Study finds impact of COVID pandemic on biotech

The COVID-19 pandemic had a major negative impact on the global economy. Measures like lockdowns, social isolation, and travel bans were implemented to control the virus, but these actions disrupted trade, mobility, and the economy. Supply chain disruptions, in particular, pose a challenge to the growth of the agriculture biotech market. Many countries faced food shortages due to these disruptions and income losses, though food demand remained steady due to increased consumption.

Key findings:

• Type: Hybrid seeds led the market in 2021, while bio-fertilizers are expected to grow the fastest.
• Technology: Genetic engineering was the leader in 2021, with vaccines expected to see rapid growth.
• Application: Crop production was the top segment in 2021 and is expected to grow the fastest.
• Region: North America held the largest market share in 2021 and is expected to maintain its lead.