Rise in innovation in varying biological and biotechnology to achieve better results in new forms of respective products. On the backdrop of the applications of biotechnology in preparing better plant generations with more developed properties is expected to favor growth in the plant biotechnology services market in the near future
Global plant biotechnology services market, By Product Type (Genomics Services, Analytical Chemistry, Cellular Imaging, Forage Analysis, Transformation Services), By Application (Research Institutes, Pharmaceuticals Companies, Biotechnology Companies) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
The global plant biotechnology services market is estimated for more than US$ 96.4 Bn in the year 2020 and expected to grow at a significant CAGR of 7.2% during the forecast period and expected to reach to the value of more than US$ XX Bn in 2025.
As per the report,plant biotechnology, also known as green technology, is a technique uses organic phenomenon to embellish agriculture and food quality. It can be defined as one of the functions of science and technology to amend and enhance the inorganic or organic substances so as to cultivate goods and services.
Basically, plant biotechnology is a field of cultivation and explorations in which biological principles and biological systems are occupied to resolve technical complications.
Over the past decade, there have been numerous developments in biotechnology that have paved the way to the buildup of more novel fields such as biochips and biomaterial, cellular engineering, nano-biotechnology, stem cells, and many more.
Owing to which, the global plant biotechnology services market is projected to grow positively in the forthcoming future. Notably, biotechnology is an extremely broad field and zillions of novel techniques in biology can cultivate huge output and more nourishing and strengthening crop types, enhance protection from diseases and also decrease the requirement for compost and other costly agricultural preservatives.
Attributing to such factors, the global plant biotechnology services market is estimated to accelerate further in the near future. In addition to that, the rise in demand for biofuel and transgenic crops all over the world is also expected to support the growth of the global plant biotechnology services market.
Along with that, in present times, the world’s population is submerging the food supply, which in turn increases the need to implement plant biotechnology in all lines of business. The food manufacturing, for both quality and quantity as well as for fresh plant material and commodities, in matured and emerging regions around the world, cannot depend entirely on traditional agriculture practices.
The incorporation of traditional agriculture or breeding with advanced plant biotechnology and its latest tools is the need of the hour for the existence of humans, resultantly which is projected to boost the growth of the global plant biotechnology services market during the forecast period.
Moreover, in order to enhance grain quality of food and similarly increase the food production across the world, the plant cell culture methods can be used, which conclusively promotes the utility of plant technology. These methods also assist in after-harvest applications of food substances. Hence, the global plant biotechnology services market is expected to witness rapid growth in the coming years.
MMC study identifies some of the key participating players in the plant biotechnology services market globally are Thermo Fisher Scientific Inc., Agilent Technologies, GenScript Biotech Corporation, Eurofins Scientific SE, among several others.
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