Global Agriculture Biotechnology Market Projected to Reach USD 202.24 Billion by 2031, Expanding at a CAGR of 9.1%
Category : Agriculture & Animal Feed | Published Date : Nov 2024 | Type : Press Release
Agriculture Biotechnology Market Scope & Overview:
As per the Consegic Business Intelligence newly published report, the Agriculture Biotechnology Market was valued at USD 102.02 Billion in 2023 and is expected to reach USD 202.24 Billion by 2031, growing at a CAGR of 9.1% from 2024 to 2031. Agricultural biotechnology involves using scientific techniques to modify plants, animals, and microorganisms, enhancing traits such as disease resistance, increased yield, and improved nutritional content. The application of genetic engineering in agriculture has led to the development of genetically modified crops, biopesticides, biofertilizers, and biocontrol agents, driving significant advancements in modern farming practices.
The report comprises the Agriculture Biotechnology Market Share, Size & Industry Analysis, By Product Type (Bio-fertilizers, Bio-pesticides, Genetically Modified Crops, Others), By Technology (Genetic Engineering, Tissue Culture, Breeding, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024–2031.
The report contains detailed information on Agriculture Biotechnology Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Increasing adoption of sustainable agricultural practices and the growing need for disease-resistant crops are primary drivers fueling market growth. However, stringent regulatory policies concerning genetically engineered crops present challenges to market expansion.
Segmental Analysis :
By Product Type, the market is categorized into Bio-fertilizers, Bio-pesticides, Genetically Modified Crops, and Others.
- Genetically Modified Crops held the largest market share in 2023, driven by their enhanced traits such as pest resistance and higher yield, contributing to increased agricultural productivity and profitability for farmers.
- Bio-pesticides are projected to register the fastest CAGR during the forecast period due to rising demand for sustainable pest management solutions, offering an eco-friendly alternative to traditional chemical pesticides.
By Technology, the segments include Genetic Engineering, Tissue Culture, Breeding, and Others.
- Genetic Engineering dominated the market with a 47.31% share in 2023, owing to its extensive application in developing crops with improved traits such as higher yield, disease resistance, and reduced need for herbicides and pesticides.
- Tissue Culture is anticipated to exhibit the fastest growth, driven by its capability for rapid propagation and preservation of crop varieties, making it an essential tool in the farming and nursery industry.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- North America led the market share in 2023, valued at USD 33.92 Billion, supported by the high adoption of genetically modified crops and strong research initiatives in the region.
- Asia-Pacific is expected to witness the highest CAGR of 9.8%, fueled by increasing demand for food production and the growing adoption of bio-fertilizers in countries like India and China.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 202.24 Billion |
| CAGR (2024-2031) | 9.1% |
| By Product Type | Bio-fertilizers, Bio-pesticides, Genetically Modified Crops, Others |
| By Technology | Genetic Engineering, Tissue Culture, Breeding, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape of the Agriculture Biotechnology Market includes key players focused on research, product innovation, and strategic collaborations. The analysis highlights major companies and emerging players, assessing their strengths, weaknesses, and potential growth strategies. The report features detailed profiles of industry leaders, including market share analysis and insights into recent developments.
List of prominent players in the Agriculture Biotechnology Industry:
- Indigo Ag, Inc. (United States)
- Bayer AG (Germany)
- Corteva (United States)
- Monty's Plant Food. (United States)
- Inari Agriculture, Inc. (United States)
- Syngenta (Switzerland)
- BASF (Germany)
- AgroFresh (United States)
- ADAMA (Israel)
- KWS SAAT SE & Co. KGaA (Germany)
Recent Industry Developments :
- February 2024: Bayer announced strategic R&D partnerships with Kimitec and MustGrow to accelerate innovations in crop protection and biostimulants, enhancing sustainable agricultural solutions.
- August 2024: BASF collaborated with Acadian Plant Health to introduce climate-resilient bio-stimulant solutions, aiming to increase crop productivity using marine-derived biostimulants.
- June 2024: Corteva launched Corteva Catalyst, a new investment platform to drive agricultural innovation, focusing on early-stage, disruptive technologies to boost sustainable food production.
