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Increasing Per Capita Income to Augment Agricultural Biotechnology Industry Growth

The rising demand for biofuel and transgenic crops, growing population, regulatory support in Brazil and the U.S., and increasing per capita income are driving the agricultural biotechnology market. It generated a revenue of $28.5 billion in 2016, and it is expected to advance at a CAGR of 10.1% during the forecast period. The utilization of molecular biology tools and techniques, such as molecular markers, plant tissue culture, genetic engineering, and recombination, for the development of genetically superior crops and plants is termed as agricultural biotechnology.

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The key factor driving the agricultural biotechnology market is the surging demand for transgenic crops. The advantages of these crops are low requirement for harmful pesticides and improved agricultural productivity. Despite the higher cost of transgenic seeds, the overall production cost of crops is lowered, as less fuel, chemical pesticides, and machinery is used. The U.S., India, Brazil, Canada, and Argentina are the major genetically modified (GM) crop-producing countries. In the coming 10 years, the commercial GM-crop profile is expected to diversify to include fruits and staples, such as rice and cassava.

The segments of the market are region, technology, and product. Among all regions, in 2016, with a contribution of 47.4%, North America led the market. Due to the rising popularity of GM crops, the U.S. is expected to contribute more revenue in the North American region. The popularity of such crops can itself be attributed to the higher returns from farming operations due to a reduction in pesticide use and increase in the crop yield.

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The technology segment of the agricultural biotechnology market is subdivided into biochips, genome editing tools, synthetic biology, deoxy ribonucleic acid sequencing, and ribonucleic acid interference. Till 2023, synthetic biology is predicted to witness the fastest growth in demand at a 10.9% CAGR. The advance of this category can be ascribed to its ability to generate large gene and gene-part clusters in a single genome of a seed, which is more advantageous than traditional approaches.

Therefore, the market for agricultural biotechnology has a bright future, aided by the rising need to fulfill the growing demand for biofuels and create nutrient-fortified crops.