PUBLISHER: The Business Research Company | PRODUCT CODE: 1464029
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464029
Agricultural biotechnology involves employing scientific methods to modify living organisms, encompassing plants, to enhance agricultural processes and yield food, fiber, and fuel. Its aim is to improve agricultural productivity, sustainability, and resilience.
The primary categories of organisms in agricultural biotechnology include plants, animals, and microbes. Plants are eukaryotic organisms belonging to the kingdom Plantae, primarily photosynthetic, deriving energy from sunlight. Technologies within agricultural biotechnology comprise genetic engineering, tissue culture, embryo rescue, somatic hybridization, molecular diagnostics, vaccines, among others, employed across various applications such as vaccine development, transgenic crops and animals, antibiotic development, nutritional supplements, flower culturing, and biofuels.
The agricultural biotechnology market research report is one of a series of new reports from The Business Research Company that provides agricultural biotechnology market statistics, including agricultural biotechnology industry global market size, regional shares, competitors with an agricultural biotechnology market share, detailed agricultural biotechnology market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural biotechnology industry. This agricultural biotechnology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agricultural biotechnology market size has grown rapidly in recent years. It will grow from $55.24 billion in 2023 to $60.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.30%. The growth observed in the historical period can be attributed to several factors, including the rising global population and subsequent increase in food demand, the development of crops with enhanced resistance to pests and diseases, improvements in crop characteristics, advancements in genetic engineering techniques, growing environmental concerns, and the promotion of sustainable agriculture practices.
The agricultural biotechnology market size is expected to see rapid growth in the next few years. It will grow to $89.52 billion in 2028 at a compound annual growth rate (CAGR) of 10.10%. The projected growth in the forecast period can be attributed to several key factors, including an increasing emphasis on precision agriculture techniques, efforts to adapt to climate change, growing consumer demand for sustainable agricultural practices, shifts in global trade dynamics, and the expansion of emerging markets and developing economies. Significant trends anticipated during this period include heightened collaboration and partnerships within the industry, ongoing technological innovations, a focus on biosecurity and pandemic preparedness, the dominance of gene editing technologies, and the integration of digital agriculture solutions.
The escalating demand for food is anticipated to serve as a significant driver for the growth of the agricultural biotechnology market in the coming years. This heightened demand, influenced by factors such as population expansion, urbanization, and evolving dietary preferences, underscores the imperative for agricultural biotechnology to augment crop productivity, enhance crop quality, and fortify resilience against environmental stressors. A tangible manifestation of this trend is evident in reports published by the U.S. Bureau of Labor Statistics, which reveal a substantial 12.7% surge in average household spending on food from 2021 to 2022. This surge is fueled notably by a 20.1% uptick in expenditures on meals consumed outside the home and an 8.4% increase in spending on food consumed within households. Consequently, the heightened food demand emerges as a pivotal catalyst propelling the expansion of the agricultural biotechnology market.
Prominent entities within the agricultural biotechnology landscape are directing their focus towards pioneering biotechnological solutions, particularly pipelines integrating diverse solutions, to accelerate the transformation of agricultural practices and address prevailing challenges stemming from local and crop-specific climatic conditions. This integrated approach encompasses a spectrum of offerings ranging from crop protection and seed technologies to innovative tools and methodologies aimed at optimizing farming methodologies, bolstering productivity, and enhancing sustainability. For instance, in March 2023, BASF SE, a renowned Germany-based chemical company, unveiled an innovation pipeline comprising integrated solutions tailored to expedite the evolution of agriculture. This comprehensive solution suite equips farmers with the requisite tools to navigate local pest pressures, climatic variability, evolving regulatory landscapes, and evolving consumer preferences. Furthermore, it facilitates the optimization of input utilization, waste reduction, and yield enhancement, thereby fostering emission mitigation and bolstering climate resilience, biodiversity conservation, and precision agricultural practices.
In November 2022, Bayer AG, a healthcare and agriculture company headquartered in Germany, finalized the acquisition of Targenomix GmbH for an undisclosed sum. This strategic acquisition is geared towards expediting the identification and advancement of molecules capable of improving resistance to weeds, diseases, and insects, aligning with Bayer's dedication to sustainable development and innovation in agriculture. Targenomix GmbH, based in Germany, specializes in research and offers agricultural biotechnology products and services aimed at enhancing crop protection and plant health.
Major companies operating in the agricultural biotechnology market report are BASF SE, Dow AgroSciencesInc., Bayer AG, Syngenta AG, Monsanto Company, DuPont de Nemours Inc., Novozymes A/S, Certis USA, Vilmorin & Cie SA, KWS SAAT SE, Indigo Agriculture Inc., Bioceres Crop Solutions Corp., Ginkgo Bioworks Holdings Inc., AgBiome Inc., Pairwise Plants Services Inc., Marrone Bio Innovations Inc., Agrivida Inc., Intrexon Corporation, Phytelligence Inc., Cibus Global Ltd., Arcadia Biosciences Inc., ZeaKal Inc., NewLeaf Symbiotics Inc., Evogene Ltd., GreenLight Biosciences Inc.
North America was the largest region in the agricultural biotechnology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agricultural biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the agricultural biotechnology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The agricultural biotechnology market includes revenues earned by entities by providing services such as crop trait development, trait stacking, biological solutions, seed production, and contract research and development. The market value includes the value of related goods sold by the service provider or included within the service offering. The agricultural biotechnology market consists of sales of genetically modified (GM) seeds, biopesticides, and bioprocessing tools. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
Agricultural Biotechnology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agricultural biotechnology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agricultural biotechnology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agricultural biotechnology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.