NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- The agricultural biotechnology market size is projected to grow at a CAGR of 10.1% during 2017-2023, to cross $55.5 million by 2023. The market is growing mainly due to the increasing demand of agricultural biotechnology products include; the growing population size, rising per capita income, growing demand for biofuel, thriving demand for transgenic crops and regulatory support in the U.S. and Brazil.
Globally, the increasing per capita income has shifted the focus of agricultural biotechnology market players to invest in the development and production of the agricultural biotechnology products. For instance, according to the World Bank, the per capita income was $7,775.6 in 2006 which increased to $10,150.8 in 2016, globally. The per capita income of Argentina increased from $10,276.3 dollar in 2010 to $12,449.2 dollar in 2016 and in China it increased from $4,560.5 dollar in 2010 to $8,123.2 dollar in 2016. These countries are investing more in the production of agricultural biotechnology products due to rising per capita income, thus increasing the affordability of the buyers to purchase the agricultural biotechnology products.
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There are several issues related to the patient rights of the GM products and these issues result from the fact that the biological material at times can reproduce itself. Other issues include conservation of biodiversity and ethical dimensions of the protection and commercialization of biotechnological inventions. For instance, in 2011, The Public Patent Foundation filed a suit against Monsanto’s patents on GM seeds with farmers asking to be protected against the biotechnology giant’s potential lawsuits in case of accidental contamination from plants grown with its seeds. Patents have a life span after which they cannot be reissued, until and unless any innovation is done in the same. Once the patents expire, anyone can buy them at a very low cost and further resell it to some other company or get a patent on it after adding any modification in the product, affecting the growth of the agricultural biotechnology market.
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Key players in the agricultural biotechnology market are entering into partnerships with other firms to improve their position in the market. For instance, November 2017, ADAMA Agricultural Solutions Ltd. and Ceradis B.V. entered into an R&D agreement to develop new, innovative and sustainable crop protection products based on ADAMA’s active ingredients and Ceradis’ technology.
Some of the key players operating in the agricultural biotechnology market include Performance Plants Inc., Syngenta AG, Certis USA LLC, BASF SE, Monsanto Company, Global Bio-chem Technology Group Company Limited and ADAMA Agricultural Solutions Ltd.
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