Agricultural Biotechnology Market Driven by Rapidly Growing Chemical Industry, Growth Factors and Forecast 2019

According to a new market study published by Transparency Market Research (TMR), titled “Agricultural Biotechnology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, the global agricultural biotechnology market was worth US$15,300 million in 2012 and is expected to be worth US$28,694.1 million by 2019, expanding at a 9.5% CAGR from 2013 to 2019.

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Growing population worldwide has led to demand for genetically modified (GM)crops for high yield, which is one of the primary drivers for the growth of the agricultural biotechnology market. Increasing demand for biofuels due to depleting reserves of conventional fuels is further boosting the agricultural biotechnology market.However, strong reservations against GM crops in Europe will hamper growth for the market. Moreover, patent protection in place in the industry will inhibit growth of the market. A large number of research undertakings in Asia Pacific and Africa will offer growth avenues for players in the market.

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GM crops or transgenic crops accounted as the largest application segment of the agricultural biotechnology market. Rising demand for higher crop yield, combined with diminishing amounts of arable land, will drive the transgenic application segment of the market. The transgenic application segment of the agricultural biotechnology market will expand at a 9.6% CAGR from 2013 to 2019. Owing to its multitude of offerings such as higher yield, resistance to pests, longer shelf life, and high nutritional value, transgenic crops are widely accepted both in developed and developing countries.Synthetic biology-enabled tools and products held a smaller share of the global agricultural biotechnology market in 2012.Corn and soybean are extensively consumed GM crops. Increasing demand for animal feed to meet the increasing demand for meat will accentuate the market for the crops and hence drive growth of the agricultural biotechnology market.Soybean is expected to exhibit the fastest growth among other GM crops in coming years. Apart from its consumption as food grain, corn has industrial applications in the production of bioplastics and biofuels, and thus contributes significantly to the market.

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The textile industry in Asia Pacific accounts for a major share in demand for cotton. Other GM crops such as sugar beet, sugar cane, and canola accounted for almost 10% of the overall market in 2012.North America has faster adoption of technological advancements. Due to higher cultivation of GM crops and adoption of these crops by consumers, North America dominates the global agricultural biotechnology market. North America held 32.5% of the overall market in 2012. Europe accounts for substantial consumption of GM crops for animal feed, which is imported from the U.S. and Brazil. However, due to strict government regulations and non-acceptance of GM crops by consumers, the region does not feature high among GM crop producers and hence does not contribute directly to the agricultural biotechnology market.

Asia Pacific is expected to reach US$7810.5 million by 2019. Increasing demand for high crop yield for food production combined with rapid industrialization will propel growth of the agricultural biotechnology market in the region.

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This release was published on openPR.