A new study published by Transparency Market Research (TMR) titled Agricultural Biotechnology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019, reports that the global agricultural biotechnology market was worth US$15.3 billion in 2012, and is expected to double by 2019, growing at a 9.5% CAGR from 2013 to 2019.

According to the report, the growing global population has led to the increased demand for genetically modified (GM) crops. Increasing demand for biofuels due to depleting reserves of conventional fuels is further boosting the agricultural biotechnology market. It also states that the benefits of GM crops such as higher yield, resistance to pests, longer shelf life, and high nutritional value, make them widely accepted both in developed and developing countries.

The report notes that North America has faster adoption of GM crops, therefore dominating the global agricultural biotechnology market. Europe has a substantial consumption of GM crops for animal feed, imported from the U.S. and Brazil.

For more details about the report, read the news release at the TMR website.