Globally increasing transgenic crops demand owing to rising food demand is expected to be the key driver for agricultural biotechnology market over the next seven years. Transgenic crop has emerged as the dominant application segment and is expected to remain leading segment owing to increasing food demand coupled with arable land unavailability.
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These crops are formed from transgenic seeds, when biotechnology is applied on agricultural products through genetic modification. They contain genes which are inserted into crop artificially rather than the plant acquiring naturally through pollination.
The genes sequence called transgene is not necessarily from the same plant in which genes is inserted. Transgene may be from another irrelevant plant or even from completely different specie.
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In this technique, all crops are genetically modified from their original condition through domestication, selection and controlled breeding. This process offers more crop varieties to consumers than cross pollination or any natural process can offer.
They provide higher & improved yield, resistance to pests, longer shelf life and high nutritional value owing to which food grains demand supply gap is reduced. This is expected to positively influence market growth over the forecast period.
Transgenic crops improve agricultural productivity and benefit producers, consumers and farmers in terms of increased yield and improved crop quality. Population expansion and increasing agricultural needs is projected to complement demand over the next seven years.
Growing bio-fuel demand due to exhausting conventional resources is further anticipated to drive market growth. Increasing animal feed demand due to increasing meat consumption coupled with changing food habits is anticipated to remain a key driver for market growth over the forecast period.
Major genetically modified crops consumed globally are soybean and corn. Soybean is expected to remain dominant genetically modified crop owing to health benefit properties.
Apart from direct consumption, corn is used in industrial applications such as bio-fuel and bio plastic production. Agricultural biotechnology market is expected to witness significant growth over the forecast period owing to increasing genetically modified crops demand.
Other genetically modified crops include alfalfa, sugar beet, rapeseed and potato. Europe consumes considerable genetically modified crops for animal feed imported from U.S.
and Brazil. There is no domestic genetically modified crops production in Europe owing to stringent governmental regulations and consumers opposition.
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