Agricultural Biotechnology Market to Attain a Value of $55.5 billion by 2023: P&S Market Research

NEW YORK, Dec. 08, 2017 -- Agricultural biotechnology market is forecasted to attain a value of $55.5 billion by 2023, growing at a CAGR of 10.1% during 2017-2023. The key factors leading to the increasing demand of agricultural biotechnology products include; the growing population size, rising per capita income, growing demand for biofuel, thriving demand for transgenic crops and regulatory support in the U.S. and Brazil.

Based on technology, the agricultural biotechnology market has been bifurcated into genome editing tools, deoxy ribonucleic acid (DNA) sequencing, ribonucleic acid interference (RNAi), synthetic biology, and biochips. Genome editing tools occupied the largest share in the global market in 2016, mainly attributable to the to increasing genome research and rising application of genomic tools in agricultural research. The vendors in this market broadly offer two types of agricultural biotechnology based products classified as, transgenic seeds and crop protection products. 

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Transgenic seeds are further categorized as soybean, maize, cotton, fruits and vegetables and others. The market for transgenic soybean seeds occupied the largest share, standing at 40.1% in 2016. This leading position of the category is attributed to the rising demand for export and import of transgenic soybean across the world. The product type is also expected to witness fastest growth in demand, and is expected to register CAGR of 10.5% during the forecast period.

Asia-Pacific agricultural biotechnology market has been experiencing significant growth due to the increasing adoption of modern farming techniques to enhance the productivity and efficacy of farming operations in the region. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), there are variety of new traits and crops that are currently being developed under the pipeline. These crops include staple crops such as Golden rice, that is enhanced with beta-carotene which are increasingly tested in countries such as Philippines and Bangladesh, Biotech wheat which are pest resistant and draught tolerant grains, being tested in Australia, and insect resistant biotech mustard, that are being tested in India.

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In March 2017, DuPont Inc., entered into a definitive agreement with FMC Corporation to divest a portion of DuPont’s Crop Protection business, including certain research and development capabilities, and to acquire substantially all of FMC’s Health & Nutrition business. This acquisition of the FMC’s Health & Nutrition business was intended to benefit from the combined, complementary strengths of DuPont and Dow, which included greatly expanded offerings and a robust pipeline across seed germplasm, biotech traits, and crop protection to provide greater choice and innovation to growers around the world, and hence, supported the growth of the agricultural biotechnology market.

Some of the other key players operating in the agricultural biotechnology industry include Syngenta AG, Performance Plants Inc., Monsanto Company, Bayer AG, BASF SE, Vilmorin & Cie, Evogene Ltd., ADAMA Agricultural Solutions Ltd., KWS SAAT SE, and Global Bio-chem Technology Group Company Limited.

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