Agricultural Biotechnology Market is projected to reach a value of US$ 181.02 Billion by 2030

According to the report published by Virtue Market Research, the Global Agricultural Biotechnology Market was valued at US$ 87.2 Billion in 2022 and is projected to reach a market capitalization of US$ 181.02 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 9.56%. The increasing global population and the resultant demand for food, along with the declining productive land and the need for more efficient and sustainable agricultural practices, are major drivers for the growth of the Agricultural Biotechnology Market. Furthermore, advancements in genetic engineering technologies, increased adoption of biotech crops by farmers, and rising demand for biofuels and bio-based materials are anticipated to further drive the growth of the market.

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The Agricultural Biotechnology Market is likely to witness significant growth over the coming years. One of the major drivers for this growth is the increasing demand for food due to the increasing global population. Agricultural biotechnology offers various welfare such as accretionary crop yield, amending crop quality, and improving resistance to pests & diseases, which help meet this demand. Another important driver is the increasing use of genetically modified crops, which can provide better nutrition, longer shelf life, and increased resistance to environmental factors. Additionally, the demand for sustainable agriculture practices is also driving the growth of the agricultural biotechnology market, as it enables farmers to adopt sustainable and eco-friendly farming methods. The development of advanced technologies such as genome editing and gene silencing is predicted to create new opportunities for the market in the near future. Overall, the agricultural biotechnology market is estimated to experience robust growth due to the increasing demand for food, sustainable agricultural practices, and advanced technologies. Moreover, the COVID-19 pandemic has had both positive and negative impacts on the Agricultural Biotechnology market. On one hand, the pandemic has ensued in increased demand for agricultural products due to panic buying and stockpiling, which has raised the market. On the other hand, the pandemic has cut off supply chains, causing delays in the production and distribution of biotech products. This has led to reduced sales and revenue in some areas. In addition, the pandemic has also led to a decrease in funding and investment in the business due to economic uncertainty. However, the increasing focus on food security and sustainability has led to a revived interest in agricultural biotechnology as a means of improving crop yields and reducing environmental impact, which is anticipated to drive the market in the long term.

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Segmentation Analysis:
The global Agricultural Biotechnology Market segmentation includes:

By Application:
• Vaccine Development
• Transgenic Crops & Animals
• Antibiotic Development
• Nutritional Supplements
• Flower Culturing
• Biofuels

The agricultural biotechnology market can be segmented based on different applications, including vaccine development, transgenic crops and animals, antibiotic development, nutritional supplements, flower culturing, and biofuels. The vaccine development segment is likely to witness momentous growth during the forecast period, owing to the rising demand for vaccines for various animal diseases. The transgenic crops and animals segment is anticipated to hold the largest market share in the coming years, as genetically modified crops and animals are becoming increasingly popular among farmers and consumers. Antibiotic development is another crucial segment in the agricultural biotechnology market, driven by the need to combat antibiotic resistance. The nutritional supplements segment is also estimated to witness substantial growth, driven by the increasing demand for fortified food products. Flower culturing is also a significant segment of the market, driven by the demand for high-quality and genetically modified flowers.

By Organism:
• Plants
• Animals
• Microbes

The agricultural biotechnology market can also be segmented based on the types of organisms involved, including plants, animals, and microbes. Plant biotechnology is currently the largest segment of the market, driven by the increasing demand for high-yielding and disease-resistant crops. Genetically modified (GM) crops have been developed to be more resistant to pests and herbicides and to have a longer shelf life. Animal biotechnology is likely to watch significant growth due to the increasing demand for animal merchandise, such as meat and dairy, and the need to better the efficiency of livestock production. Microbial biotechnology is also an important segment, used for the development of new antibiotics, vaccines, and industrial enzymes. The growth in demand for sustainable and eco-friendly commodities is controlling the growth of the microbial biotechnology segment, especially in the field of biofuels and wastewater aid.

Regional Analysis:

The agricultural biotechnology market is analyzed across major regions, including North America, Europe, Asia Pacific, Latin America, & the Middle East &Africa. North America dominated the market in 2022 due to the gaining demand for food & the adoption of advanced farming technologies. The United States is the largest market for agricultural biotechnology in the region. Europe is anticipated to witness important development due to the increasing demand for genetically modified crops and sustainable agriculture practices. The Asia Pacific region is anticipated to grow at the highest rate due to the growing population, the adoption of advanced biotechnology solutions in agriculture, and increasing government initiatives. The Middle East and Africa and Latin America are also projected to witness significant growth in the agricultural biotechnology market due to increasing investments in biotechnology and a growing need for high-quality agricultural products.

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Latest Industry Developments:

• In March 2020, Bayer AG, a Germany-based multinational company, informed that it was investing about $5.6 billion in agricultural biotechnology in about a decade. The investment is aimed at creating new technologies to aid farmers encountering the increasing demand for food while reducing their environmental impact. This move is bound to expand the current product portfolio of the company while creating new opportunities for the future.

• In December 2021, Corteva Agriscience announced the launch of a new platform that uses biotechnology to accelerate the breeding of new crops. The platform uses a combination of genomics, data analytics, & machine learning to help plant breeders identify the most promising genetic traits for crop improvement, which could lead to more sustainable and productive agriculture.

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This release was published on openPR.