Agriculture Biotech Market Size Growth Of $214.6 Billion by 2031 | ChemChina, Bayer AG, Corteva, Etc

The future of the agriculture biotech industry holds great potential owing to innovative and technological breakthroughs. For instance, promising technologies such as marker-assisted breeding, gene editing & CRISPR, biosensors, and GMO-free RNA interference are leading innovations in this sector. The marker-assisted breeding technology can expedite and support plant-breeding programs. This technology uses bioinformatics and genome sequencing to identify the markers. Similarly, the use of biosensors in agriculture is quite popular that can be used for monitoring the metabolic processes in plants and detecting plant diseases. 3D bioprinting and biologicals are other emerging technologies that can boost the agriculture biotech market growth in the upcoming years, contributing to the agriculture biotech market growth in the upcoming years.

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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.

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.

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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.

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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.

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