Global Agrigenomics Market Poised to Witness Substantial Growth due to Increasing Development of High-yield Crop Varieties
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Global Agrigenomics Market |
The global agrigenomics market deals with gene function in crops and application of molecular techniques to improve plant yields. Agrigenomics technologies aid in the development of high-yielding, disease resistant crop varieties through enhanced understanding of genomes. Increased farming productivity to meet rising global food requirements is driving demand for agrigenomics techniques.
The
Global Agrigenomics Market is estimated to be valued at US$ 4.30 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period
from 2024 to 2031.
Key Takeaways
Key players operating in the global agrigenomics market are BGI, Illumina,
Inc., Eurofins Scientific SE, LGC Limited, Arbor Biosciences, Biogenetic
Services Inc., Galseq Srl Via Italia, Thermo Fisher Scientific, Inc., Agilent
Technologies Inc., and Tecan Genomics Inc. Rapidly developing RNA and DNA
sequencing technologies provide key opportunities in the market. Increasing
private sector investments and government funding for agrigenomic R&D is
expected to boost the global expansion of the market over the forecast period.
Market drivers
The key driver for the global agrigenomics market is the rising demand for
high-yield and climate resilient crop varieties to address the crucial need for
increased global food production. Agrigenomics techniques aid in characterizing
gene function and exploring untapped genetic diversity which helps in
developing superior crops tailored to different agro-climatic conditions. This
is expected to fuel market growth over the next few years.
PEST Analysis
Political: The agrigenomics market is influenced by government policies and
regulations related to agricultural biotechnology. New laws related to the use
of genetically modified crops can impact the demand for agrigenomics services.
Economic: Rising global population and increasing demand for food are driving
the need to improve crop yields. Agrigenomics helps in developing high-yielding
crop varieties economically. This factor supports market growth.
Social: Concerns related to GMO foods and their safety influence consumer
preferences. Educating farmers about the benefits of agrigenomics plays a key
role in adoption.
Technological: Advancements in technologies like next-generation sequencing,
bioinformatics, and data analysis are boosting applications of agrigenomics.
These allow faster and cost-effective analysis of plant and animal genomes.
The agrigenomics market in terms of value is concentrated in regions like North
America and Europe. Higher research spending and presence of leading players
drive the market in these regions. Meanwhile, the Asia Pacific region is
witnessing the fastest growth in the global agrigenomics market due to growing
government focus on increasing farm productivity and commercialization of
agrigenomics technologies. Countries like China and India are major contributors
to the growing APAC market.
In terms of geographical revenue distribution, North America holds the largest
share in the global agrigenomics market currently. However, the Asia Pacific
region is emerging as the fastest growing regional market and will extend its
lead over other regions in the coming years. Factors such as rising investments
in agricultural R&D, growing population, increasing demand for food, and
advancing tertiary sector are boosting the Asia Pacific agrigenomics market significantly.
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