Europe's Agricultural biotechnology market was valued at USD 12.73 billion in 2023 and is anticipated to reach USD 14.09 billion in 2024 from USD 31.81 billion by 2032, estimated to be growing at a CAGR of 10.71% from 2024 to 2032.
Transgenic crops increase agricultural productivity and benefit producers, consumers, and farmers in terms of improved yield and crop quality. Genetically modified or transgenic crops are among the top end users of agricultural biotechnology. Agricultural biotechnology could advantage consumers and also producers and farmers.
The transgenic cropping method offers more crop varieties to consumers than cross-pollination or any natural process can offer. It provides higher & improved yield, resistance to pests, longer shelf life, and high nutritional value, due to which food grains demand-supply gap is reduced. This is expected to drive the market. Increase in the demand for bio-fuel due to exhausting conventional resources is further expected to fuel the market growth.
Transgenic crops are expected to account for a major share of the market revenue. Corn and soyabean are the mostly widely consumed crops. Soyabean is expected to grow at the highest rate during the forecast period. Synthetic biology-enabled products and tools, on the other hand, are growing at a slower pace, considering their smaller shares in the past.
On the basis of geography, the market is analyzed under various regions, namely U.K., Germany, Italy, France, and Spain. Europe is growing at a steady rate.
Key players operating in the market include Dow AgroSciences, Vilmorin, Certis USA, KWS SAAT AG, Monsanto, Syngenta, Evogene Ltd, Bayer Crop Science and DuPont.
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