, March 23, 2018 ) North America Agricultural Biotechnology Market
was worth USD 10.22 billion in 2016 and estimated to be growing at a CAGR of 10.65%, to reach USD 16.95 billion by 2021. Transgenic crops increase the agricultural productivity and benefit producers, consumers and farmers in terms of improved yield and crop quality. Genetically modified or transgenic crops are among the top end users of agricultural biotechnology. Agricultural biotechnology could advantage consumers and also producers and farmers.
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Transgenic cropping method offers more crop varieties to consumers than cross pollination or any natural process can offer. It provides higher & improved yield, resistance to pests, longer shelf life and high nutritional value due to which food grains demand supply gap is reduced. This is expected to drive the market. Increase in the demand for bio-fuel due to exhausting conventional resources is further expected to fuel the market growth.
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The market for Agricultural Biotechnology is broadly categorized into application. By application the market is classified into synthetic biology enabled products, tools and transgenic crops. Transgenic crop is further segmented into corn, soyabean and cotton. Transgenic crops are expected to account for a major share of the market revenue. Corn and soyabean are the mostly widely consumed crops. Soyabean is expected to grow at the highest rate during the forecast period. Synthetic biology-enabled products and tools, on the other hand are growing at a slower pace considering their smaller shares in the past. On the basis of geography, the market is analysed under various regions namely U.S.A and Canada. The Agricultural Biotechnology market was dominated by North America due to the high acceptance of genetically modified crops among the consumers therein and their better cultivation.
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Key players operating in the market include Dow AgroSciences, Vilmorin, Certis USA, KWS SAAT AG, Monsanto, Syngenta, Evogene Ltd, Bayer Crop Science and DuPont.
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