Agricultural Biotechnology Market Segments, Driver, Restraints, And Trends
Agricultural Biotechnology Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Agricultural Biotechnology Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The agricultural biotechnology market size has witnessed substantial growth in recent years, escalating from $55.24 billion in 2023 to an estimated $60.93 billion in 2024, marking a compound annual growth rate (CAGR) of 10.30%. This expansion is fueled by several factors including increased population and food demand, advancements in genetic engineering techniques, and growing concerns regarding sustainability and environmental impact.
Rapid Growth Driven by Increasing Focus on Precision Agriculture
The agricultural biotechnology market is poised for robust growth, projected to reach $89.52 billion by 2028, with a CAGR of 10.10%. Factors driving this growth include the rising adoption of precision agriculture, efforts to adapt to climate change, consumer demand for sustainable farming practices, and evolving global trade dynamics. Key trends in the forecast period include heightened collaboration and partnerships, technological innovations, biosecurity measures, the dominance of gene editing technologies, and the integration of digital agriculture solutions.
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Major Players and Innovative Biotechnologies
Leading companies such as BASF SE, Dow AgroSciences Inc., and Bayer AG are at the forefront of innovation in agricultural biotechnology. These companies are focusing on integrated solutions that combine crop protection, seed technology, and advanced farming methodologies to enhance productivity, sustainability, and climate resilience. For instance, BASF SE recently launched an innovation pipeline aimed at addressing specific pest pressures, climate challenges, and regulatory demands, thereby optimizing farming practices and reducing environmental impact.
Market Segments
• Organism Type: Plants, Animal, Microbes
• Technology: Genetic Engineering, Tissue Culture, Embryo Rescue, Somatic Hybridization, Molecular Diagnostics, Vaccine, Other Technologies
• Application: Vaccine Development, Transgenic Crop And Animals, Antibiotic Development, Nutritional Supplements, Flower Culturing, Biofuels
Regional Insights: Asia-Pacific to Witness Fastest Growth
North America emerged as the largest region in the agricultural biotechnology market in 2023, driven by advanced farming practices and substantial investments in biotechnological research. However, Asia-Pacific is expected to witness the fastest growth during the forecast period, supported by increasing adoption of biotechnological solutions in agriculture.
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Agricultural Biotechnology Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Agricultural Biotechnology Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on agricultural biotechnology market size, agricultural biotechnology market drivers and trends, agricultural biotechnology market major players, competitors' revenues, market positioning, and market growth across geographies. The agricultural biotechnology market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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