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Agricultural Biotechnology Market Insights, Share, Growth Drivers and Forecast by 2023

Agricultural Biotechnology Market

The agricultural biotechnology market size is projected to cross $55.5 million by 2023, growing at a CAGR of 10.1% during 2017-2023. The market is growing mainly due to the increasing demand of agricultural biotechnology products include; the growing population size, rising per capita income, growing demand for biofuel, thriving demand for transgenic crops and regulatory support in the U.S. and Brazil.

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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.

The Latin American market for agricultural biotechnology was valued at $10.1 billion and is expected to cross $21.9 billion by 2023, growing at a CAGR of 11.7% between 2017-2023. Brazil and Argentina are the major contributors in the agricultural biotechnology market in Latin American, characterized by the increasing production of transgenic products such as soybean and corn in these countries. Also, the rising adoption and production of transgenic crops is highly characterized by the growing support of government organizations in collaborating with private firms for the development of genetically modified crops.

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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.

Source: P&S Intelligence

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