As per the report, factors such as the rising demand for food owing to the rising global population and the expanding cultivation area of GM crops have propelled the market for agricultural biotechnology. In addition, the increasing demand for transgenic crops owing to the rising demand for food has also boosted the market. The increasing demand for biofuels owing to the dropping levels of conventional resources will further augment the market for agricultural biotechnology. The increasing regulatory support within Brazil and the U.S. has also driven the market for agricultural biotechnology. Furthermore, the rising activities of research and development within Africa and Asia Pacific have emerged as key growth opportunities for the development of the market. On the other hand, great opposition for GM crops within Europe may inhibit the growth of the market in the coming years.
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In terms of type of application, the market is segmented into transgenic crops, tools, and synthetic biology-enabled products. Amongst these, in 2012, transgenic crops held the largest share in the market. Transgenic crops led the market owing to the increasing food production demand and the depleting arable land globally. On the other hand, tools and synthetic biology-enabled products held a small share in the market in 2012.
Transgenic crops are further segmented into corn, cotton, soybean, and others including sugar beet, sugarcane, and canola. Soybean and corn are being highly demanded because of the increasing demand from the animal feed industry owing to the rising meat consumption globally. Amongst these, soybean is poised to be the most swiftly developing crop in the coming years. On the other hand, corn is utilized as a grain for the production of bioplastics, biofuels, and in many other industrial applications. Cotton is majorly utilized in Asia owing to the increasing demand from the textile industry.
In terms of geography, the agricultural biotechnology market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the region of North America held the largest share in the market owing to increasing acceptance by consumers and the rising cultivation of GM crops within this region. On the other hand, Asia Pacific is poised to grow exponentially in forthcoming years owing to the increasing demand for food as well as biobased products. In Europe, the market is predicted to grow moderately owing to the sluggish production of GM crops because of strong opposition and demand for strict regulations from consumers.
The prominent players operating in the market are DuPont, Monsanto, Syngenta, Dow AgroSciences, Vilmorin, Bayer CropScience, Certis USA, KWS SAAT AG, and Evogene Ltd, among others.
This report segments the global agricultural biotechnology market as follows:
Agricultural Biotechnology Market: Application Analysis
Synthetic biology-enabled products
Agricultural Biotechnology Market: Regional Analysis
Rest of the World