The global agricultural biotechnology market is expected to reach the value of USD 12 billion by 2015 attributed by the major drivers such as need to enhance productivity and crop yield, reduce the production cost, and develop pest resistant crops. Biotechnology is the most promising technology capable of solving the issues related to global food scarcity, environmental issues, and many more. Implementation of this technology in the agricultural arena is proving beneficial to mankind. Some of the major factors driving the global agricultural biotechnology market include water scarcity, scarcity of agriculture and food supplies, adverse environmental conditions, and others.
Agriculture biotechnology can offer increased crop yields that can possibly solve the problem of global food scarcity. This sector provides number of near term opportunities and holds strong growth potential for the near future. Important applications of biotechnology in agriculture include
- Agriculture-Themed Microarrays
- Lab-on-Chip Devices
- RNA Interference Assays
- Agriculture-Derived Biofuels
- Transgenic seeds
Developments in the field of synthetic biology and DNA sequencing are currently driving the agriculture biotechnology market. New product development has been possible with these technological advancements, thus creating new opportunities in this field.
Agriculture biotechnology is becoming popular worldwide, as it provides farmers with the seeds that are capable of yielding more and are pest resistant and environment friendly. Despite these benefits, the research in this area faces stiff challenge from some regulatory bodies and consumers. Governments of different countries are setting different standards for Genetically Modified (GM) ingredients for developing better quality products.
In the present scenario, the US is the major market for agricultural biotechnology as large amount of research activities are performed in this region. Asia-Pacific, being the most populated market, is expected to be the largest growing market in the coming years. India, China, South Korea, and Japan are the major economies that are expected to contribute significantly in the growth of agriculture biotechnology in the Asia-Pacific regional market.
Some of the major players of agricultural biotechnology include Emerald BioAgriculture Corp., Bayer CropScience AG, Dow AgroSciences LLC, Makhteshim-Agan Industries Ltd., Monsanto Company, Performance Plants Inc., Pioneer Hi-Bred International Inc., Certis USA LLC, Syngenta AG, and others.
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