Biotechnology to boost agriculture market to $293 B
Margust Dela Cerna | August 19, 2024
According to a study by Precedence Research, the agricultural biotechnology market was valued at USD 116 billion in 2023 and is expected to reach USD 293.35 billion by the year 2034, growing at an annual growth rate of 8.8%. Increased use of genetically modified crops is expected to drive the growth of this market.
It added that agricultural biotechnology is concerned with improving farming through the use of DNA-based solutions to improve yield. It also allows scientists to change the genetics of crops and livestock with very precise detail that can enhance such things as crop characteristics, improved product quality, pest-resistant plants, and better-quality farm produce, thereby enhancing the efficiency in farming.
Key trends in the market include an expected annual growth of North America at 10.45% through 2024-2034, with crop production and genetic engineering at the forefront of applications. It can be recalled that in 2023, the crop production segment was estimated to capture a share of about 30% in the market, while genetic engineering accounted for approximately 25%.
The study showed that biotechnology is seen to improve crop quality, enhance profitability in farms, and make crops more resistant to diseases. In developing countries, a lack of awareness about this technology could hinder the growth of the market. Despite this, advancements in the field, such as marker-assisted breeding, are likely to boost growth in the future period.
It added that agricultural biotechnology is concerned with improving farming through the use of DNA-based solutions to improve yield. It also allows scientists to change the genetics of crops and livestock with very precise detail that can enhance such things as crop characteristics, improved product quality, pest-resistant plants, and better-quality farm produce, thereby enhancing the efficiency in farming.
Key trends in the market include an expected annual growth of North America at 10.45% through 2024-2034, with crop production and genetic engineering at the forefront of applications. It can be recalled that in 2023, the crop production segment was estimated to capture a share of about 30% in the market, while genetic engineering accounted for approximately 25%.
The study showed that biotechnology is seen to improve crop quality, enhance profitability in farms, and make crops more resistant to diseases. In developing countries, a lack of awareness about this technology could hinder the growth of the market. Despite this, advancements in the field, such as marker-assisted breeding, are likely to boost growth in the future period.
