Technavio analysts forecast global agricultural biotechnology market to grow at a CAGR of 11%
- by Team ABLE - 03 Jan, 2019
Technavio analysts have forecasted that the global agricultural biotechnology market would grow at a CAGR of close to 11% during the forecast period of 2018-2022.
The development of standards for biostimulants is one of the major trends being witnessed in theglobal agricultural biotechnology market 2018-2022.The adoption of the strong regulatory framework is essential for the biostimulants market to assure the spread of safe products.
Consequently, several countries have developed standards that must be adhered to by the vendors in the biostimulants market. For instance, in the US, the Agriculture and Nutrition Act of 2018 included a definition of biostimulants in section 9201. Also, the European Parliament passed a plenary vote in 2016, which was instrumental in defining and setting up the market for biostimulants in Europe. Thus, the development of standards for biostimulants will impact market growth.
According to Technavio analysts, one of the key factors contributing to the growth of the global agricultural biotechnology market is the increasing demand for higher crop yield:
Global agricultural biotechnology market: Increasing demand for higher crop yield - With the substantial increase in the global population, the demand for food is rising significantly. The adoption of non-conventional farming methods combined with agricultural biotechnology is touted as the only method to cater to the growing demand for food. Thus, the increasing demand for higher crop yield will drive the growth of the global agricultural biotechnology market during the forecast period.
According to a senior analyst at Technavio, “Apart from the increasing demand for higher crop yield, factors such as the stricter regulatory controls on pesticides, and the increasing adoption of biostimulants are expected to fuel the growth of the global agricultural biotechnology market during the forecast period.”
The report also indicates that theAmericas region held the largest share of the market in 2017, followed by EMEA and APAC respectively. Although the APAC region held the smallest share of the market in 2017, it is expected to register the highest incremental growth during the forecast period.
The development of standards for biostimulants is one of the major trends being witnessed in theglobal agricultural biotechnology market 2018-2022.