Agricultural Biotechnology Market- Outlook, Development Trends, Market Demands, Industry Analysis by 2023
The agricultural biotechnology market size is projected to cross $55.5 million by 2023, growing at a CAGR of 10.1% during 2017-2023. The market is growing mainly due to the increasing demand of agricultural biotechnology products include; the growing population size, rising per capita income, growing demand for biofuel, thriving demand for transgenic crops and regulatory support in the U.S. and Brazil. The global agricultural biotechnology market in terms of product is bifurcated into transgenic seeds and crop protection products. Transgenic seeds accounted for the larger market share of 79.5% during the forecast period, attributed to their increasing adoption of these to prevent the impact of adverse climatic conditions such as droughts in the region. Also, rising global population is putting pressure on farmlands to produce more food, especially in developing countries such as India, China and given that the area under cultivation cannot be increased beyond ...