The global agricultural biotechnology market will grow at a CAGR of 5.6% during 2021-2027. Factors attributing to the growth of the agriculture biotechnology market include rising demand for new breeding techniques, increased penetration of biotechnology tools to create and modify traits of organisms (plants, animals, and microbes). Moreover, the increased adoption of Genetically Modified (GM) crops allows the production of feed and food crops with extended features like high nutritional value, increase yield, enhanced food-processing qualities, and resistance against disease and infections.

The COVID19 outbreak is affecting all industries, including the agricultural biotechnology market. The outbreak has put a huge burden on the food processing industry and producers are not able to work fully owing to lockdown measures in most of the countries. Furthermore, biofuel prices, feedstocks like maize and oilseeds plummeted in 2020. Even though disruption in the supply chain and income losses during the lockdown has led to food shortage in developed economies, but demand for agricultural products has not reduced due to continued food consumption.

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Based on technology, genome editing tools dominates the market as healthy crops can be produced that are highly resistant to insects and involve less risk of failure in extreme weather conditions like floods and drought.

North America dominates the agriculture biotechnology market owing to its wide range of agro-climatic zones and crops. In addition, North America has a large area of genetically modified (GM) cultivated land and is a net exporter of agricultural products, producing about 30% of the world's corn, soybeans, and wheat. Furthermore, the shortage of conventional fuels has led to the advancement of biofuels and regulatory approval by statutory bodies in the U.S. will have a positive impact on the agriculture biotechnology market.

ADAMA Agricultural Solutions Ltd. has launched a new prothioconazole fungicide that provides a unique formulation and improves cereal and OSR disease control compared. It is developed by Adama’s global R&D facility at Neot Hovav, Israel.

The key players in the agriculture biotechnology industry: 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