According to a new report, “Agricultural Biotechnology: Emerging Technologies and Global Markets” by BCC Research, the global market for ag biotechnology is expected to grow to $46.8 billion by 2019, with a five-year compound annual growth rate (CAGR) of 11 percent.
The biotechnology tools category — the fastest growing segment of the market — is moving at a CAGR of 49.9 percent.
“Rapid changes in highly technical fields such as DNA sequencing, genome editing and synthetic biology are driving new products and applications in agriculture,” according to the authors.
Genomic-enabled products, the largest segment of the overall market, include transgenic seeds and synthetic biology-enabled products, which use plant feedstocks. This segment is expected to reach $38.6 billion in 2019 to register a CAGR of 10 percent.