Plant Genomics Market to Grow with a CAGR of 8.26% through 2028
Adoption of next-generation sequencing technologies
and increasing application of genomics in plant breeding is expected to drive
the Global Plant Genomics Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Plant
Genomics Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Plant Genomics Market stood
at USD 7.68
Billion in 2022 and is anticipated to grow with a CAGR of 8.26% in the forecast
period, 2024-2028. The global plant genomics market is primarily driven by
several key factors. First among these is the increasing demand for improved
crop varieties. As the global population continues to rise, so does the
necessity for high-yield crops that can sustain this growth. Advancements in
plant genome sequencing technology and our understanding of plant genomes have
considerably expanded, making it possible to alter plant genetics for better
resilience and productivity.
The burgeoning interest in sustainable farming
practices and climate-resilient crops further bolsters this market. Government
and private funding for research in plant genomics has seen a significant
uptick, further propelling market growth.
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The global plant genomics market is experiencing
remarkable growth, driven by rapid advancements in biotechnology and the
pressing need for sustainable agriculture practices. As researchers delve
deeper into the realm of genomics, they are uncovering new opportunities to
enhance plant resilience, improve productivity, and combat malnutrition. By
developing crops that are more resistant to pests and diseases, require fewer
resources, and possess higher nutritional value, genomics is revolutionizing
the way we approach agriculture.
The market is primarily driven by the increasing
prevalence of protein deficiency among individuals, leading to a growing demand
for protein-rich plants. The market is witnessing a rise in the demand for
high-quality fruits, vegetables, and cereals due to the expanding population.
Furthermore, extensive research and development (R&D) activities aimed at
developing advanced plant genomics methods are fostering a positive outlook for
the market. Additionally, favorable initiatives undertaken by government bodies
in various countries to promote improved plant and crop growth programs are
bolstering the market. Moreover, the significant loss of vegetative cover has
necessitated the adoption of alternative scientific methods to enhance
vegetation and increase plant productivity. The market is further propelled by
the shifting preference towards genomics over automated instruments, driven by
its cost-efficiency and the increasing costs associated with automated
instruments. Other factors contributing to the market include the rising demand
for a bio-based economy to enhance food security, rapid urbanization,
substantial growth in the food and beverage (F&B) industry, the increasing
trend of veganism, and a heightened focus on sustainable development.
Moreover, genomics is proving to be a vital tool in
addressing the urgent challenges posed by climate change. With its help,
scientists are developing climate-smart crops that can thrive in harsh
environmental conditions, safeguarding our food supply for the future. By
leveraging the power of genomics, we can create a more resilient and
sustainable food system that withstands the impacts of a changing climate. Furthermore,
with the increasing global population and evolving dietary preferences, there
is a pressing need for high-yield crops that can meet the growing food
requirements sustainably. This demand has paved the way for the field of plant
genomics, which offers a promising solution. By leveraging the power of plant
genomics, scientists and researchers can develop genetically improved crops
that not only yield higher quantities but also boast improved nutritional
content and enhanced resistance to environmental stresses.
The Global Plant Genomics Market is segmented into
type, trait, objective, application, regional distribution, and company.
Based on trait, Disease resistance is undeniably the
dominating segment in the agricultural industry, driven by an escalating global
demand for high yield crops. These crops not only deliver abundant harvests but
also possess remarkable resilience against a wide array of plant diseases. This
resilience is achieved through harnessing the power of plant genomics, which
enables the enhancement of disease resistance. By leveraging cutting-edge
genomic technologies, this segment plays a pivotal role in safeguarding food
security and ensuring a sustainable future for generations to come.
The significance of disease resistance in the market
is further accentuated by its indispensable contribution to meeting the
ever-increasing demands of a growing population. As the world population
continues to expand, the need for efficient and resilient crop production
becomes paramount. Disease-resistant crops offer a promising solution, reducing
the reliance on chemical pesticides and promoting environmentally-friendly
agricultural practices. This not only benefits farmers by reducing crop losses
but also contributes to the preservation of ecosystems and biodiversity. Disease
resistance is a crucial and transformative aspect of the agricultural industry.
Its impact extends far beyond crop yield and profitability, encompassing food
security, sustainability, and environmental stewardship. By continually pushing
the boundaries of plant genomics research, we can unlock new possibilities and
pave the way towards a more resilient and prosperous agricultural future.
Based on region, the Asia Pacific region is at the
forefront of the Global Plant Genomics Market, driven by a multitude of
factors. Firstly, the surge in population growth in the region has created a
pressing need for increased food production. This, in turn, has intensified the
demand for efficient crop yield, making plant genomics a critical field of
study. Moreover, the Asia Pacific region boasts a diverse range of agro-based
economies that are progressively embracing biotechnological advancements in their
agricultural practices. Governments in the region are also providing strong
support through funding and research initiatives, further fueling the growth of
plant genomics. Additionally, the presence of leading players in genomics and a
thriving market for genetically modified organisms (GMO) in countries such as
China and India substantiate the region's dominance in the market. With its
combination of favorable demographics, technological innovation, and
governmental support, the Asia Pacific region continues to shape the future of
plant genomics.
Major companies operating in Global Plant
Genomics Market are:
- Eurofins Scientific SE
- Agilent Technologies, Inc.
- Illumina, Inc.
- NRGene Ltd.
- Qiagen NV
- Traitgenetics GmbH
- Novogene Corporation
- Oxford Nanopore Technologies Ltd.
- Genewiz, Inc.
- Genotypic Technology Pvt Ltd.
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“The future of the global plant genomics market looks
highly promising, driven by significant technological advancements and a
substantial increase in investment in research and development activities. With
the rapid emergence of precision farming and bioinformatics, innovative mapping
technologies for plant genomes are expected to flourish, providing breeders
with unprecedented opportunities to develop highly improved and resilient plant
varieties. This will not only enhance crop yield but also bolster the plants'
resistance to various diseases and environmental stressors. Furthermore, the
escalating demand for genetically modified crops (GMOs) to meet the
ever-growing global food demand is anticipated to further stimulate the growth
of the plant genomics market. As science continues to unravel the secrets of
plant genetics, we can expect a bright future for this dynamic and rapidly
evolving field.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Plant Genomics Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Molecular
Engineering, Genetic Engineering, Others), By Trait (Yield Improvement, Disease
Resistance, Herbicide Tolerance, Others), By Objective (DNA Extraction &
Purification, DNA/RNA Sequencing, Genotyping, GENE Expression Profiling,
Marker-Assisted Selection, Others), By Application (Cereals & Grains,
Oilseeds & Pulses, Fruits & Vegetables, Others), By
Region and Competition”, has evaluated the future growth
potential of Global Plant Genomics Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Plant Genomics Market.
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