific crops and the ability to work with such characteristics. Crop biotechnology improves the ability of breeders to improve crops and livestock. Biotechnology allows for advancements that would be impossible to achieve through traditional cross-species breeding.
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Biotechnology is extensively utilized in agriculture to improve plant growth and yields, increase resistance to pests and diseases, and enhance nutritional content. In fact, it is estimated that up to 80% of all processed foods, presently, contain ingredients derived from biotechnology. Instances of application of biotechnology in agriculture are widespread, from genetically engineered crops (biotech crops) to the Sterile Insect Technique (SIT) for insect control on fruit trees and grapevines.
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