New York, USA, March 09, 2023 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global agriculture biotech market. According to the report, the global market is projected to surpass $214.6 billion and grow with a CAGR of 8.8% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Agriculture Biotech Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global agriculture biotech market. Before the pandemic, a lot of people across the globe were suffering from hunger and malnutrition; therefore, immediate action was required to address the global food emergency. Many countries experienced disruptions in their domestic food supply networks as a result of the outbreak. Thus, the impacts of COVID-19, along with the global economic slump, may disturb the smooth operation of food systems in the future.
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Factors Impacting the Agriculture Biotech Market Growth
The key factor boosting the growth of the global agriculture biotech market is a significant growth in population, which is increasing the demand for food products and consequently, the need for food with higher nutrition. Furthermore, the growing usage of agricultural biotechnology for marker-assisted breeding is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the rising effects of agricultural biotechnology on human health are anticipated to deter the market’s growth.
The report segments the global agriculture biotech market into type, technology, application, and region.
Bio-fertilizers Sub-Segment to Grab a Foremost Share of the Market
The bio-fertilizers sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because the living or dormant cells of efficient microorganism strains in bio-fertilizers are widely used to boost plant growth.
Genetic Engineering Sub-Segment to Observer Swift Growth
The genetic engineering sub-segment of the technology segment is projected to grow enormously in the forecast period. This growth is mainly because genetic engineering aids in increasing agricultural productivity and assists scientists in developing plants that can withstand hazardous infections and adverse weather.
Crop Production Sub-Segment to Witness Rapid Growth
The crop production sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly due to the rising food demand, which is fueling the need for increased crop production.
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North America Region to Perceive Maximum Growth
The report analyzes the global agriculture biotech market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to rising R&D activities, well-established research infrastructure, growing population, and robust government funding in this region.
Key Players of the Market
The report states some of the foremost players operating in the global agriculture biotech market including
- KWS SAAT SE & Co
- Bayer AG
- Evogene Ltd.
- Marrone Bio Innovations
- MITSUI & CO. LTD.
- Valent BioSciences LLC.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in June 2021, ADAMA Ltd., a renowned worldwide crop protection company, launched a new unique formulation technology that improves penetration effectiveness and systemic movement in crops, resulting in increased efficacy in ADAMA’s prothioconazole-based solutions.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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