From 7.7 billion in 2019, the global population will reach 11.2 billion by 2100, according to the United Nations (UN). This is to be a key factor in the growth of the global agricultural biotechnology market revenue from $39,565.6 million in 2020 to $106,870.0 million by 2030, at a 10.7% CAGR between 2021 and 2030. This will be due to the burgeoning demand for food, which has already been putting immense pressure on the agrarian community for centuries.
In addition, with the expansion of human settlements, the availability of farmlands is reducing, which is why farmers are under intense pressure to make the most of what they have. This is fueling the agricultural biotechnology market advance by leading to the rising adoption of enhanced technologies for crop cultivation. Moreover, the rising disposable income of people is allowing them to purchase genetically modified (GM) crops, which are expensive.
Key Findings of Global Agricultural Biotechnology Market
- Genome editing remains most-widely used technology
- Consumption of transgenic seeds higher than of crop protection products
- Adoption of biofuels key trend in industry
- APAC to offer lucrative growth opportunities to agricultural biotech companies
- Product launches and acquisitions strongest strategic measures
- Market growing with rising population and its surging disposable income
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The COVID-19 pandemic has significantly affected the agricultural biotechnology market due to the lockdowns and movement restrictions around the world. On account of the reduced demand for biofuel, its and its feedstock’s prices have dwindled. However, the demand for GM crops was not affected much, as the requirement for food for the 7.7 billion people on earth remained stable.
In the coming years, the genome editing category, under the technology segment, will continue to generate the highest agricultural biotechnology market revenue. With this technology, healthier crops, which stay unaffected by droughts and floods and are resistant to insects, can be produced. As a result, the genome editing technology is being extensively researched upon and adopted by the agrarian community.
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The fastest growth in the agricultural biotechnology market is predicted to be seen in Asia-Pacific (APAC) during this decade. Being the most-populated region, APAC is witnessing the adoption of modern techniques for the augmentation of the agricultural yield. Moreover, extensive research and development (R&D) has led to the rapid uptake of GM crops in the region, which are increasingly receiving approvals from regulatory authorities.
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The most-significant players in the global agricultural biotechnology market are Syngenta AG, Performance Plants Inc., DuPont de Nemours Inc., Certis USA LLC, BASF SE, Bayer AG, Vilmorin & Cie, ADAMA Agricultural Solutions Ltd., Evogene Ltd., KWS SAAT SE & Co. KGaA, Novozymes A/S, and Global Bio-Chem Technology Group Company Limited.
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