Agricultural Biotechnology Market to Evolve at an Impressive 8.8% CAGR through 2031 | SkyQuest Technology
Westford, USA, Nov. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the agricultural biotechnology market size will attain a value of USD 227.77 billion by 2031, with a CAGR of 8.8% over the forecast period (2024-2031). Rapidly increasing global demand for food owing to the rising global population and emphasis on improving agricultural yield are slated to bolster agricultural biotechnology market growth over the coming years. Bio-based agricultural biotechnology products are estimated to be highly sought-after in the long run.
Browse in-depth TOC on "Agricultural Biotechnology Market"
- Pages - 168
- Tables - 97
- Figures – 68
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Agricultural Biotechnology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 116 Billion |
| Estimated Value by 2031 | $ 227.77 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, Organism Types, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Surging demand for food products around the world |
| Key Market Opportunities | Adoption of precision agriculture practices |
| Key Market Drivers | High emphasis on improving agricultural yield |
Efforts to Improve Disease Resistance Allows Transgenic Crops & Animals to Lead Revenue Generation
Surging prevalence of diseases among crops and animals resulting in the loss of yield is projected to bolster the demand for disease resistance. Use of genetic engineering to create genetically altered crops is forecasted to aid the dominance of transgenic crops & animals segment going forward thereby allowing it to hold a high agricultural biotechnology market share as well.
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Rising Awareness Regarding Animal Health Boosts Demand for Agricultural Biotechnology in Animals
Growing consumption of animal-based food products and rising awareness regarding importance of animal health are expected to create new opportunities for agricultural biotechnology companies via this segment. Vaccine development is slated to open up new avenues of business for agricultural biotechnology companies focusing on this segment in the long run.
High Spending on Agricultural Biotechnology R&D Helps North America Lead Global Demand Outlook
The presence of top agricultural biotechnology companies coupled with robust investments in agricultural biotechnology research allows North America to secure the top spot. Efforts to maximize agricultural yield and quick adoption of precision farming practices are also estimated to help bolster agricultural biotechnology market outlook in this region. The United States is slated to remain the leading market for agricultural biotechnology providers in North America.
Agricultural Biotechnology Market Insights:
Drivers
- Surging demand for food around the world
- Rapid changes in global climatic conditions
- Growing emphasis on improving agricultural yield
Restraints
- Ethical concerns regarding agricultural biotechnology
- Limited adoption in developing countries
- Intellectual property concerns
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Prominent Players in Agricultural Biotechnology Market
- Arcadia Biosciences
- Thermo Fisher Scientific
- Marrone Bio Innovations
- ADAMA Ltd.
- Nufarm
- Evogene Ltd.
- Performance Plants Inc.
- Limagrain
- MITSUI & CO. Ltd.
- ChemChina
- Bayer AG
- Corteva
- Valent BioSciences LLC
- KWS SAAT SE & Co. KGaA
- Biocentury Transgene Co., Ltd
- Vilmorin & Cie
- Eurofins Scientific
- LGC Biosearch Technologies
- Yield10 Bioscience, Inc
Key Questions Answered in Agricultural Biotechnology Market Report
- Why is demand for agricultural biotechnology rising around the world?
- Which region is most opportune as per this agricultural biotechnology market forecast?
- Why are developing countries lagging in this industry?
- Which key companies are listed in this agricultural biotechnology market analysis?
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This report provides the following insights:
Analysis of key drivers (emphasis on improving reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of agricultural biotechnology market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the agricultural biotechnology market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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