The Global Agricultural Biotechnology Market is Projected to Reach US$44.4 Billion by 2022
Pressing Need to Bridge the Widening Gap between Food
Demand and Production Encourages Adoption of Agricultural Biotechnology
Solutions, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Agricultural Biotechnology market. The global Agricultural Biotechnology market is
projected to reach US$44.4 billion by 2022, driven by the gradually increasing adoption of genetically engineered
crops as a measure to achieve food security.
Agricultural biotechnology
involves the use of tools such as advanced plant breeding techniques, to
improve production output, plant nutrition, and resistance against viruses and
diseases. The growing demand for food across the world is placing enormous
pressure on agriculture industry to increase crop production output. With
cultivable land in short supply, focus is on improving productivity of existing
agricultural lands through increased fertilizer use, implementation of
efficient irrigation systems, adoption of new techniques such as precision
farming, or opting for cultivation of genetically modified crops. Against the
backdrop of increasing global population and the effect of agricultural systems
on the environment, agricultural biotechnology has emerged as a solution with
huge problem solving potential. Development of genetically modified or
transgenic seeds and crops is one of the key applications of agricultural
biotechnology. Using the technology, genome sequence of crops is altered to
create genetically modified crops, which promise benefits in the form of higher
crop yield and improved quality of produce. The technology also holds the
potential to reduce cost of production for farmers, while protecting crops from
potentially destructive diseases.
Technological advancements
in areas such as synthetic biology, genome editing and DNA sequencing are
expected to foster development of new products and applications. Corn and
soybean are the most widely consumed GM crops, with animal feed representing a
major end-use market for GM corn and GM soybean. The United States remains the
leading market for GM crops, while most European countries have banned
commercial cultivation of GM crops. Global GM crops
market however continues to be restrained by the stiff opposition to
cultivation of genetically modified crops in several countries, and the
stringent regulatory landscape governing sale of GM products. Growth is also
being impeded by the patent protected nature of industry operations, which tend
to stifle further development efforts. Biopesticides,
defined as pesticides derived from bio-based resources such as plants, animals,
bacteria and specific types of minerals, are emerging as one of the rapidly
growing areas of the agricultural industry. Eco-friendly biopesticides hold an
edge over conventional pesticides since they are less toxic, capable of
decomposing rapidly, and prove effective even when used in small quantities. Growing
concerns over the adverse impact of using chemical/synthetic pesticides on
animal and human health and the environment are driving focus onto
biopesticides. The shift towards biopesticides is also driven by the rapidly
growing popularity of organic farming practices.
As stated by the new
market research report on Agricultural Biotechnology, the United States represents the largest market
worldwide supported by the country’s dominance in GE crops cultivation owing to
consumer acceptance of GM crops, faster adoption of advanced technologies, and
rising awareness among farmers about the economic, welfare and environmental
advantages of biotech crops. Asia-Pacific is poised to grow at a CAGR of 13.8%
over the analysis period led by rapidly growing economies and increasing demand
for high quality foods.
Major players covered in
the report include ADAMA Agricultural Solutions Ltd., BASF SE, Bayer
CropScience AG, Certis USA LLC, Dow AgroSciences LLC, DuPont Pioneer, Marrone
Bio Innovations Inc., Monsanto Company, Performance Plants Inc., Syngenta AG,
and Valent BioSciences Corporation, among others.
The research report titled
“Agricultural Biotechnology: A Global Strategic
Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific, Latin America (Brazil and Rest of Latin America) and
Rest of World. Product Groups/Segments analyzed include Transgenic Seeds/Crops
(Soybean, Corn, Cotton and Others) and Biopesticides.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
Comments
Post a Comment