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. 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.
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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.
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.
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GLOBAL AGRICULTURAL BIOTECHNOLOGY MARKET SEGMENTATION
- Genome Editing Tools
- Deoxy Ribonucleic Acid (DNA) Sequencing
- Ribonucleic Acid Interference (RNAi)
- Synthetic Biology
- Transgenic Seeds
- Fruits and vegetables
- Crop Protection Products