The agricultural biotechnology market is growing at a significant rate due to growing cultivation area of genetically modified crops and rising demand for bio fuels. Learn details of the Size, Share, Development, Growth and Demand Forecast to 2023
Increased research and development activities and regulatory support in Asia-Pacific and Africa are giving ample opportunities to the agricultural biotechnology market to grow at a significant rate in the coming years. North America dominates the agricultural biotechnology market due to greater focus on bio-services and higher adoption of biopharmaceuticals.
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Biotechnology has extensive opportunity in science based companies and research firms. Biotechnology is significantly useful in the area of medicine and healthcare.
The pharmaceutical industry is witnessing several biotechnologies related research and development activities. Bioinformatics and Pharmaco-genomics are interdisciplinary fields, which have stemmed from biotechnology, and considerable development has been made in the areas of drug delivery, personalized medicine and drug discovery.
Biotechnology ensures high crop yield, better crop quality and better nutritional value of crops in the area of agriculture.
Agricultural biotechnology is a collection of tools and scientific procedures used on living organisms and plants for improving agricultural crop productivity. Agricultural biotechnology is mainly used to modify the genome sequence of crops and the crops are termed as transgenic or genetically modified crops.
Agricultural biotechnology benefits producers and farmers by yielding more crop and high-quality food.
On the basis of biotechnology tools, the agricultural biotechnology market can be categorized as genome editing tools, synthetic biology, ribonucleic acid (RNA) interference, biochips, and deoxy ribonucleic acid (DNA) sequencing. The agricultural biotechnology market can also be categorized on the basis of genomic-enabled products, such as synthetic biology-enabled products and transgenic seeds.
Transgenic seeds include soybean, cotton, corn and others.
Some of the factors driving the growth of the agricultural biotechnology market are increasing demand for food and regulatory support in the U.S. and Brazil. Strong opposition for genetically modified (GM) crops in Europe is one of the major factors restraining the growth of the agricultural biotechnology market to some extent.
Some of the competitors in the agricultural biotechnology market are Syngenta AG, Performance Plants, Inc., Monsanto Company, DuPont Pioneer, Mycogen Seeds, Dow AgroSciences, LLC, Certis USA, LLC, Bayer CropScience AG, BASF SE, ADAMA Agricultural Solutions Ltd. Rubicon, KWS SAAT AG, Global Bio-chem Technology, Evogene Ltd, and Vilmorin.
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