Market Overview
Synthetic Biology is a field of science that seeks to redesign organisms by engineering them to possess new abilities. It merges biological research and engineering concepts to solve the existing problem regarding sustainability, food safety, and nutrition in the agriculture and food industry.
According to the MarkNtel Advisors' research report, "Global Synthetic Biology in Agriculture and Food Market Analysis, 2021," the market is likely to grow at a CAGR of around 35% during 2021-26. The market growth is accredited to the high demand for ethical, sustainable, and efficient solutions to fulfill food needs. Synthetic biology helps solve the problem of food safety and eliminates the presence of nutrition deficiency in food.
Further, burgeoning awareness regarding the benefits of nutritious food in human health and the shift of massive consumers towards using bio-based products drives lucrative growth opportunities for the market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 35% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy and Others | |
| Asia-Pacific: India, Japan, Australia and Others | |
| South America: Brazil, and Argentina | |
| Middle East & Africa: Israel, South Africa, Others | |
| Key Companies Profiled | AgBiome, Inc., Agrivida, Inc., Arzeda, Amyris, Inc., Bayer AG, Concentric Agriculture Inc., Evolva Holding SA, Pivot Bio, Inc., Benson Hill Biosystems, Inc, Cibus, Ltd, Codexis, Inc., GINKGO BIOWORKS, Twist Bioscience |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
The imposition of lockdown, social distancing measures, need for isolation, and restriction on movement in the pandemic-frenzied world has affected the agriculture and food industry, both positively & negatively. The agricultural workers were required to stay at home due to lockdown, which impacted the production capacity and cross-border trading.
On the other hand, due to rising concerns for top-quality nutritious food and the requirement of advanced technologies, food safety provided profitable opportunities for the growth of synthetic biology in the agriculture and food industry.
