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FORT COLLINS, Colo., April 6, 2024 (Globe Newswire) — of Plant biotechnology market It was valued at USD 105.1 billion in 2023 and is expected to grow at a CAGR of 11.4% to reach USD 276.9 billion by 2032.
The plant biotechnology market is poised to expand, delivering measurable and important benefits to the environment, consumers, and farmers worldwide. The combination of genetic advances and plant biotechnology equipment has allowed plant breeders to accelerate crop improvement, resulting in increased quality and yield. This is in line with sustainable development goals such as ensuring healthcare, adequate food supply, and providing accessible, affordable and clean energy, contributing to the growth of the plant biotechnology market.
The main factor driving the increased demand for plant biotechnology is its ability to promote faster growth of plants and crops. Genetic modification, a hallmark of plant biotechnology, allows plants to resist various crop diseases, increase their nutritional value, and reduce the need for pesticides and herbicides. As a result, researchers and biotech companies are investing in this technology to help farmers achieve high-quality yields at a faster pace, thereby reducing waste and addressing hunger issues. . According to the World Food Program, food insecurity and hunger cause an estimated 9 million deaths worldwide each year. Plant biotechnology is essential to alleviate food production challenges, increase crop yields, and contribute to food security. Moreover, considering the growth of the world’s population, many companies are investing in this technology to improve product quality and production and meet the growing food demand.
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Segmentation overview:
The global plant biotechnology market has been segmented into: Crops, Technologies, Services, Applications, End Users, Regions. Based on application, the segmentation of the plant biotechnology market includes soil treatment, breeding, yield enhancement, genetic modification, and disease resistance. Genetic modification accounts for a significant share in the application area of the plant biotechnology market. The Organization of the Royal Society, a body of scientists in London, defines genetic modification of plants as the addition of specific DNA to a plant’s genome to give the plant new or improved characteristics.
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Plant Biotechnology Market Report Highlights:
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The main factor contributing to the growing demand for plant biotechnology is that it facilitates the growth of plants and crops. One of its features is genetic modification, which makes plants resistant to various crop diseases, increases their nutritional value, and reduces the need for the use of pesticides and herbicides.
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North America accounts for a major share in the plant biotechnology market, with the United States dominating the region.
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Prominent players in the Plant Biotechnology market report include Indigo Agriculture, AgroSustain SA, NewLeaf Symbiotics Inc., Symborg, Locus AG, Plant Sciences Inc., Pheronym, Afingen, Inari Agriculture Inc., Benson Hill, etc.
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Plant Biotechnology Market Segmentation:
By crop: Cereals and grains, oilseeds and pulses, fruits and vegetables, and more
By technology: RF technology, Wi-Fi technology, imaging technology, Bluetooth technology, cloud-based technology, etc.
By service: GMO analysis, cell imaging, analytical chemistry, genomics services, quality assessment
By application: Soil treatment, breeding, yield improvement, genetic modification, disease resistance, etc.
By end user: Research institutes, pharmaceutical industry, agricultural companies, biotechnology companies
By region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
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