A number of factors, such as the rising need for food products, growing population, surging per capita income, increasing demand for transgenic crops, and high yield of biotech crops, are projected to drive the growth of the agricultural biotechnology market at a CAGR of 10.7% during the forecast period (2021–2030). The market generated $39,565.6 million in 2020, and it is expected to reach $106,870.0 million by 2030. Moreover, the market is witnessing a trend of the surging adoption of biofuels, which are produced from agricultural residue and crops.
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The technology segment of the agricultural biotechnology market is classified into genome editing, ribonucleic acid interference (RNAi), deoxyribonucleic acid (DNA) sequencing, biochip, and synthetic biology. Among these, the genome editing category accounted for the largest market share in 2020, and it is also expected to record the fastest growth in the coming years. This is ascribed to the rising genome research and development (R&D) activities and increasing application of genome tools in the agricultural sector. Moreover, genome editing helps in growing healthier crops by lowering the risk of failure due to extreme weather and increasing the resistance to insects.
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Globally, North America was the largest agricultural biotechnology market in 2020. This is attributed to the rising adoption of genetically modified crops in the region because of their several benefits over normal crops, including additional nutritional values and resistance to toxic herbicides and pests. Whereas, the Asia-Pacific (APAC) market will observe the highest CAGR during the forecast period owing to the surging adoption of advanced farming techniques to improve farm productivity, so that the regional countries can meet the food demand of their high population.
Thus, the growing population and increasing demand for transgenic crops are expected to propel the market growth during the forecast period.
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