Agricultural Biotechnology Market Size, Share, Growth Analysis, By Technology (Genetic Engineering, Tissue Culture), By Application (Vaccine Development, Transgenic Crops & Animals), By Organism (Plants, Animals), By Region - Industry Forecast 2024-2031

Drivers

High Demand for Food Around the world

• The world has witnessed a robust hike in population as life expectancy and birth rates keep rising across multiple countries. This rapidly increasing population is also driving up the demand for food products thereby creating new opportunities for agricultural biotechnology companies in the future.

Changing Climatic Conditions of the Planet

• Global warming has led to some major climate changes around the world, and this has resulted in uncertain conditions for agriculture. Agricultural biotechnology is trying to overcome these uncertain conditions to maintain a proper food supply chain by genetically altering plants and increasing their disease resistance as well.

Restraints

Ethical Concerns

• Although agricultural biotechnology seems to solve some major issues for the world it is also raising some serious ethical concerns regarding genetic engineering of different types of organisms. This approach is quite unnatural and has been met with strong resistance thereby impeding agricultural biotechnology demand outlook.

Limited Adoption in Developing Countries

• Agricultural biotechnology is a relatively novel concept to the world, and this is why awareness regarding the same is quite limited in underdeveloped and developing countries. This is projected to slow down the overall agricultural biotechnology market development in the future.