The Global Agrigenomics Market Is Expanding In Popularity Driven By Increasing Demand For Genetically Modified Crops

The Global Agrigenomics Market Is Expanding In Popularity Driven By Increasing Demand For Genetically Modified Crops

With the help of genomics tools like molecular markers, gene expression profiling, genotyping and sequencing techniques, agrigenomics provide significant advantages like improving crop yield, enhancing nutritional quality and sustainability against environmental stresses. The wide applications of agrigenomics help in understanding the genetic makeup of plants to develop varieties that are more resilient to climate change and resist pests and diseases.

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 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. The increasing demand for food due to the growing population has boosted research activities in agrigenomics. New breeding techniques help develop seeds and crops tailored to specific climatic conditions and resist pests, thereby increasing yields. The global expansion of agrigenomics companies along with collaborations provide advanced solutions and drive the market growth.

Market Key Trends

One of the major trends in the agrigenomics market is focus on developing climate-resilient crops. With climate change effects like increasing temperatures, droughts and floods threatening agricultural production, agrigenomics assists in understanding the genetics of plants and modifying them to withstand extreme weather conditions. Another trend is the use of gene editing tools like CRISPR for creating new crop varieties faster and more efficiently compared to traditional breeding methods. This holds potential to revolutionize global food security. Adoption of multi-omics approaches integrating genomics, proteomics and phenomics is also gaining traction to obtain comprehensive insights into trait development.

Porter’s Analysis

Threat of new entrants: High capital requirements for genomics technology limits new entrants. Bargaining power of buyers: Large commercial buyers can negotiate for better prices and services. Bargaining power of suppliers: Suppliers of genomics technologies and solutions have significant influence on pricing and product development. Threat of new substitutes: Emerging technologies like gene editing and multi-omics may act as substitutes to agrigenomics in the long run. Competitive rivalry: Intense competition exists among key global players to gain greater market share through expansion and new product launches.

Geographical Regions

The North American region dominates the global agrigenomics market both in terms of value and volume. This is attributed to extensive research and development in agri-biotechnology coupled with rising demand for improving crop quality and yields. The Asia Pacific region is poised to witness the fastest growth during the forecast period. Rapid modernization of agriculture practices and government support for agri-biotech research in countries like China and India is fueling regional market growth.

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