Global Agricultural Biotechnology Market: Snapshot
The global agricultural biotechnology market is predicted to highly benefit from the application of improving agricultural productivity. Genetically modified or transgenic crops could be among the top end users of agricultural biotechnology. With regard to high crop quality and yield, agricultural biotechnology could advantage consumers and also producers and farmers. The market could exhibit a strong growth in the foreseeable future with the rising demand for biofuels on account of exhausting traditional resources.
The global agricultural biotechnology market is prophesied to reach a revenue valuation of US$28.6 bn by the end of 2019.
Transgenic Crops Collect Heavy Demand from Increasing Food Production and Decreasing Arable Lands
In the latest past, transgenic crops had accounted for a larger share in the world agricultural biotechnology market on the basis of application. The demand for this application could garner a telling growth on the back of the surging need for increased food production and declining size of arable lands. In comparison with traditional seeds, transgenic seeds could provide an enhanced crop productivity. The development of transgenic crops via transgenic seeds is anticipated to be owing to the rising application of biotechnology on agricultural offerings with the help of genetic engineering or modification.
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As a result, there could be a decline in the supply-demand gap of food grains with the benefits of greater nutritional value, resistance to pests, extended shelf life, and increased yield. A majority of the share for agricultural biotechnology could be grabbed by transgenic crops in future with their wide adoption in not only developed but also developing markets. Synthetic biology-enabled products and tools, on the other hand, are foreseen to be on the slower side of growth, considering their smaller shares in the past.
On a global platform, corn and soybean are prognosticated to be among the most broadly consumed transgenic crops. These crops could obtain market share while riding on the elevating demand for animal feed because of the snowballing consumption of meat. However, in the next few years, soybean is envisaged to gather a faster growth amongst the two. Besides being consumed in the production of bioplastics and biofuels as a grain, corn could be engaged in several industrial applications. Considering its robust demand in the textile sector, cotton could find an extensive application in the Asia region. Other crops such as canola, sugar beet, and sugarcane had held a minor share in the past few years.
High Adoption and Cultivation of Genetically Modified Crops Intensify Demand in North America
North America had demonstrated supremacy over other regions in the international agricultural biotechnology market due to the high acceptance of genetically modified crops among the consumers therein and their better cultivation. Furthermore, nearly a 15-20% of the revenues of biotechnology companies is envisioned to be spent on research and development activities. However, Asia Pacific could grow speedier than other regions due to the binge establishment of research and development centers with a view to keep afloat in the rising competition of the market. Moreover, Asia Pacific is projected to significantly benefit from the swelling demand for food and bio-based products.
Europe could exhibit a moderate growth in view of vigorous opposition from consumers and tight regulations. Brazil could very well be the next growth engine of the international agricultural biotechnology market after the U.S. Rest of the World is expected to take advantage of the large-scale production of transgenic crops.
The worldwide agricultural biotechnology market is projected to bear a consolidated characteristic owing to top companies accounting for a hefty share in the recent past. Large companies could look to achieve a competitive edge over other companies in the market by improving their presence across the value chain.
Furthermore, there could be desperate efforts made to enhance their market share for the coming years. This is forecasted to be accomplished through collaborations with large crop growers and research organizations and the acquisition of small regional companies. Some of the dominant companies dealing with agricultural biotechnology could be Syngenta, DuPont, and Monsanto.