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The agricultural biotechnology market size is forecasts to increase by USD 28.63 billion, at a CAGR of 9.6% between 2023 and 2028. The market growth analysis depends on several factors such as the increasing demand for higher crop yield, the strict regulatory controls on agricultural pesticides, and the increasing adoption of biostimulants. Our market report examines historic data from 2018-2022, besides analyzing the current and forecasts market scenario. Technological advances for better cultivation practices, increasing demand for agricultural equipment, and consumer preference for environmentally safe products propel the growth of the market in the region. Bayer AG company offers advance and establish biological solutions derived from natural sources, including crop protection products that address pests, diseases and weeds, as well as biostimulants to promote plant growth. DuPont de Nemours Inc. company offers solutions that include pest control, crop harvesting and protection activities such as application of dry insecticides, pesticides, herbicides, and fertilizers.
Market Forecast 2024-2028
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The agricultural biotechnology market is rapidly evolving, driven by synthetic biology-enabled products and genetic modification. The research focus includes virus-resistant organisms, vaccine development, and antibiotic development, alongside selective breeding and molecular methods like marker-assisted selection. Enhanced quality traits and genetic changes are achieved through genome editing and plant breeding, influencing the cultivation of biotech plants. The resistance of plants is bolstered through strategic flower culturing and the cultivation of transgenic crops and animals. Infrastructure supports include network layouts and intelligence services, offering strategic support for domestic market players and partners.
Import-export analysis reveals price trend analysis and supply chain dynamics, with an emphasis on raw material shortage, shipping delays, and economic slowdown. Regulatory changes and economic downturn challenge competitors, while strategic growth analysis and action plans aim to mitigate these issues. Pricing and availability concerns impact the industry, as does the cultivation of germplasm and the strategic integration of synthetic biology in developing nutritional supplements. Sales projection remains a critical focus, influenced by industry analysis and economic factors, with continued monitoring required to ensure competitiveness in the market. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Bio stimulants help in reducing the requirement for fertilizers and boost plant growth and resistance to water and abiotic stresses biostimulants comprise essential amino acids, microorganisms such as bacteria and fungi, proteins, and some inorganic compounds. Biofertilizers are a sub-category of bio-stimulants, which are living microorganisms that are applied to seeds, plant surfaces, and soil. The approvals for new bio-stimulant products are also a reason for the increasing adoption of the same.
Moreover, bio stimulants are expected to witness an increase in adoption during the forecast period due to the increasing number of product launches and conferences. The increasing global challenges due to increased fertilizer costs, with rising consumer demand for healthier foods that are grown more sustainably, are the major factors that are increasing biostimulant usage. Thus, the increasing adoption of biostimulants is expected to drive the growth of the market during the forecast period.
Among GM seeds, the varieties are herbicide-tolerant (HT) and insect-resistant, and the varieties contain genes from the Bacillus thuringiensis (Bt) bacterium. There are also stacked varieties containing traits from both HT and Bt varieties. Globally, the cultivation of stacked GM seeds has been increased to meet the growing consumer demand. The percentage of domestic soybean acres planted with HT seeds has increased to around 95% in 2023 from 68% in 2001. Also, HT cotton acreage was at approximately 94% in 2023. The increase in adoption rates for stacked GM seeds is due to the commercial introduction of new varieties resistant to rootworms and earworms.
Furthermore, with climate change continuing to impact agriculture productivity, there is a growing need for crops that can tolerate extreme weather conditions, such as heat, sanity, and drought. Stacked GM seeds can be engineered to provide weather-resistant traits, helping farmers to adapt to the changing environmental conditions. Additionally, as regulatory agencies across the world continue to improve stacked seeds for commercial use, more farmers are adopting these GM seeds. This is driving the demand for stacked seeds as farmers seek to benefit from the multiple traits it offers. Thus, such factors are expected to drive the growth of the market during the forecast period.
The R&D costs for the development of agricultural biotechnology products are very high, especially the cost of developing new active ingredients, which has increased over the years. As per the European Parliament, the time for the approval of a crop protection product is 11 years, resulting in high costs for the manufacturers. Also, with the high costs of production, the research spending by governments in developed countries has been decreasing. The spending on agricultural research has decreased in high-income countries.
Also, in the US, public spending on agricultural research was reduced in 2021 as compared with 2018. While the approved spending by the US government for agriculture was USD 2.48 billion in 2018, it was USD 2.48 billion in 2018, according to data on research and development provided by the White House. As costs increase for manufacturers with lesser government support, increased costs may be passed on to the farmers. This can result in lesser adoption of agricultural biotechnology products and impede the expansion of the market during the forecast period.
The transgenic seeds and crops segment will account for a major share of the market's growth during the forecast period.? Transgenic seeds are also known as GM seeds. The market scope consists of only seeds for plants and not the output produced by those plants. These transgenic characteristics can be classified as tolerance to herbicides, insect resistance, and stacked traits. A common GM variety of corn, soybean seed, and cotton seeds is the Bacillus thuringiensis (Bt) type, containing a part of the gene from the bacterium known as Bt.
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The transgenic seeds and crops segment was valued at USD 25.21 billion in 2018. Additionally, the prohibition and bans on the production and import of GM crops have been brought about, especially in Europe and the MEA. Not-for-profit activist societies such as the Global Genetically Modified Organism (GMO)-Free Coalition and Moms Across America have been advocating steps against the use of GM crops. The increased activism against GM crops in other regions may affect the demand for transgenic seeds during the forecast period. Thus, the transgenic seeds segment is expected to witness significant growth in the market during the forecast period.
Based on type, the market has been segmented into plants, microbes, and animals. The plants segment will account for the largest share of this segment.? Agricultural biotechnology has helped in improving the nutritional content of a variety of crops, such as wheat, soya, cereals, cotton, and others, to meet the requirements of the increasing population. These have also been used to develop a wide range of GM crops such as herbicide-tolerant, insect-resistant, disease-resistant, nutritionally enhanced, and crops with longer shelf life. Furthermore, plants have been genetically transformed not only for developing new plant traits and varieties but also for the production of medicines and the development of biofuels. Thus, these factors are expected to drive the growth of the plants segment in the market during the forecast period.
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North America is estimated to contribute 42% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Canada and the US are the major revenue contributors to the market in North America. As the market is less capital-intensive, many small and established market players are trying to penetrate the market deeper to increase their market dominance. Also, the increasing approval of agricultural biotechnology by the US Environmental Protection Agency (EPA), owing to the reduced environmental impact, will also boost the growth of the market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Bioceres Crop Solutions Corp., Corteva Inc., Dow Chemical Co., , Eurofins Scientific SE, Evogene Ltd., FMC Corp., Global Bio chem Technology Group Co. Ltd., Illumina Inc., Limagrain, Mitsui and Co. Ltd., Novozymes AS, Nufarm Ltd., Performance Plants Inc., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, Thermo Fisher Scientific Inc., and KWS SAAT SE and Co. KGaA
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Agricultural Biotechnology market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is characterized by modern techniques and innovative products aimed at enhancing quality traits in animal and plant genomes through genetic engineering. With a market value showing steady growth and a notable growth rate, the market encompasses a wide geographical coverage and involves major players offering expert analysis on companywise production and capacity. Scientific methods drive advancements in nutritional value through genetically modified (GM) crops, known for their high yield, nutritional value, and resistance against insects and diseases.
Agriculture-integrated biotechnology methods like micropropagation, embryo transfer, and cloning contribute to livestock and crop enhancement. Precision techniques such as marker-assisted breeding and DNA markers complement traditional approaches, addressing issues like micronutrient deficiencies through genetic engineering of crops like rice, enriched with Vitamin A, phosphates, and oil and starch components to ensure food security. Despite challenges like lack of knowledge and investment in developing countries, the market presents opportunities for emerging revenue pockets, driven by technological innovations and strategic market growth analysis in trade regulations and product approvals to optimize the value chain and meet human health needs while addressing concerns about antibiotic resistance genes and the risks of agriculture biotechnology.
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Agricultural Biotechnology Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.6% |
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Market Growth 2024-2028 |
USD 28.63 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.2 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 42% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Bayer AG, Bioceres Crop Solutions Corp., Corteva Inc., Dow Chemical Co., DuPont de Nemours Inc., Eurofins Scientific SE, Evogene Ltd., FMC Corp., Global Bio chem Technology Group Co. Ltd., Illumina Inc., Limagrain, Mitsui and Co. Ltd., Novozymes AS, Nufarm Ltd., Performance Plants Inc., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, Thermo Fisher Scientific Inc., and KWS SAAT SE and Co. KGaA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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