Agricultural biotechnology is set of scientific methods and tools which can be utilized on plants or living creatures or on both of them concurrently to enhance the output of the crops. It is mainly utilized to change the sequence of genome of agricultural crops which are referred as genetically tailored or transgenic. This has helped manufacturers, peasants and customers with huge crop output and best quality of food. The global agricultural biotechnology market was evaluated at 15.29 billion USD in year 2012 and it is predicted to of worthy of amassing 36.60 billion USD by the end of year 2022 growing at a CAGR rate of 9.4% during the forecasted period from year 2013 to year 2022.
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The global agricultural biotechnology market has been divided into transgenic agricultural crops, tools and synthetic biology enabled items based upon its applications and uses. Demand for food production has grown owing to large population resulting in requirement of more food to fulfill the food requirements of the global population. This is one of the key factors contributing towards the market growth. Growing demand for biofuels due to rise in depletion of traditional resources and rising demand for transgenic crops owing to enhanced demand for food is predicted to boost the growth and expansion of agricultural biotechnology market worldwide. Large proportion of ongoing research & development in this field of agricultural biotechnology is done in the regions of Africa and Asia Pacific. This is anticipated to offer more business opportunities and growth prospects for the industry participants in the global agricultural biotechnology market. But the strong resistance to genetically tailored crops in continent of Europe is predicted to hinder the growth of the universal agricultural biotechnology market. Also the copyrights protecting market sector is likely to hinder the expansion and growth of the global agricultural biotechnology market.
Transgenic agricultural crops evolved as the biggest application section of the universal agricultural biotechnology market in year 2012. Decrease in cultivable land and growing demand for food (and food products) is expected to stimulate the growth of transgenic agricultural crops application. Transgenic seeds provide high crop output than traditional seeds. Application and use of biotechnology on the agricultural items through genetic variation or through genetic reengineering has resulted in the growth of transgenic agricultural crops from transgenic agricultural seeds. This has resulted in increased output, pest resistance, long life shelf and high dietary value and thus minimized the demand -supply gap for food cereals and products. Due to all these factors transgenic agricultural crops contribute major part of the total market share of the universal agricultural biotechnology market. These crops are widely accepted by developed as well as developing economies.
Cotton, Corns and Soybeans are the types of transgenic agricultural crops. Soybeans and Corns are the most consumed genetically modified crops worldwide. Rising demand for animal feed to fulfill the growing meat demand is expected to contribute towards the improved growth of crops resulting in the growth and expansion of the global agricultural biotechnology market. Soybean is predicted to display rapid growth among the genetically modified crops in future. Corn is utilized in different industry applications like production of biofuels & bioplastics apart from it being consumed as a food grain in various parts of the world. Cotton is extensively used in region of Asia owing to its heavy demand from the textile market. Other agricultural crops like canola, sugarcane and sugar beet held nearly about 9.57% of the total market share of the universal agricultural biotechnology market in year 2012.
The global agricultural biotechnology market has been divided into four geographical regions comprising of subcontinent of North America, continent of Europe, APAC Zone and Rest of the World based upon location. The market was led by sub continent of North America owing to high cultivation of genetically altered crops, emergence & growth of modern technologies and large scale adoption of these crops by customers contributing to the growth of the market in this region. This sub continent of North America contributed about 33% of the market share of the total market in year 2012.
Biotechnological firms are expending 14.5% to 20% of their total revenues on research and development activities. Firms are setting up research & development centers in APAC region to keep in pace with the global competition. The APAC zone is predicted to expand enormously in future owing to rise in demand for bio based items as and food. APAC region is expected to accrue the revenue of about 10.25 billion USD by the end of year 2022. Growing demand for high crop output as well as food output along with fast growing industrialization is going to fuel the growth of the agricultural biotechnology market in this zone of Asia Pacific.
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The continent of Europe is responsible for large amount of consumption or large scale intake of the genetically modified crops for animal feed which it imports from countries like USA and Brazil located in American continent. But due to the stringent government rules and rejection of genetically modified crops by the customers, this region is not ranked high among the producers of the genetically altered crops. So the continent of Europe does not make any direct significant contribution or add to the increment in growth elevation and expansion of agricultural biotechnology market.
Large scale transgenic crops production is predicted to stimulate the growth of the agricultural biotechnology market in the region of rest of the world during the forecasted period.
Top three firms involved in the business of agricultural biotechnology sector and functioning in of the global agricultural biotechnology market accounted for approximately about 48% of the total market share in year 2012. In addition to this, large number of market players are acquiring or merging with small local players and forming associations and partnerships with high quality top most research firms or big crop growers in order to expand and increase their share in the global agricultural biotechnology market along with gaining competitive edge over their business rivals /business competitors.
The key market participants involved in the business of the agricultural biotechnology sector and profiled in this market report includes Certis USA, Du Pont Pioneer Hi-Bred, Syngenta, KWS SAAT AG, Bayer CropScience AG, Evogene Limited, ADAMA Agricultural Solutions Limited, Mycogen Seeds, Global Bio-chem Technology, Monsanto, Performance Plants Incorporation, Rubicon and Vilmorin.
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