Agricultural Biotechnology Market Analysis 2024: Market Size, Share, and Growth Trends

Overview and Scope
Agricultural biotechnology refers to using scientific tools and techniques to modify living organisms, including plants, to enhance agricultural processes and produce food, fiber, and fuel. It is used to improve agricultural productivity, sustainability, and resilience.

Sizing and Forecast
The agricultural biotechnology market size has grown rapidly in recent years. It will grow from $55.24 billion in 2023 to $60.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.30%.  The growth in the historic period can be attributed to increased population and food demand, crop resistance to pests and diseases, improved crop characteristics, advancements in genetic engineering techniques, environmental concerns and sustainable agriculture.

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Segmentation & Regional Insights
The agricultural biotechnology market covered in this report is segmented –

1) By Organism Type: Plants, Animal, Microbes
2) By Technology: Genetic Engineering, Tissue Culture, Embryo Rescue, Somatic Hybridization, Molecular Diagnostics, Vaccine, Other Technologies
3) By Application: Vaccine Development, Transgenic Crop And Animals, Antibiotic Development, Nutritional Supplements, Flower Culturing, Biofuels

North America was the largest region in the agricultural biotechnology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agricultural biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increased food demand is expected to propel the growth of the agricultural biotechnology market going forward. Food demand refers to the quantity and variety of food products consumers desire and are willing to purchase within a given period. Increased food demand is due to population growth, urbanization, and shifting dietary preferences. Agricultural biotechnology boosts food demand by enhancing crop productivity, improving crop quality, and increasing resilience to environmental stresses. For instance, according to reports published by the U.S. Bureau of Labor Statistics, a U.S. government agency, average household spending on food increased by 12.7% from 2021 to 2022, which is fueled by a 20.1% increase in spending on meals away from home and an 8.4% increase in spending on food at home. Therefore, the increased food demand is driving the growth of the agricultural biotechnology market.

Key Industry Players
Major companies operating in the agricultural biotechnology market are BASF SE, Dow AgroSciences  Inc., Bayer AG, Syngenta AG, Monsanto Company , DuPont de Nemours Inc., Novozymes A/S, Certis USA, Vilmorin & Cie SA, KWS SAAT SE, Indigo Agriculture Inc., Bioceres Crop Solutions Corp., Ginkgo Bioworks Holdings Inc., AgBiome Inc., Pairwise Plants Services Inc., Marrone Bio Innovations Inc., Agrivida Inc., Intrexon Corporation , Phytelligence Inc., Cibus Global Ltd., Arcadia Biosciences Inc., ZeaKal Inc., NewLeaf Symbiotics Inc., Evogene Ltd., GreenLight Biosciences Inc.

The agricultural biotechnology market report table of contents includes:

1. Executive Summary
2. Agricultural Biotechnology Market Characteristics
3. Agricultural Biotechnology Market Trends And Strategies
4. Agricultural Biotechnology Market – Macro Economic Scenario
5. Global Agricultural Biotechnology Market Size and Growth
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32. Global Agricultural Biotechnology Market Competitive Benchmarking
33. Global Agricultural Biotechnology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Agricultural Biotechnology Market
35. Agricultural Biotechnology Market Future Outlook and Potential Analysis
36. Appendix

 

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