The global market for agricultural biotechnology is consolidated in nature and is likely to witness a healthy growth throughout the forecast period, states a new market intelligence report by Transparency Market Research. The leading players in the market, namely DuPont, Syngenta, and Monsanto are anticipated to account for a large share of the overall market in the next few years. To enhance their market presence, these companies are estimated to focus on innovations and developments and offer promising growth opportunities for the market players. The increasing number of mergers and acquisitions and the strategic collaborations are projected to enhance the growth of the overall market in the next few years. In addition to this, the rising research and development activities are further estimated to accelerate the growth of the market and enhance the competitive environment in the next few years.

According to the research study by Transparency Market Research, in 2012, the global agricultural biotechnology market was worth US$15,300 mn and is predicted to reach a value of US$28,694.1 mn by the end of 2019. Furthermore, the market is projected to register a promising 9.50% CAGR between 2013 and 2019.

Rising Research and Development Activities to Drive North America Market

From a regional perspective, North America is expected to lead the global agricultural biotechnology market in the next few years. The high acceptance of the genetically modified crops among the consumers for a better cultivation is considered as one of the key factors, which is predicted to encourage the growth of the North America in the next few years. In addition, the rising investments on research and development activities is another key factor encouraging the growth of the market in the near future. On the other hand, Asia Pacific is predicted to register a fast growth in the next few years, thanks to the rising food and bio-based products. Furthermore, Europe is projected to observe a steady growth throughout the forecast period.

The global market for agricultural biotechnology has been categorized on the basis of applications into tools, transgenic crops, and synthetic biology-enabled products. Among these, transgenic crops segment is expected to account for a large share of the overall market in the coming few years. The strong growth of this segment can be attributed to the growing demand for higher crop yield and the reducing amounts of arable land. As per the research study, this segments is likely to exhibit a healthy 9.60% CAGR between 2013 and 2019. The tools and the synthetic biology-enabled products are predicted to account for a small share of the global market in the next few years.

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Rising Demand for Food to Encourage Growth of Global Market

The rising demand for food, owing to the tremendously rising population is one of the key factors, which is projected to accelerate the growth of the global agricultural biotechnology market throughout the forecast period. The growing focus on research and development activities and innovations are projected to enhance the growth of the overall market in the coming few years. The growing demand for genetically modified crops for the high yield is another key factor, which is estimated to offer promising growth opportunities for the market players in the next few years. On the flip side, the strong reservations against the genetically modified crops, especially in Europe is anticipated to restrict the growth of the global agricultural biotechnology market in the coming few years. Nonetheless, the rising opportunities in the developing regions is likely to enhance the growth of the market in the near future.