The Global Agricultural Biotechnology market is estimated to be $28.2 billion in 2014 and is expected to grow at a CAGR of 11.3% to reach $66.4 billion by 2022. Growing population worldwide has led to demand for genetically engineered crops for high yield, which is one of the primary drivers for the market growth. Increasing demand for biofuels due to depleting reserves of conventional fuels is further boosting the market. However, strong reservations against genetically engineered crops in Europe will hamper the market growth. A large number of research undertakings in Asia Pacific and Africa will offer growth avenues for players involved.
North America and South America are the leading geographic regions in the global market. South America and Asia are forecasted to have high growth rates driven by the favorable climatic conditions and new genetically engineered crops. However, the strong opposition for genetically engineered crops in Europe is likely to restrict the market growth. Moreover, the increasing R&D activities conducted in Asia Pacific and Africa are creating profitable opportunities for the market players. The increasing demand for quality food and fast growth in industrialization is likely to boost the market in Asia Pacific.
Agricultural Biotechnology market is segmented by application, by technology and by geography. Based on application, market is classified into genetically engineered crops, herbicide tolerance, insect tolerance and virus tolerance. Genetically Engineered Crops accounted as the largest application segment of the agricultural biotechnology market. Based on technology, market is categorized as agricultural biotechnology tools, biochips, crop technologies, genome editing, next-generation sequencing, RNA interference and synthetic biology. Based on geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The key players in the Agricultural Biotechnology market include ADAMA Agricultural Solutions Ltd., Bayer Crop Science AG, Dow Agro Sciences LLC, Du Pont Pioneer Hi-Bred, Evogene Ltd, Global Bio-chem Technology, Mycogen Seeds, Rubicon, Syngenta and Vilmorin.
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