Agricultural Biotechnology Market to Grow Significantly because of Rising Demand for Transgenic Seeds

The world’s population has grown constantly since the age of human beings began; for example, in 1800 the population across the globe was under 1 billion, which has now, almost dramatically, risen to 7.7 billion. With this surging population, the need for enhancing the productivity of everything, for catering to the requirements of the people, has increased as well. This includes the productivity in agricultural fields, of course. In the old days, the only concern of people was to somehow grow enough food for their survival, and while survival is the major concern today as well, the priorities of the human race seem to have shifted.

Growth Opportunities and Latest Trends in Agricultural Biotechnology Market

Farming used to be the primary occupation in the past, but since the advent of industries and machines, the agricultural sector has somewhat been neglected. At the present time, however, there is a pressing need for increasing the agricultural productivity, which is why a number of technological advancements have occurred in the agricultural sector. One of such developments is the emergence of agricultural biotechnology, which involves the utilization of science for modifying animals and plants. This is done to breed out undesirable characteristics, such as low productivity and susceptibility to diseases. Furthermore, any beneficial traits can be bred in by making use of a gene which contains the specific characteristic.

Crop protection products, including biostimulants and biopesticides, and transgenic seeds, including fruits and vegetables, cotton, soybean, and maize, are produced using the above-mentioned technologies. The demand for transgenic soybeans was the highest in the past, because of the increasing import and export of this crop type around the world. Besides this, the need for crop protection products is expected to increase significantly in the near future, owing to the importance of protecting plants from any kind of harmful chemicals, weeds or pests.

North America was the largest agricultural biotechnology market in the past, which is ascribed to the growing adoption of genetically modified crops in the U.S. In addition to this, as per reports by the International Service for the Acquisition of Agri-Biotech Applications in 2016, a considerable increase was registered in the hectares of land being used for biotechnology crops in the predominantly industrial countries. Canada and the U.S. were among the key contributors to this, because of the rise in the cultivation of genetically modified crops. The reasons for the rising adoption of genetically modified crops in the U.S. include advantages such as higher crop yields, decrease in the application of pesticides, and higher returns from farming operations.

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Agricultural Biotechnology Market and its Growth Landscape for the Next Few Years

The rising demand for biofuel and transgenic crops, growing population, regulatory support in Brazil and the U.S., and increasing per capita income are driving the agricultural biotechnology market. It generated a revenue of $28.5 billion in 2016, and it is expected to advance at a CAGR of 10.1% during the forecast period (2017–2023). The utilization of molecular biology tools and techniques, such as molecular markers, plant tissue culture, genetic engineering, and recombination, for the development of genetically superior crops and plants is termed as agricultural biotechnology.

The key factor driving the agricultural biotechnology market is the surging demand for transgenic crops. The advantages of these crops are low requirement for harmful pesticides and improved agricultural productivity. Despite the higher cost of transgenic seeds, the overall production cost of crops is lowered, as less fuel, chemical pesticides, and machinery is used. The U.S., India, Brazil, Canada, and Argentina are the major genetically modified (GM) crop-producing countries. In the coming 10 years, the commercial GM-crop profile is expected to diversify to include fruits and staples, such as rice and cassava.

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Based on product, the categories of the agricultural biotechnology market are crop protection products and transgenic seeds. During the forecast period, the crop protection product category is projected to grow faster at a 10.7% CAGR. Various advantages offered by these products, such as protecting plants and crops from weeds, harmful chemicals, and pests, would be responsible for the growth of this category.

The technology segment of the agricultural biotechnology market is subdivided into biochips, genome editing tools, synthetic biology, deoxy ribonucleic acid sequencing, and ribonucleic acid interference. Till 2023, synthetic biology is predicted to witness the fastest growth in demand at a 10.9% CAGR. The advance of this category can be ascribed to its ability to generate large gene and gene-part clusters in a single genome of a seed, which is more advantageous than traditional approaches. 

Therefore, the market for agricultural biotechnology has a bright future, aided by the rising need to fulfill the growing demand for biofuels and create nutrient-fortified crops.

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