The United Nations Department on Economic Affairs and Social Affairs (UNDESA) forecasts that the global population will reach 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. As per the organization, nearly 83 million people will be added to the global population each year. With the surging population, the demand for food products will escalate exponentially, owing to which there will be an increased requirement for agricultural biotechnology tools globally.
Moreover, the mounting demand for biofuels, on account of the declining fossil fuel reserves and soaring environmental concerns, will help the agricultural biotechnology market progress at a healthy CAGR of 10.7% during 2021–2030. According to P&S Intelligence, the market was valued at $39,565.6 million in 2020, and it will generate $106,870.0 million revenue by 2030. As compared to fossil fuels, biofuels emit fewer pollutants and greenhouse gases (GHGs) and offer higher fuel efficiency. Biofuels are derived from corn, wheat, sugarcane, soybean, and organic waste materials by using biotechnology.
In the last few years, transgenic seeds have been preferred over crop protection products, such as biostimulants and biopesticides, because the former helps in reducing the effect of any external factor on crop quality. Owing to this advantage, agricultural biotechnology tool producers are focusing on developing transgenic fruits and vegetables, maize, corn, and soybean seeds to enhance the efficiency of farming operations. In the coming years, crop protection products will be adopted in enormous quantities due to the rapid technological developments in agricultural chemistry.
At present, biochip, deoxyribonucleic acid (DNA) sequencing, genome editing, ribonucleic acid interference (RNAi), and synthetic biology technologies are being used to modify traits or create microbes, animals, and plants, with respect to size, color, or yield. In the coming years, agricultural scientists will show an increased preference for genome editing to produce healthier crops, which have a lower risk of failure due to drought and floods and exhibit enhanced resistance to insects. Nowadays, there has been a significant surge in genome research activities, owing to which they are being largely used to produce better quality crops.
In recent years, BASF SE, Novozymes A/S, Global Bio-Chem Technology Group Company Limited, Bayer AG, KWS SAAT SE & Co. KGaA, Certis USA LLC, ADAMA Agricultural Solutions Ltd., Performance Plants Inc., DuPont de Nemours Inc., Evogene Ltd., Vilmorin & Cie, and Syngenta AG have dominated the agricultural biotechnology market. These companies are currently engaging in product introduction and acquisition to offer their products to a greater number of customers. For instance, in February 2021, ADAMA Agricultural Solutions Ltd. introduced a new prothioconazole fungicide that offers improved oilseed rape (OSR) and cereal disease control.
Globally, North America witnessed the largest adoption of agricultural biotechnology in the preceding years due to the rising adoption of GM crops in the U.S. and Canada. Additionally, the large-scale development of biofuels, on account of fossil fuel shortage, and numerous approvals being granted to biofuels also encourage the adoption of this technology in the region. Moreover, the surging preference for transgenic crops over normal crops, owing to the pest-resistant property and additional nutritional values of the former, will also lead to the widescale adoption of this technology in North America.
Thus, the rising need for biofuels and burgeoning food demand are expected to create a huge requirement for agricultural biotechnology in the forthcoming years.
Sign in to leave a comment.