South Korea Agriculture Biotechnology Market Overview, 2029

South Korea Agriculture Biotechnology Market Overview, 2029

In South Korea, the biotechnology agriculture business is rapidly expanding, providing several chances for innovation. Biopesticides, biofertilizers, and disease-resistant crops are key items in this rapidly growing sector, with a strong emphasis on non-GMO uses. Recent advances in gene editing technology have helped to improve crop yields and stress tolerance, further propelling the market forward. Furthermore, vertical farming technologies are gaining popularity, particularly in urban settings, as they allow for year-round production while also solving space concerns. A significant cultural change toward prioritising food safety and sustainability is driving demand for biotechnology solutions in agriculture. South Korean consumers are becoming more aware of the origins and production techniques of their food, highlighting the need for safer and more sustainable farming practices. Furthermore, the country's rising reliance on imported food highlights the significance of increasing domestic output through technical breakthroughs. Government support for R&D activities promotes innovation in the sector, harmonising with societal tendencies toward sustainability and self-sufficiency. South Korea's biotechnology market may be less than those of regional peers such as China and Japan. However, the country has excellent research skills in this field. South Korea has less public opposition to genetically modified organisms (GMOs) than Japan, which could help to accelerate the development and adoption of biotech solutions. This could give South Korea a competitive advantage in the regional biotech scene, enabling for more efficient research and development procedures and faster market access for biotech products.

According to the research report “South Korea Agriculture Biotechnology Market Overview, 2029,"" published by Bonafide Research, the South Korea Agriculture Biotechnology market is growing at a CAGR of more than 9% from 2024 to 2029. Several factors are propelling South Korea's biotechnology agriculture market. The need for greater food security in the face of rising population demands and climate change necessitates creative agricultural practices. Furthermore, the necessity for increased labour efficiency in the face of agricultural labour shortages encourages the use of biotechnology solutions. However, the industry is not without obstacles. Public concern over genetically modified organisms (GMOs) is a substantial barrier, needing open communication and strong safety precautions. Furthermore, the high costs of research and development, combined with regulatory complications, present additional obstacles for market competitors. South Korea's regulatory framework for agricultural biotechnology is changing. The passage of the Act to Promote Green Bio Industry in December 2023 demonstrates the government's commitment to promoting biotechnological breakthroughs in agriculture. This legislation, which will go into effect in January 2025, aims to reward and support sector-wide research and development efforts. However, tight rules controlling GMO safety evaluation and management highlight the significance of following established processes to assure consumer safety and environmental protection.

In the realm of hybrid seeds, a cornerstone of modern agricultural practices, the deliberate cross-pollination of genetically distinct parent plants within the same species has revolutionised crop cultivation. These hybrid seeds amalgamate desirable traits from each parent, yielding offspring plants endowed with heightened characteristics such as increased yield, improved disease resistance, better tolerance to environmental stressors, and uniform growth and appearance. This category of biotechnological innovation has significantly bolstered agricultural productivity and sustainability, offering farmers across the globe a powerful tool to enhance crop quality and yield potential. Transgenic crops, commonly known as genetically modified organisms (GMOs), represent another pivotal facet of biotech agriculture. Through genetic manipulation techniques, such as gene insertion from other organisms or modification of existing genes within the plant, transgenic crops are endowed with novel traits tailored to specific agricultural needs. These traits can range from pest resistance and herbicide tolerance to enhanced nutritional profiles, offering solutions to pressing challenges in modern agriculture, such as pest management and nutrient optimization. Bio-pesticides, derived from natural sources such as bacteria, fungi, viruses, plants, and minerals, constitute an eco-friendly alternative to conventional chemical pesticides. These biologically derived pest control products provide targeted solutions for crop protection while minimising adverse effects on beneficial insects and wildlife. With their ability to degrade rapidly in the environment, bio-pesticides contribute to sustainable pest management practices, aligning with the growing demand for environmentally conscious agricultural solutions. Bio-fertilizers, comprising living organisms or organic substances, play a crucial role in enhancing soil health and fertility. By promoting nutrient availability and uptake, bio-fertilizers contribute to improved crop growth and yield potential. Key mechanisms include nitrogen fixation, phosphorus solubilization, and stimulation of plant root growth, underscoring the multifaceted benefits of these biotechnological interventions in agriculture.

The South Korean biotechnology industry is expanding rapidly, thanks to a mix of reasons including rising consumer demand for bio-based products and encouraging government efforts like the Next-generation Bio-Green 21 Project. This initiative provides critical support for research infrastructure, encouraging innovation and progress in the field. Furthermore, trade events such as the KOREA BIO INTERNATIONAL CONVENTION provide forums for displaying the most recent innovations, promoting collaboration and knowledge sharing among industry stakeholders. Recent industry developments highlight the government's commitment to fostering green bio industry efforts, as indicated by the passage of the Act to Promote the Green Bio Industry in 2023. This legislative assistance strengthens the sector's growth trajectory and stimulates additional investment in R&D. Furthermore, sustained development in output volume in the biotechnology industry, as seen in 2022, demonstrates the sector's resilience and potential for expansion. The establishment of the Agricultural Biotechnology Research Center in 2021 emphasises efforts to improve research capacities and stimulate innovation in agricultural biotechnology. These latest achievements add to the dynamic environment of the South Korean biotechnology industry, identifying areas for growth and innovation. South Korea's biotechnology industry relies on imports for some raw materials. However, government attempts are underway to boost domestic production capacity, reducing reliance on foreign supplies. South Korea hopes to increase its biotech industry's resilience and sustainability by encouraging local raw material production, maintaining a stable supply chain for biotech goods, and reducing vulnerability to external forces.

In terms of sales channels, biotechnology products are expected to be distributed through strategic agreements with agricultural cooperatives and seed businesses. These collaborations can assist in reaching out to a larger population of farmers and agricultural professionals who could benefit from biotech solutions. Collaboration with cooperatives and seed firms can expand the accessibility of biotech products into rural communities where agriculture is the primary source of income. Furthermore, e-commerce platforms offer a significant opportunity for direct-to-consumer sales. Biotech firms can communicate with consumers directly through internet platforms, providing them with access to novel agricultural products and technologies. This direct method also allows for greater communication to customers about the benefits and safety of biotech products, which may increase acceptance and uptake. The COVID-19 epidemic has highlighted the necessity of domestic food production and security. In response, there is a rising understanding of agricultural biotechnology's potential to boost productivity and resilience in the face of disasters. The pandemic may hasten the adoption of agricultural biotechnology as governments and stakeholders look for novel solutions to solve food supply chain disruptions and secure food sovereignty. This increased emphasis on local food production may stimulate investment and research in agricultural biotechnology, establishing South Korea as a vital player in the worldwide fight to improve food security.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Agriculture Biotechnology market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Hybrid Seeds
• Transgenic Crops
• Bio-pesticides
• Bio-fertilizers

By Technology
• Genetic Engineering
• Tissue Culture
• Embryo Rescue
• Somatic Hybridization
• Molecular Diagnostics
• Vaccine
• Others

By Application
• Transgenic Crops & Animals
• Antibiotic Development
• Biofuels
• Vaccine Development
• Nutritional Supplements
• Flower Culturing
•
By Crop Type
• Soybean
• Maize
• Cotton
• Others (Canola, alfalfa, sugar beets, potatoes, papaya, squash, apples)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Agriculture Biotechnology industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.