Agricultural Biotechnology Market Analysis, Size, Growth and Forecast to 2023
Agricultural biotechnology market size is projected to cross $55.5 million by 2023, growing at a CAGR of 10.1% during 2017-2023.
The global agricultural biotechnology market in terms of product is bifurcated into transgenic seeds and crop protection products. Transgenic seeds accounted for the larger market share of 79.5% during the forecast period, attributed to their increasing adoption of these to prevent the impact of adverse climatic conditions such as droughts in the region. Also, rising global population is putting pressure on farmlands to produce more food, especially in developing countries such as India, China and given that the area under cultivation cannot be increased beyond a certain limit, the only way to increase production is through yield improvements, thus increasing the demand for transgenic seeds.
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It has been observed that over the last decade biofuels have become a promising solution in solving environmental, and economic challenges associated with petroleum dependency and provide energy security. This increase in demand for fossil fuels is because it provides fuel security and produces less pollution, as compared to other conventional fossil fuels such as petroleum, coal and gas. Developed countries in the Europe and North America are beginning to see declines in liquid fuels consumption from the road transportation sector, due to increased vehicle fuel efficiency and growing interest in alternative fuel vehicles. For instance, according to the United States Department of Agriculture (USDA), EU-27 has a minimum target of 5.75% biofuel in 2010 and aims to increase it to 10.0%, by 2020. Also, the U.S. passed a Renewable Fuel Standard (RFS) in 2007 of 12 billion gallons of ethanol and 650 million gallons of biodiesel in 2010. The requirement for renewable fuel increases every year and it is expected to reach 36 billion gallons in 2022, further supporting the demand for agricultural biotechnology products and driving the growth of the agricultural biotechnology market.
Some of the key players operating in the agricultural biotechnology market include Syngenta AG, Performance Plants Inc., Monsanto Company, Certis USA LLC, BASF SE, Vilmorin & Cie, Evogene Ltd., ADAMA Agricultural Solutions Ltd., KWS SAAT SE, DowDuPont Inc., and Global Bio-chem Technology Group Company Limited.
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