As per Inkwood Research, the Global Agricultural Biotechnology Market is projected to progress at a CAGR of 8.05% in terms of revenue over the forecasting period of 2024-2032.
Agricultural biotechnology involves the application of scientific techniques, particularly genetic engineering and molecular biology, to enhance agricultural productivity, sustainability, and food security. It encompasses the development and utilization of genetically modified organisms (GMOs), including crops and livestock, with desirable traits such as improved yield, resistance to pests and diseases, and tolerance to environmental stresses like drought and salinity.
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Expansion of Biotech Crop Cultivation to Propel Global Market Growth
The expansion of biotech crop cultivation is poised to propel significant growth in the global market, driven by the increasing adoption of genetically modified (GM) crops to address challenges in agriculture, such as food security, climate change, and sustainable farming practices. Biotech crops offer various benefits, including enhanced yields, improved resistance to pests and diseases, and reduced dependency on chemical pesticides and fertilizers.
Biotech Seeds Dominated the Product Type Category in 2023
Biotech seeds are meticulously engineered to showcase characteristics that enhance crop performance, including traits like resistance to insects, herbicides, diseases, and drought, as well as increased nutritional content. They serve a wide array of crops, spanning from vital staples such as corn, cotton, soybeans, and canola, to specialized varieties like papaya, squash, and certain fruits.
North America: Highest Revenue Share by 2032
The United States leads the agricultural biotechnology market in North America, driven by growing demands for improved crop yields and quality, as well as the continual development of new biotech tools.
Additionally, North America plays a pivotal role in the production of genetically modified (GM) or genetically engineered (GE) crops, such as soybeans, maize, cotton, and canola, which are engineered to exhibit traits like insect resistance, herbicide tolerance, and drought tolerance. As a result, the market is projected to sustain its upward trajectory, propelled by increasing food demands and ongoing innovations in biotechnology.
Key companies operating in the global market include AgBiome Inc, AgReliant Genetics LLC, Agrisoma, BASF SE, etc.
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