During the forecast period, the biotech modified agro market witnessed a growth of 10.7% CAGR.
Introduction-
Modified agricultural biotechnology is a collection of scientific tools and methods which can be used on living beings or plants or concurrently on both of them to enlarge the outputs of the crops. Specifically, it is used in agricultural crops to change the sequence of the genome which are mentioned as transgenic or genetically tailored. This assists the manufacturers and customers with the high quantity of crops as output and to provide the best quality of food.
Though the fact of losses faced during the covid-19 lockdown and the disturbance in the supply chain has given rise to a large amount of storage in numerous industrialized economies leads to a rise in demand for agricultural products and yet it is growing and didn’t reduce.
Overview of Market-
The biotech-modified agro-industry is predicted to grow due to the increase in demand for new techniques of breeding like plant grafting, genetic engineering, genomic science, and the molecular breeding of plants. This is because of the increasing use of biotechnology to improve or create or vary attributes of organisms of animals, plants, and microbes along with the size, color, and yield.
Importance of Biotech Modified Agro market-
By improving the quality of crops the biotech crops make farming more reliable and profitable and, in some cases, it may yield. Some crops among these crops can reduce to essential work and upgrade the safety of the farmers, this helps the farmer to spend less time on their profitable activities.
Market size-
The Global Biotechnology Agro market is forecasted to grow at a CAGR of 10.7% during the forecast period that is 2021 to 2030 and was estimated to grow at $39,565.6 million in 2020.
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Segmentation of Market-
The global biotech modified agro market is segmented on the basis of product type, application, and region.
By Types- The Biochips, Deoxyribonucleic acid (DNA) sequencing, Genome editing tools, Ribonucleic acid interference, and Synthetic biology.
The genome editing tools section is predicted to witness the highest growth rate during the forecast period in the market on the basis of technology.
By Application- Transgenic crops, and Synthetic biology.
The transgenic crops sector acquires the largest market shares in 2020 on the basis of the product in the agricultural biotechnology market.
By Region- Europe, North America, Asia-Pacific, Middle East, and Africa, South America
North America acquires a large share of 10.6% in the market of agricultural technology in the year 2020.
Prime Key-Players of Global Modified Agro Market–
- Adama Agricultural Solutions Ltd. (Israel)
- Global Bio-Chem Technology (Hong Kong)
- Insectigen Inc. (US)
- Dow Agrosciences LLC (US)
- Eurofins Genescan AG (US)
- Biocentury Transgene Co. Ltd. (China)
- Monsanto (US)
- Marina Biotech (US)
- Rubicon (India)
- Certis (US)
- Syngenta (Switzerland)
- KWS SAAT SE (Germany)
- Evogene Ltd (Israel)
- Bayer Cropscience AG (Germany)
- Vilmorin (France)
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