Fastest Growth in Plant Genomics Market in Coming Years
Posted: Jan 23, 2021
The 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.
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.
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Based on objectives, the plant genomics market is segmented into DNA/RNA sequencing, genotyping, market-assisted selection, gene expression profiling, GMO-trait purity testing, DNA extraction & purification, and other objectives. DNA/RNA sequencing is estimated to be the most popular service required in the plant genomics market. The increasing number of samples tested per machine run due to efficient technological developments have encouraged companies to offer these services at cheaper costs. A common trend witnessed for basic information sequencing in the agricultural industry and among research professionals is to identify common markers such as plant height for breeding purposes. However, with the evolution of plant genomics research, the demand for genotyping tests is projected to surpass the demand for other objectives by 2025.
By type, the plant genomic market is divided into molecular engineering, genetic engineering, and others. The major plant breeders such as Bayer (Germany), Monsanto (US), DowDuPont (US), and BASF (Germany) have invested in plant breeding and been developing seed traits based on molecular breeding and genetic engineering techniques. Moreover, the favorable regulatory environment for GM crops in the US has encouraged plant breeders to adopt biotechnological methods at a larger scale in the country. The use of genetic engineering techniques for corn and soybean breeding is the highest in the US, while the adoption of molecular breeding techniques in Canada has been slowly rising.
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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This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the plant genomics market. It includes the profiles of leading companies such as Eurofins Scientific (Luxembourg), Illumina, Inc. (US), NRGene (Israel), Neogen Corporation (US), Qiagen (Germany), Agilent Technologies (US), KeyGene (Netherlands), LC Sciences (US), Traitgenetics GmbH (Germany), Novogene Corporation (China), Oxford Nanopore Technologies (UK), Genewiz (US), BGI Genomics (China), Genotypic Technologies (India), and Floragenex (US).
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