(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Agricultural Biotechnology Market by Type (Molecular Diagnostics, Molecular Markers, Tissue Culture, Vaccines, Genetic Engineering, and Others) and by Application (Transgenic Crops, Synthetic Biology-Enables Products, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global agricultural biotechnology marketwas approximately USD 32.89 billion in 2018 and is expected to generate around USD 67.01 billion by 2025, at a CAGR of around 10.7% between 2019 and 2025.
Agricultural biotechnology is a branch of agriculture in which scientific techniques and tools that are used to modify plants for better yield. Agricultural biotechnology is also known as agritech, where plant DNAs are generally modified using different techniques. The use of agricultural biotechnology benefits the farmers as well as for the environment. Some factors fuelling the growth of the agricultural biotechnology market are growing population size, rising demand for biofuels, supportive regulations by the government of various countries, increasing demand for transgenic plants, rapidly changing environmental conditions that drive the demand for transgenic crops, and escalating per capita income. However, growing concerns about the genetically modified plants may limit this global market.
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The agricultural biotechnology market is divided based on type and application. Based on type, the agricultural biotechnology market includes molecular diagnostics, tissue culture, molecular markers, genetic engineering, vaccines, and others. Molecular diagnostics is anticipated to show the highest growth rate in the years ahead, owing to the increasing awareness about molecular diagnostics techniques for the development of biotechnologically developed plants and crops and rapid technological advancements witnessed in the molecular diagnostic techniques.
The application segment of the agricultural biotechnology market is fragmented into synthetic biology-enabled products, transgenic crops, and others. Transgenic crops segment is further divided into corn, soybean, cotton, and others. Transgenic crops are anticipated to dominate the global market, owing to the growing demand for genetically modified plants and transgenic plants due to its characteristics to survive in extreme conditions, and increasing use of transgenic plants in both developed as well as developing countries. Soybean and corn are the most consumed crops worldwide, which is boosting the global demand for their transgenic plants. Transgenic crops can also be grown in extreme climatic conditions, such as drought, which also is further supporting the transgenic crops segmented growth.
North America is projected to dominate the global agricultural biotechnology market in the future, owing to an early introduction of highly developed techniques, availability of a highly skilled workforce, and the presence of advanced research infrastructure. The Asia Pacific region is anticipated to be the most lucrative agricultural biotechnology market in the upcoming years, owing to the rising investments and funding by government, presence of a large population in India and China, and the introduction of recent technologies in developing countries.
Some major players operating in the global agricultural biotechnology market are Monsanto, Vilmorin, Bayer CropScience, Syngenta, Certis, DuPont Pioneer Hi-Bred, Evogene, KWS SAAT, Dow AgroSciences, and Mycogen Seeds.
This report segments the global agricultural biotechnology market into:
Global Agricultural Biotechnology Market: Type Analysis
- Molecular Diagnostics
- Molecular Markers
- Tissue Culture
- Vaccines
- Genetic Engineering
- Others
Global Agricultural Biotechnology Market: Application Analysis
- Transgenic Crops
- Corn
- Soybean
- Cotton
- Others
Synthetic Biology-Enabled Products Others Global Agricultural Biotechnology Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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