Plant Genomics Market worth $11.7 billion by 2025

Chicago, 2021-May-11 — /EPR Network/ —

The global plant genomics market is estimated to be valued at USD 7.3 billion in 2019 and is projected to reach USD 11.7 billion by 2025, recording a CAGR of 8.3%. The plant genomics market has high potential in emerging markets, such as Asia Pacific, due to the increasing awareness about the possible ill-effects of GM crops or food products in developing countries.

Key Players in the Market:

  • Eurofins Scientific (Luxembourg)
  • Illumina, Inc. (US)
  • NRGene (Israel)
  • Neogen Corporation (US)
  • Qiagen (Germany)
  • Agilent Technologies (US)

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Based on application, the plant genomics market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Among cereals & grains, rice, wheat, and corn are majorly bred using plant breeding & sequencing techniques, to develop high-performing varieties. Rice, along with wheat and corn, underpins the global food supply. Field crop science (including breeding, pathology, and economics) has contributed to a steady increase in crop productivity from decades through the availability of better varieties and hybrids with more effective pest and disease control and better production capacities. Molecular engineering technique development for genetic analysis has led to a great upsurge in the knowledge of cereal genetics and understanding of the structure and behavior of cereal genomes.

The herbicide tolerance segment is projected to hold the largest market share in the market during the forecast period, as according to industry experts from prominent seed manufacturers, disease resistance and herbicide tolerance are traits that have been on demand, owing to the increasing instances of early germination pest attacks and regulations against crop protection chemicals.

Market Dynamics:

Drivers:

  • Technological Advancements Ensuring Strong Market Growth
  • Rise in Demand for Improved Crop Varieties
  • Cost-Effectiveness of Genomics
  • Rise in Plant Genome Funding Fueling the Adoption of Innovative Technologies

Restraints

  • Less Usage of Automated Instruments Due to High Cost
  • High Cost of Infrastructure

Opportunities:

  • Growth in Emerging Economies Providing Huge Scope for Market Development
  • Rising Opportunities for Using Novel Dna Sequencing Technologies

Challenges:

  • Lack of Awareness in Handling Modern Plant Genomic Technologies, in Developing Economies
  • Hazardous Effects of GMO’s Limiting Research Practices in Plant Genomics

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Geographical Prominence:

The key players in various countries of the Asia Pacific region are focusing on directing their investments toward biotechnology research on food crops and crops of high commercial value to cater to the increasing food requirements and to reduce poverty, particularly among resource-poor farming households. The expansion of biotech crop area in these countries has led to the increasing adoption of plant genomic techniques, such as genetic engineering and DNA sequencing. Due to these factors, the market in the Asia Pacific region is projected to record the highest growth from 2019 to 2025.

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