Agricultural Biotechnology Market Size to Grow by USD 27.00 bn | 42% of Market Growth to Originate from North America | Technavio – QNT Press Release

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NEW YORK, May 6, 2022 /PRNewswire/ — The agricultural biotechnology market has been categorized under the global agricultural biotechnology market as a part of the global agricultural and farm machinery market. The market size is expected to grow by USD 27.00 bn from 2021 to 2026. The growth momentum of the market will progress at a CAGR of 10.55% during the forecast period. The agricultural biotechnology market is segmented by application (transgenic seeds and crop protection biochemicals) and geography (North America, EuropeAPAC, South Americaand the Middle East and Africa).

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The agricultural biotechnology market covers the following areas:

Agricultural Biotechnology Market Sizing
Agricultural Biotechnology Market Forecast
Agricultural Biotechnology Market Analysis

Driver and Challenge

The increasing demand for higher crop yields due to the rise in the global population is driving the growth of the agricultural biotechnology market. According to the World Bank, the global population increased from 7.59 billion in 2018 to 7.67 billion in 2019, and it is expected to be 8.24 billion by 2022. This will result in a high demand for food. In addition, the percentage of total agricultural land has been declining owing to rapid urbanization. Thus, the high demand for food and high crop yields can be increased by biotechnological inputs of GM seeds and crop protection biochemicals.

The higher costs for the development of agricultural biotechnology products are challenging the growth of the global agricultural biotechnology market. As per the ERS of the USDA, the spending on agricultural research has declined in high-income countries. The drop between 2009 and 2013 was 6% for high-income countries such as the US , Australiaand Franceand this decline continues to date. The increase in costs may be passed on to the farmers from the manufacturers, which may hamper the adoption of agricultural biotechnology products in the forecast years.

Regional Analysis

North America will account for 42% of the market’s growth during the forecast period. Technological advances for better cultivation practices, increasing demand for agricultural equipment, and consumer preference for environmentally safe products will drive the agricultural biotechnology market growth in North America during the forecast period. Furthermore, as the market is less capital-intensive, many small and established vendors are trying to penetrate the market deeper to increase their market dominance. Market growth in this region will be faster than the growth of the market in South America and MEA. Moreover, the US is a key country for the agricultural biotechnology market in North America.

Companies Mentioned

• Bayer AG
• BASF SE
• Benson Hill Inc.
• Biological Products Industry Alliance
• China National Chemical Corp. Ltd.
• Corteva Inc.
• DuPont de Nemours Inc.
• Eurofins Scientific SE
• Evogene Ltd.
• Global Bio chem Technology Group Co. Ltd.
• Groupe Limagrain Holding
• KWS SAAT SE and Co. KGaA
• Marrone Bio Innovations Inc.
• Mitsui and Co. Ltd.
• Novozymes AS
• Nufarm Ltd.
• Performance Plants Inc.
• Sumitomo Chemical Co. Ltd.
• The Dow Chemical Co.
• Yield10 Bioscience Inc.

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