Aggie biotech market to grow to $214.6 billion by 2031 -- study
Margust Dela Cerna | August 19, 2024
A report by Allied Market Research reveals that the agriculture biotech market, valued at $93.10 billion in 2021, is projected to grow to $214.6 billion by 2031, with an annual growth rate of 8.8% from 2022 to 2031.
Agriculture biotechnology uses DNA knowledge to enhance plants, animals, and microbes, helping meet food demand while protecting the environment. Techniques like recombinant DNA technology can improve the nutritional value of crops, which could help fight malnutrition. For example, soybeans and potatoes have been modified to increase protein, amino acids, and starch.
However, concerns arise from using genes for antibiotic resistance to track desirable traits, as this could lead to antibiotic-resistant bacteria. As a result, the FDA cautions against this practice, which may hinder market growth.
Biologics, derived from living organisms, offer eco-friendly alternatives to chemical pesticides. Pheromones, for instance, protect crops without harming beneficial pests, supporting the market’s growth.
The agriculture biotech market is divided by type (hybrid seeds, transgenic crops, bio-pesticides, and bio-fertilizers), technology (genetic engineering, tissue culture, and more), and application (crop production, protection, and disease resistance). It is also analyzed by region: North America, Europe, Asia-Pacific, and LAMEA.
Key players in the market include KWS SAAT SE, ChemChina, Bayer AG, and Corteva, among others. The report provides insights into market trends, opportunities, and challenges, along with a competitive analysis of the agriculture biotech industry.
Agriculture biotechnology uses DNA knowledge to enhance plants, animals, and microbes, helping meet food demand while protecting the environment. Techniques like recombinant DNA technology can improve the nutritional value of crops, which could help fight malnutrition. For example, soybeans and potatoes have been modified to increase protein, amino acids, and starch.
However, concerns arise from using genes for antibiotic resistance to track desirable traits, as this could lead to antibiotic-resistant bacteria. As a result, the FDA cautions against this practice, which may hinder market growth.
Biologics, derived from living organisms, offer eco-friendly alternatives to chemical pesticides. Pheromones, for instance, protect crops without harming beneficial pests, supporting the market’s growth.
The agriculture biotech market is divided by type (hybrid seeds, transgenic crops, bio-pesticides, and bio-fertilizers), technology (genetic engineering, tissue culture, and more), and application (crop production, protection, and disease resistance). It is also analyzed by region: North America, Europe, Asia-Pacific, and LAMEA.
Key players in the market include KWS SAAT SE, ChemChina, Bayer AG, and Corteva, among others. The report provides insights into market trends, opportunities, and challenges, along with a competitive analysis of the agriculture biotech industry.
