Biotech Crops Market Trend Analysis and Future Growth Prospects to 2030

The Biotech Crops Market is demonstrated strong growth in 2021 and is anticipated to experience a rapid increase in revenue over the projected timeframe. The demand for Genetically Modified (GM) crops is rising due to the growing global food requirements and the desire to enhance crop productivity. Additionally, the adoption of biotech crops is increasing as farmers worldwide benefit from improved socio-economic conditions. Furthermore, governments around the world are providing increased support for the development of biotech crops, further propelling market revenue growth. Biotech crops offer advantages such as improved food security, sustainable development, and climate change mitigation, which has resulted in their widespread adoption. Consequently, these factors are expected to contribute to the ongoing revenue growth of the global market.

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Biotech Crop Market Segments:

Crop Type Outlook:

The revenue generated from different crop types in the biotech crop market is projected to witness substantial growth from 2019 to 2030. Among the crop types, soybean is expected to contribute significantly to the market revenue. The increasing demand for soybean, driven by its versatile applications in various industries including food, feed, and biofuels, is a key factor supporting its growth in the biotech crop market.

Maize, another prominent crop type in the market, is also anticipated to exhibit considerable revenue growth over the forecast period. The adoption of biotech maize, with traits such as insect resistance and herbicide tolerance, is gaining traction among farmers due to its potential to improve yield and protect crops from pests and weeds.

Rice, a staple food crop for a large population globally, is expected to witness steady growth in terms of revenue. The development of genetically modified rice with enhanced traits, such as disease resistance and improved nutritional value, is likely to drive the adoption of biotech rice.

Cotton, a major fiber crop, is projected to contribute significantly to the market revenue as well. The adoption of biotech cotton, particularly with traits like insect resistance, has demonstrated notable benefits, including reduced pesticide use and improved fiber quality, leading to its increased cultivation.

Canola, another crop type in the biotech crop market, is expected to witness substantial growth over the forecast period. Biotech canola, with traits like herbicide tolerance and improved oil composition, offers advantages such as weed control and enhanced nutritional profiles, contributing to its market growth.

Lastly, the "Others" category encompasses various crop types, including fruits and vegetables, with their respective revenue contributions to the biotech crop market. The diverse range of crops within this category offers potential growth opportunities, driven by the development of genetically modified varieties with improved traits and characteristics.

Trait Outlook:

The market for biotech crops is also segmented based on traits, which play a crucial role in their adoption and revenue growth. Herbicide tolerance, a trait that enables crops to withstand herbicides, is expected to witness significant revenue growth. The increasing need for effective weed management and the convenience offered by herbicide-tolerant crops contribute to their market demand.

Drought resistance is another important trait in the biotech crop market. With the growing concerns over water scarcity and unpredictable climatic conditions, the adoption of genetically modified crops with improved drought tolerance is expected to increase, driving the revenue growth of this trait.

Insect resistance, a trait that protects crops from damaging pests, is anticipated to contribute significantly to the market revenue as well. The adoption of biotech crops with insect resistance traits offers farmers a more sustainable and cost-effective approach to pest management, resulting in improved yields and reduced pesticide usage.

Furthermore, the concept of stacked traits, where multiple desired traits are combined in a single crop, is gaining prominence in the biotech crop market. Stacked trait crops provide enhanced benefits, such as resistance to multiple pests or improved tolerance to herbicides, thereby offering greater value to farmers. The increasing adoption of stacked traits is expected to drive the revenue growth of this segment.

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Biotech Crop Market Strategic Developments:

• In September 2021, a foundation professor associated with the University of Nevada was awarded USD 1.55 million grant by the National Science Foundation to carry out research on improving drought tolerance and efficiency of water use in plants to aid in preservation of agricultural productivity amid climate change. The aim of the department is to create drought-tolerant crops to help in global food production during periods of intense drought.
• In October 2021, a team of agricultural scientists and experts approached Karnataka government for permission to conduct Biosafety Regulatory Level 1 field trials of crops like Bt maize and Bt cotton. This move is a part to accelerate adoption of technological advancements to improve crop productivity and resist pest attacks.
• In December 2021, Phytoform, which is a start-up based in London and Boston, raised USD 5.7 million to develop gene-edited crops with AI tools and is expected to bring weather-resistant tomato, its first product to market in early 2022.

Biotech Crop Market Competitive landscape:

The Biotech Crop Market Report profiles several major companies operating in the industry. BASF and Bayer CropScience are among the leading players in the market. These companies are known for their extensive research and development efforts in biotechnology and crop science, as well as their innovative solutions for improving crop productivity and sustainability.

Agritope Inc. is another notable company in the biotech crop market. They specialize in developing advanced technologies for crop improvement, focusing on traits such as disease resistance, herbicide tolerance, and enhanced nutritional value. Their cutting-edge approaches contribute to the development of genetically modified crops with improved performance and market competitiveness.

Agrivida, Inc. is a key player known for their expertise in the field of agricultural biotechnology. They focus on developing novel technologies that enable crops to produce high-value industrial products, such as biofuels and specialty chemicals. By harnessing the power of biotechnology, Agrivida aims to create sustainable solutions for various industries while enhancing crop productivity.

Syngenta AG, a globally recognized company, holds a significant position in the biotech crop market. They are involved in the development and commercialization of genetically modified crops with traits such as insect resistance, herbicide tolerance, and drought tolerance. Syngenta's comprehensive portfolio of biotech crops contributes to their strong market presence and their commitment to sustainable agriculture.

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