Biotechnology is the application of scientific techniques to improve and modify vast field and has application in variety of areas including healthcare, crop production or agriculture among others. Agricultural biotechnology is a collection of new techniques that develops plant, animal, and living organisms to enhance crop productivity and efficiency. Agriculture biotechnology provides farmers innovative technology that can make crop production cheaper and more reasonable. Agricultural biotechnology can be utilized to shield crops from destructive diseases. It is mainly used to modify the genetic sequence of crops known as transgenic or genetically modified crops, which increases the crop productivity.
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Rapid changes in highly technical fields including DNA sequencing, synthetic biology and genome editing are driving new applications and products in agriculture. The overall agricultural biotechnology market is expected to grow at a rapid pace, due to rising demand for food production. Growing population globally is one of the major drivers for agriculture biotechnology market. This factor led to higher demand for genetically modified crops to increase yield. Agriculture biotechnology plays a vital role in biofuel industry and growing demand for biofuels further increases growth of the market. However, strong concern about genetically modified crops and low acceptance by consumers may hamper the growth of market.
The agricultural biotechnology market is segmented on the basis of application as transgenic crops and synthetic biology-enabled products and tools. Transgenic crops are further subdivided into major crop types as corn, soybean, cotton and others. Currently, transgenic crop application segment dominates this market. Synthetic biology-enabled products and tools accounted smaller share of agricultural biotechnology market in 2015. Soybean crop is expected to show the highest growth among other genetically modified crops in upcoming years.
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Geographically, North America dominated the agriculture biotechnology market in 2015. This was mainly contributed by increased acceptance by consumers. In Europe market will grow moderately due to strict regulation on genetically modified crops. Asia pacific is expected to grow with high rate in next few years due to large population and high food demand in this region.
Key players in this market are DuPont Pioneer, Dow AgroSciences, Evogene, Bayer CropScience, Syngenta, Mycogen Seeds, Monsanto, and Vilmorin among others.
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