According to TechSci Research report, Plant Genomics Market Global Industry Size, Share, Trends,Competition Forecast Opportunities, 2028, the Global Plant Genomics Market stood atUSD 7.68 Billionin 2022 and is anticipated to grow with a CAGR of8.26%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.
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 (RD) 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.
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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 (FB) 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 GlobalPlant GenomicsMarket 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, 2018-2028SegmentedBy 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 andCompetition, 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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