MANILA, Philippines–The global agricultural biotechnology market hit $27.8 billion as of the end of 2014, sustaining a projected compound annual growth rate of 11 percent.
This was disclosed in a report released by international market research organization BCC Research. The report also projected that the the global market for agricultural biotechnology could hit $46.8 billion by 2019.
“North America and South America are the leading geographic markets for agricultural biotechnology products,” the BCC Research report said. “South America and Asia are projected to post high growth rates in their markets due to favorable regulatory climate and new transgenic crops,” the report added.
“Biotechnology tools, including DNA sequencing, biochips, RNA interference, synthetic biology and genome editing tools comprise a small but high growth segment of the industry,” the report said.
The said tools, it explained, “enable the development of better plant breeding programs, as well as novel plant traits, thus enhancing downstream agricultural markets.”
“The market growth for biotechnology tools is aided by the ongoing revolution in genomics, which is rapidly changing how plant breeding is done and is accelerating the discovery and implementation of new plant traits,” BCC Research pointed out.
In the Philippines, the Southeast Asian Regional Center for Graduate Study and Research (Searca) said the farm income of farmers engaged in biotech crop cultivation had reached some P400 million over a nine-year period. It said the Philippines had “achieved self-sufficiency in yellow corn over the same period” following the introduction of a biotech corn variety in the country.
The Searca also said the Philippines’ advances in biotech crop cultivation were key to improving the country’s food security and reduce the country’s reliance on imported corn. The center also confirmed that higher biotech yellow corn harvests “have helped the Philippines stop the annual importation of some one million metric tons of this commodity which is used by the livestock industry.”