The global agricultural biotechnology market had a value of $39,565.6 million in 2020, and it is predicted to advance at a CAGR of 10.7% between 2021 and 2030. Furthermore, the market will generate a revenue of $106,870.0 million by 2030, as per the estimates of the market research company, P&S Intelligence. The market is being driven by the increasing requirement for new breeding techniques such as plant grafting, plant molecular breeding, genetic engineering, and genomic sciences.
This is due to the ballooning adoption of biotechnology for creating or modifying traits of organisms-including animals, microbes, and plants with respect to size, yield, or color. Additionally, the soaring demand for food items is propelling the expansion of the agricultural biotechnology market. As per the United Nations Department of Economic and Social Affairs, the total population across the world grew from 6.9 billion in 2010 to 7.7 billion in 2019.
Moreover, half of the world’s population growth between 2015 and 2050 is predicted to be concentrated in mainly ten countries such as China, Nigeria, India, Pakistan, the U.S., the Democratic Republic of the Congo, Ethiopia, Uganda, Indonesia, and Tanzania. The surge in the global population will push up the requirement for food products, which will, in turn, fuel the usage of advanced biotechnology tools in agricultural processes, thereby driving the expansion of the market.
Depending on technology, the agricultural biotechnology market is classified into deoxyribonucleic acid (DNA) sequencing, genome editing, synthetic biology, biochip, and ribonucleic acid interference (RNAi). Out of these, the genome editing category led the market in 2020, due to the large-scale usage of genome tools in farming processes and extensive genome research activities. Furthermore, when product is taken into consideration, the market is divided into crop protection products and transgenic seeds.
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Out of these, the crop protection products category is predicted to demonstrate the higher growth rate in the market in the coming years. This is credited to the rapid technological advancements being made in the domain of agricultural chemistry that have allowed farmers to focus heavily on effective pest management. The growing public awareness about biopesticides is fueling their adoption and also raising awareness about organic farming, which is, turn propelling the advancement of the category.
Globally, the agricultural biotechnology market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is attributed to the fact that the APAC region offers several opportunities for genetically modified (GM) crop production, due to the surging adoption of advanced farming practices for enhancing productivity. Moreover, the developing nations of APAC are prioritizing mechanization for raising the yield and productivity of farmlands. This is positively impacting the market expansion in this region.
Hence, it can be said with confidence that the market will register huge expansion in the coming years, primarily because of the ballooning requirement for food products and higher agricultural productivity, on account of the surging population all over the world.