Insights on the Agricultural Biotechnology Global Market to 2029 - Rising Demand for Novel Breeding Methods is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Agricultural Biotechnology Market Analysis by Application, by Organism Type, and by Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global agricultural biotechnology market size is estimated to be USD 109.8 million in 2021 and is expected to witness a CAGR of 9.95% during the forecast period.

Rising demand for novel breeding methods is a key driver for the growth of the global agricultural biotechnology market. Additionally, the rising penetration of biotechnology methods for modification and creation of traits such as yield, color, or size among living beings encompassing animals, plants, and microbes is significantly impacting the growth of agricultural biotechnology.

Factors such as an increase in the prevalence of transmittable diseases, cross-infection cases, and growing demand for advanced breeding monitoring systems are some of the other drivers propelling the market growth. However, health concerns associated with GM food and the time-consuming development process are expected to restrain the global market growth

By Application

Based on application, the market is segmented into vaccine development, transgenic crops & animals, antibiotic development, nutritional supplements, flower culturing, and biofuels. In 2021, the transgenic crops & animals segment accounted for the largest revenue share and is expected to grow with at a lucrative CAGR during the forecast period. This can be attributed to technological advancement in crop and livestock improvement worldwide. The vaccine segment is projected to grow at the fastest CAGR during the forecast period. This can be attributed to increase in infection and cross-contamination cases in large livestock.

By Organism Type

Based on organism type, the market is categorized into animals, plants, and microbes. In 2021, the plants segment accounted for the largest revenue share due to the increasing prevalence of infectious diseases worldwide. Although the animal segment is anticipated to grow at the fastest CAGR during the forecast period, all three segments are further subdivided as per techniques, namely, established genetic modification, conventional techniques, and new breeding techniques.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This can be attributed to the broad range of favorable agricultural climatic zones coupled with huge plantations of GM crops.

Together, the U.S. and Canada represent approximately 50% of the GM area and 10% planted area, globally thereby dominating the agricultural biotechnology market growth. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to rising awareness for modern agricultural techniques, 40% global crop plantation area, and growing focus of biotechnology companies in this region. Countries such as India, Australia, and China hold profitable future growth due to raise in demand for GM crops and rise in their R&D investments.

Competitor Insights

Some of the key players in the agricultural biotechnology market are Syngenta Group (China); Performance Plants Inc., (Canada); Marrone Bio Innovations (U.S.); Nufarm (Australia); Valent BioSciences LLC (U.S.); Bayer AG (Germany); Compugen Ltd. (Israel); Mitsui Group (Japan); Limagrain (France) and Corteva, Inc. (U.S.). The leading players operating in the agricultural biotechnology industry are adopting various strategies including R&D investments, adaption of advanced techniques, and regional expansions to capture a maximum revenue share.

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