New study recognizes the role of biotechnology in agriculture growth
Margust Dela Cerna | August 19, 2024
Advancements in genetic modification techniques that enhance nutrient content, food
processing capabilities, pest and disease resistance, yields, nitrogen fixation, and weather resilience of crops are cited as a huge part of the growth of the agriculture industry, based on a study conducted by Market.US, a research and analysis firm.
According to the key findings of the report, the agricultural biotechnology market is projected to reach revenues of USD 232 billion by 2032, expanding at a compound annual growth rate (CAGR) of 7.86% from 2023 to 2032.
The report further cited that based on the output of USD 111 billion worth of revenue in 2022, the agriculture sector continues to use scientific tools to improve plant yields, particularly through the development of genetically modified or transgenic crops with altered characteristics. Innovative breeding techniques are in high demand, with plant organisms dominating the market in terms of revenue.
Transgenic crops and animals are the leading revenue-generating applications within agricultural biotechnology. North America holds the largest market share, accounting for 35.3%, while the Asia Pacific region is poised to become the second-largest market.
Biotechnology tools are also utilized in agriculture for various applications, fueled by the rise of genetically modified crops, the high demand for sustainable crops, and marker- assisted breeding techniques. The increasing global population boosts food demand and the need for organic fertilizers.
According to the key findings of the report, the agricultural biotechnology market is projected to reach revenues of USD 232 billion by 2032, expanding at a compound annual growth rate (CAGR) of 7.86% from 2023 to 2032.
The report further cited that based on the output of USD 111 billion worth of revenue in 2022, the agriculture sector continues to use scientific tools to improve plant yields, particularly through the development of genetically modified or transgenic crops with altered characteristics. Innovative breeding techniques are in high demand, with plant organisms dominating the market in terms of revenue.
Transgenic crops and animals are the leading revenue-generating applications within agricultural biotechnology. North America holds the largest market share, accounting for 35.3%, while the Asia Pacific region is poised to become the second-largest market.
Biotechnology tools are also utilized in agriculture for various applications, fueled by the rise of genetically modified crops, the high demand for sustainable crops, and marker- assisted breeding techniques. The increasing global population boosts food demand and the need for organic fertilizers.
