The growing applications of genomics in plant breeding are expected to drive the growth of the global plant genomics market during the forecast period. According to the TechSci Research report, “Plant Genomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global plant genomics market is anticipated to grow at an impressive rate in the forecast period, 2023-2027.
The Important Aspects of the Plant Genomics Market
This can be ascribed to the increasing application of genomics in plant breeding, raising funds for agricultural development, and government initiatives for improving crop quality. Besides, the increasing population across the globe, rising demand for fresh and good quality fruits and vegetables, and rising need for reducing crop losses, among others are some of the factors expected to increase the demand for plant genomics in the coming years.
However, high costs associated with producing crops using plant genomics can slow down the growth of the global plant genomics market, especially in emerging countries. Besides, the lack of awareness and dearth of skilled professionals who could perform different techniques used in the field of plant genomics is further expected to restrict the market growth.
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The global plant genomics market can be segmented by type, trait, objective, application, and by region.
Based on type, the global plant genomics market can be segmented into molecular engineering, genetic engineering, and others. The molecular engineering segment is expected to dominate the market during the forecast period. This can be ascribed to the widespread adoption of this technique in developed countries such as the United States, Germany, United Kingdom, among others which opens the potential for commercialization in the developing world. Based on application, the global plant genomics market can be further differentiated into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Cereals and Grains dominated the market in 2021 and are expected to continue maintaining their dominance throughout the forecast period. This can be ascribed to the fact that genetically modified cereals and grains will help in garnering more profits in the market.
Major companies operating in the global plant genomics market are:
- Eurofins Scientific SE
- Agilent Technologies, Inc.
- Illumina, Inc.
- NRGene Ltd.
- Qiagen NV
- Traitgenetics GmbH
- Novogene Corporation
- Oxford Nanopore Technologies Limited
- Genewiz, Inc.
- Genotypic Technology Pvt Ltd
Major companies operating in the market are focusing on new product and technology launches, entering into collaborations and partnerships in order to accelerate the research related to agriculture and also have an edge over other players operating in the market. For instance, in January 2019, NRGene Ltd. Collaborated with Toyota (Japan) for decoding the commercial strawberry genome. Similarly, NRGene Ltd. In collaboration with South Korea-based company Macrogen Corporation launched an ultra-high-density sequencing-based genotyping service known as ArrayMAGIC.
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“Asia Pacific region is expected to register the highest growth in the global plant genome market during the forecast period. This can be ascribed to the growing need to improve crop traits and yield in order to meet the food demands of the ever-increasing population in the region, especially in countries like China and India. Besides, the increasing scope of agriculture and plant breeding in Japan is further expected to create lucrative opportunities for market growth in the coming years” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Plant Genomics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, 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) and By Region”, 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 the global plant genomics market.
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