The agricultural biotechnology market is forecasted to grow at a CAGR of 10.1% during 2017-2023. The market is growing mainly due to the increasing demand of agricultural biotechnology products include; the growing population size, rising per capita income, growing demand for biofuel, thriving demand for transgenic crops and regulatory support in the U.S. and Brazil.
Request for report sample at: https://www.psmarketresearch.com/market-analysis/agricultural-biotechnology-market/report-sample
The global agricultural biotechnology market in terms of product is bifurcated into transgenic seeds and crop protection products. Transgenic seeds accounted for the larger market share of 79.5% during the forecast period, attributed to their increasing adoption of these to prevent the impact of adverse climatic conditions such as droughts in the region. Also, rising global population is putting pressure on farmlands to produce more food, especially in developing countries such as India, China and given that the area under cultivation cannot be increased beyond a certain limit, the only way to increase production is through yield improvements, thus increasing the demand for transgenic seeds.
The Latin American market for agricultural biotechnology was valued at $10.1 billion and is expected to cross $21.9 billion by 2023, growing at a CAGR of 11.7% between 2017-2023. Brazil and Argentina are the major contributors in the agricultural biotechnology market in Latin American, characterized by the increasing production of transgenic products such as soybean and corn in these countries. Also, the rising adoption and production of transgenic crops is highly characterized by the growing support of government organizations in collaborating with private firms for the development of genetically modified crops.
Key players in the agricultural biotechnology market are entering into partnerships with other firms to improve their position in the market. For instance, November 2017, ADAMA Agricultural Solutions Ltd. and Ceradis B.V. entered into an R&D agreement to develop new, innovative and sustainable crop protection products based on ADAMA’s active ingredients and Ceradis’ technology.
Some of the key players operating in the agricultural biotechnology market include Syngenta AG, Performance Plants Inc., Monsanto Company, Certis USA LLC, BASF SE, Vilmorin & Cie, Evogene Ltd., ADAMA Agricultural Solutions Ltd., KWS SAAT SE, DowDuPont Inc., and Global Bio-chem Technology Group Company Limited.