The global Biotech Market witnessed robust growth in 2021 and is expected to continue growing at a rapid pace over the forecast period. The market is driven by several factors including the increasing demand for genetically modified crops to improve crop productivity and address global food shortages, the adoption of Biotechs by farmers due to improved socio-economic conditions, and the support of governments worldwide for the development of Biotechs. Biotechs have benefits such as enhancing food security, promoting sustainable development, and mitigating climate change, which further drive their adoption and contribute to the market's growth.
Biotechs are advantageous for farmers as they increase profitability by improving crop quality and yields and simplifying work while ensuring safety. Biotechs can also have enhanced quality traits and efficiently withstand environmental stressors such as drought or salty soils. Such innovations are important in mitigating the effects of climate change. The application of advanced molecular biology techniques can introduce desirable traits in plants through artificial gene insertion, leading to the development of safe and effective genetically modified foods. These factors are expected to continue driving the growth of the global Biotech market.
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Top Leading Players in The Global Biotech Market Are:
- BASF and Bayer CropScience
- Agritope Inc.
- Agrivida, Inc.
- Syngenta AG
- The Dow Chemical Company
- Agragene
- DuPont
- Bejo Zaden BV
- Del Monte Fresh Produce Company
- DNA Plant Technology Corporation
- Monsanto Company
Segments covered in the report:
Crop Type Outlook (Revenue, USD Million; 2019-2030)
- Soybean
- Maize
- Rice
- Cotton
- Canola
- Others
Trait Outlook (Revenue, USD Million; 2019-2030)
- Herbicide Tolerance
- Drought Resistance
- Insect Resistance
- Stacked Traits
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Biotech Market Upcoming Growth:
The Biotech market is expected to continue its growth trajectory in the coming years. Biotechs have been developed using genetic engineering techniques to improve their productivity, quality, and resilience to pests and diseases. They have been widely adopted by farmers around the world, especially in countries such as the United States, Brazil, and Argentina.
One of the factors driving the growth of the Biotech market is the increasing demand for food due to population growth and changing dietary patterns. Biotechs have the potential to increase yields, reduce crop losses, and enhance nutritional value, which can help meet the growing demand for food.
Another factor driving the growth of the Biotech market is the need for sustainable agriculture. Biotechs have been developed to be more resistant to pests and diseases, which can reduce the use of chemical pesticides and herbicides. They can also be engineered to be more drought-tolerant, which can help reduce water usage in agriculture.
Furthermore, the development of new Biotechs with improved traits such as enhanced nutrient content, longer shelf life, and improved taste is expected to drive the growth of the Biotech market in the coming years.
Overall, the Biotech market is expected to see steady growth as more farmers adopt these crops and new Biotechs with improved traits are developed. However, the market also faces challenges such as regulatory hurdles and consumer concerns about the safety and environmental impact of Biotechs.
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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