Plant phenotyping involves recording and quantification of plant traits such as root and shoot architecture, plant height, seed weight, leaf color, and flowering time. It aids in understanding crop growth and development patterns. With increasing focus on development of drought resistant and high yielding seed varieties, plant phenotyping finds wide application in research related to plant breeding, transgenic crops and cultivation practices.
The global plant phenotyping market is estimated to be valued at US$ 227.28 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing seed and cultivar development for climate resilient crops present a lucrative growth opportunity for players in the plant phenotyping market. With changing climate and frequent droughts, flooding or other extreme weather events, there is a rising need to develop crop varieties that have enhanced tolerance to abiotic stresses such as drought, salinity and cold. Plant phenotyping assists in screening large breeding populations and identifying plants with desired traits suitable for different agro-climatic zones or cultivation under stressful conditions. This significantly reduces time taken for cultivar or hybrid development. As per estimates, phenomics applications in crop improvement could reduce breeding cycles from 10-15 years to just 2-3 years. This growing demand for climate ready seeds and planting materials is expected to drive investments in advanced plant phenotyping techniques, platforms and tools over the forecast period.
Porter's Analysis
Threat of new entrants: The plant phenotyping market requires high investments in R&D and infrastructure which acts as a barrier for new players entering the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of multiple vendors providing plant phenotyping solutions.
Bargaining power of suppliers: Technology providers and equipment manufacturers have moderate bargaining power due to the availability of substitute providers.
Threat of new substitutes: Technological innovations can lead to new methods that may threaten traditional plant phenotyping techniques.
Competitive rivalry: The market is competitive with the presence of global and regional players.
SWOT Analysis
Strength: Plant phenotyping techniques help in faster plant breeding programs and higher crop yields. Availability of advanced image capturing and analysis software.
Weakness: High implementation cost of phenotyping platforms limits its adoption. Require specialized skills to operate plant phenotyping instruments.
Opportunity: Growth in funding for plant research from government and private sectors. Increasing demand for food due to rising population.
Threats: Strict regulatory approvals and compliance requirements add to operation costs. Vulnerability of imaging systems to atmospheric conditions.
Key Takeaways
The Global Plant Phenotyping Market Size is expected to witness high growth owing to the increasing need to develop stress-resistant crop varieties and adopt precision farming practices. The global plant phenotyping market is estimated to be valued at US$ 227.28 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023-2030.
Regional analysis:
The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the increasing government support for agricultural R&D in countries like China and India. Countries in this region are focusing on developing high-yielding crop varieties in view of the large population and increasing demand for food.
Key players:
Key players operating in the plant phenotyping market are LemnaTec GmbH, WIWAM, Phenomix, Phenospex, KeyGene, Photon Systems Instruments, and Delta-T Devices. LemnaTec GmbH offers non-invasive plant phenotyping platforms, sensors, and imaging systems for measuring plant growth and development parameters accurately.
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