Wilmington, Delaware, United States, Jan. 19, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global agricultural biotechnology market is estimated to flourish at a CAGR of 9.5% from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for agricultural biotechnology is estimated to reach US$ 64.7 billion by the end of 2031. The incorporation of microbial solutions in agriculture, such as biofertilizers and biopesticides, gains prominence. These innovative biological agents enhance soil health, nutrient absorption, and pest resistance, contributing to sustainable farming practices.
The convergence of agricultural biotechnology with nutrigenomics unveils new possibilities. Tailoring crop traits to enhance nutritional content, taste, and health benefits introduces a fresh dimension to biotechnological interventions in food production. Research and development focus on developing crops resilient to climate change. Genetic modifications for heat tolerance, drought resistance, and adaptability to variable climatic conditions address the challenges posed by climate uncertainties in agriculture.
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The integration of big data analytics and artificial intelligence into agricultural biotechnology transforms farming into a data-driven enterprise. Predictive modeling, data-driven decision-making, and smart farming technologies optimize resource use and enhance overall farm efficiency. The synergy between agricultural biotechnology and vertical farming technologies emerges as a trend. Advanced indoor farming techniques, coupled with biotechnological advancements, redefine the possibilities of year-round crop cultivation, minimizing environmental impact and resource utilization.
Agricultural Biotechnology Market: Competitive Landscape
The agricultural biotechnology market is intensely competitive, driven by key players striving for innovation and market dominance. Companies like Monsanto (now part of Bayer), Syngenta (now owned by ChemChina), and DowDuPont (now Corteva Agriscience) lead with genetically modified seeds and advanced crop protection technologies.
Regional players, such as UPL Limited and Biocentury Transgene, contribute niche expertise. Collaborations, mergers, and acquisitions intensify competition, shaping the market’s evolution.
The industry’s focus on sustainable solutions, precision agriculture, and gene editing techniques adds complexity, with companies vying to address global food security challenges through biotechnological advancements in agriculture. Some prominent manufacturers are as follows:
- Bayer CropScience
- Corteva Agriscience
- DuPont Pioneer Hi-Bred
- Dow AgroSciences
- Evogene Ltd
- KWS SAAT AG
- Certis USA
- Mycogen Seeds
- ADAMA Agricultural Solutions Ltd
- Global Bio-chem Technology
- Performance Plants Inc.
- Evogene, a pioneering biotechnology company, excels in computational biology to enhance crop productivity. With innovative solutions for plant traits, Evogene transforms agriculture by developing crops with improved yield, resistance, and sustainability.
- KWS SAAT AG, a global leader in seed breeding, provides cutting-edge solutions for sustainable agriculture. Specializing in cereals, corn, and sugar beets, KWS delivers high-performance seeds that optimize yields and address the evolving challenges of modern farming.
- Certis USA, a leading biopesticide company, focuses on sustainable crop protection. Specializing in biological solutions, Certis USA offers innovative products that promote environmentally friendly pest management, ensuring effective and responsible solutions for agriculture.
Key Findings of the Market Report
- Transgenic crops lead the agricultural biotechnology market, driving innovation in crop traits, pest resistance, and enhanced agricultural productivity globally.
- North America leads the agricultural biotechnology market with extensive adoption of genetically modified crops and advanced biotechnological tools.
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Agricultural Biotechnology Market Growth Drivers & Trends
- Rising demand for GM crops, offering enhanced yield and resistance, fuels market growth, addressing global food security challenges.
- Increasing adoption of precision farming technologies optimizes resource use, influencing the agricultural biotechnology market positively.
- Advancements in gene editing techniques, especially CRISPR-Cas9, drive innovation, allowing precise modifications in crop genetics for improved traits.
- Growing emphasis on sustainability propels the adoption of biotechnological solutions, addressing environmental concerns and promoting eco-friendly agricultural practices.
- Increasing acceptance of agricultural biotechnology in emerging markets, such as Asia Pacific and Latin America, contributes to market expansion, driven by evolving farming practices and food demands.
Global Agricultural Biotechnology Market: Regional Profile
- In North America, dominated by the United States, extensive adoption of genetically modified (GM) crops and advanced biotechnological tools defines the landscape. Key players like Monsanto (now Bayer) and DowDuPont (now Corteva Agriscience) drive innovation, contributing to higher yields and pest resistance.
- In Europe, cautious regulatory attitudes shape the market. While countries like Spain adopt biotechnological advancements, others exercise restraint. Syngenta, with a strong presence, navigates regional complexities, emphasizing sustainable practices and contributing to precision farming.
- The Asia Pacific emerges as a dynamic market, with China and India embracing agricultural biotechnology for improved crop traits. Local players, such as UPL Limited, play pivotal roles, contributing to the region’s food security and sustainability goals through biotechnological interventions.
Agricultural Biotechnology Market: Key Segments
- Transgenic Crops
- Synthetic Biology-enabled Products
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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