The global agricultural biotechnology market was valued at USD 34.2 billion in 2020 and is expected to grow at a CAGR of 5.6% during the forecast period. Globally, key players in the agricultural biotechnology market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2018, Bayer AG acquired Monsanto Company, to help and improve harvest even better.

Expanding population size, the prospering need for transgenic crops, mounting demand of genetically modified crops, escalating per capita income, regulatory reinforce in the U.S. and Brazil, intensifying animal feed owing to mounting meat consumption, and mounting demand for biofuel is the primary growth drivers for agricultural biotechnology market.

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On the basis of product, the global agricultural biotechnology market is subdivided into transgenic seeds, and crop protection products. Of all the products, crop protection products are expected to grow at a faster rate in the market due to its benefits such as guarding plants against several harmful chemicals and other pests. In addition, the transgenic seeds segment accounted the largest share in the market, due to mounting demand of transgenic soybean worldwide, decrease in cultivable land, and transgenic crops expand agricultural productivity and help producers.

The crop protection products segment is further subdivided into biostimulants and biopesticides. The transgenic seeds segment is further subdivided into soybean, fruits and vegetables, maize, cotton, and others. The soybean segment is expected to grow at the fastest rate in the market, due to its health benefits.

Geographically, North America is the largest agricultural biotechnology market as in the region the acceptance of genetically modified crops is increasing. In addition, reductions in the application of pesticides, mounting research activities in genetically modified crops, and greater repays from farming operations are also up surging the growth of the North American agricultural biotechnology market.

Some of the key players operating in the global agricultural biotechnology market are Syngenta AG, Bayer AG, Evogene Ltd., DowDuPont Inc., KWS SAAT SE, BASF SE, Performance Plants Inc., Global Bio-chem Technology Group Company Limited, Vilmorin & Cie, Certis USA LLC, and ADAMA Agricultural Solutions Ltd.

Source: VynZ Research