The size of the global market for agricultural biotechnology, which was estimated to be USD 32.1 billion in 2022, is expected to increase to USD 77.4 billion by 2032, rising at a CAGR of 9.4%.
According to the ACUMEN Research and Consulting, the projection was based on the high demand of agricultural biotechnology.
The report released stated that agricultural biotechnology is used in a variety of novel ways, such as crop genetic alteration, the creation of new and superior fertilizers, approaches to insect control, and enhanced breeding methods to increase crop output and nutritional value.
The report stated, “With the global population set to reach over 9 billion people by 2050, the demand for sustainable and efficient agriculture practices will continue to drive the youth of the agricultural biotechnology market, making it a vital tool for achieving food security and promoting sustainable development.”
In addition, the report stated, “Advances in biotechnology, such as the development of CRISPR/Cas9 genome editing, are driving the growth of the market, as they enable the development of new crop varieties with improved traits and increased resistance to pests and diseases.”
On the increasing demand for organic food, ACUMEN, reported, “The market is being driven by the growing demand for organic food, which requires the use of biotechnology to develop new solutions for sustainable and efficient agriculture practices.”
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