Global agri-biotech market hits $27.8 bn in 2014

The global agri-biotech market sustains growth reaching US$27.8 billion by the end of 2014, according to the report released by BCC Research, a market research company based in the U.S. The global market for agri-biotech was US$26.4 in 2013. With the projected compound annual rate of 11 percent over the next five years, it is expected that the global market for agri-biotech might reach US$46.8 billion by 2019.
 

"North America and South America are the leading geographic markets for agricultural biotechnology products," the 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. It was also stated in the report that biotechnology tools, such as DNA sequencing, biochips, RNA interference, synthetic biology and genomic editing tools "comprise a small but high growth segment of the industry."