Plant Genomics Market Will Hit Big Revenues In Future

Based on objective, the plant genomics market is segmented into DNA extraction & purification, DNA/RNA sequencing, genotyping, gene expression profiling, marker-assisted selection, GMO-trait purity testing, and other objectives.

(EMAILWIRE.COM, November 29, 2021 ) The plant genomics market is estimated to be valued at USD 7.3 billion in 2019 and is projected to reach a value of USD 11.7 billion by 2025, growing at a CAGR of 8.3% during the forecast period. Factors such as the rising demand for improved crop varieties is driving the growth of the plant genomics market.

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Key Market Players

The key players in this market include Eurofins Scientific (Luxembourg), Illumina, Inc. (US), NRGene (Israel), and Agilent Technologies (US). The major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

Market Dynamics

Drivers

• Technological Advancements Ensuring Strong Market Growth
• Rise in Demand for Improved Crop Varieties
• Cost-Effectiveness of Genomics
• Rise in Plant Genome Funding Fueling the Adoption of Innovative Technologies

Restraints

• Less Usage of Automated Instruments Due to High Cost
• High Cost of Infrastructure

Opportunities

• Growth in Emerging Economies Providing Huge Scope for Market Development
• Rising Opportunities for Using Novel Dna Sequencing Technologies

Challenges

• Lack of Awareness in Handling Modern Plant Genomic Technologies, in Developing Economies
• Hazardous Effects of GMO’s Limiting Research Practices in Plant Genomics

By type, the molecular engineering segment is projected to be the fastest-growing segment in the plant genomics market during the forecast period.

The molecular engineering segment in the market for plant genomics is projected to be the fastest-growing segment. Marker-assisted selection is the most widely adopted process in molecular breeding by key breeding entities, majorly for crop applications. Molecular plant engineering technologies have been rapidly adopted by developed countries such as the US, France, Germany, the Netherlands, and the UK, which jointly have a higher adoption rate. This means that this technology has immense growth potential on a commercial scale in developing economies.

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By trait, the herbicide tolerance segment is projected to dominate the plant genomics market during the forecast period.

The herbicide tolerance segment is projected to hold the largest market share in the market during the forecast period, as according to industry experts from prominent seed manufacturers, disease resistance and herbicide tolerance are traits that have been on demand, owing to the increasing instances of early germination pest attacks and regulations against cop protection chemicals.

By application, the cereals & grains segment is projected to dominate the plant genomic market during the forecast period.

The adoption of modern plant sequencing techniques has been extensive in developed countries for crops such as corn and wheat; hence, cereals & grains formed the dominant application in 2018. The growth in the adoption of various molecular breeding types, such as molecular engineering and genetic engineering tools, would increase the performance of crops to gain better prices in the market. The plant genomic service companies are largely focusing on the development of major cereals & grains such as corn, wheat, rice, and other grains.

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