Agricultural biotechnology market to hit $14.4 billion
The global market for agricultural biotechnology was $13.7 billion in 2011 and is estimated to grow to $14.4 billion in 2012 according to a study of Companies and Markets (C&M).
Growing at a compound annual growth rate (CAGR) of 11.4%, C&M expects it is to reach nearly $24.8 billion in 2017.
Transgenic seeds make up the bulk of the agricultural biotechnology market, with a global value of $13.5 billion in 2011. This market is expected to reach $14.1 billion in 2012 and is forecast to reach $20.4 billion by 2017, growing at a CAGR of 7.6%.
The synthetic biology-enabled products market was $192.7 million in 2011 and is expected to reach $199.8 million in 2012. This market is further projected to reach nearly $3.9 billion by 2017, a CAGR of 81.0% for a period of five years, i.e., 2012 to 2017.
Agricultural biotechnology contains a wide range of products, and is of interest to a wide audience. Applications include agriculture-themed microarrays and lab-on-chip devices, RNA interference assays, agriculture-derived biofuels and chemicals, and transgenic seeds.
Rapid changes in highly technical fields such as DNA sequencing and synthetic biology are driving new products in agriculture. These developments create unique market opportunities. This report analyzes these trends and their impact on future markets for agricultural products.
Companies and Markets compiled a study of existing and future agricultural biotechnology products and technologies that will be commercially important.
They present markets by product type (microarrays, DNA sequencing, biochips, synthetic biology-enabled and transgenic seeds), by crop type and by geography. Important market segments covered include life science tools, synthetic biology and transgenic seeds.
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