The growing requirement for using these innovative technologies for accelerating plant and animal breeding processes, optimizing resource usage, and enhancing yield is driving the demand for agrigenomics products. The rising adoption of precision farming techniques to improve farm productivity and meet the rising food demand is further anticipated to witness high growth owing to increasing adoption of precision farming technologies.
The Global agrigenomics market is estimated to be valued at US$ 7.67 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global agrigenomics 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. These players are focusing on new product development and launches, strategic collaborations, and acquisitions to enhance their market presence.
Key opportunities in the Global Agrigenomics Market Size include growing demand for food due to the ever-increasing global population. Additionally, increasing R&D investments for developing improved sequencing technologies to accelerate crop breeding processes are also expected to offer significant growth opportunities for players in the global market.
Moreover, major players are expanding their presence globally, especially in developing regions of Asia Pacific and Latin America, to tap the potential growth opportunities. For instance, Eurofins Scientific acquired a majority stake in GeneWiz Laboratories LLC in 2021 to expand its genomics business across the US.
Market drivers such as growing demand for high-quality crops and focus on improving crop yields are propelling the agrigenomics market growth. Precision breeding techniques help in developing improved hybrid crop varieties with high yields and resistance to pests and diseases. This is anticipated to drive the adoption of agrigenomics tools and technologies among farmers and breeders.
Market restraints include the high cost of agrigenomics products and services as well as the requirement of skilled professionals for operating advanced genomic equipment and data analysis. Additionally, stringent regulations for approvals of new GMO crops and ethical concerns regarding animal cloning may also hamper the market growth.
Segment Analysis
The global agrigenomics market is dominated by the molecular diagnostics sub segment. Molecular diagnostics tools help in detecting infections, inherited diseases and other conditions by analyzing an individual's DNA, RNA or chromosomes. They allow farmers to identify gene variations and sequences which help in enhancing crop yield, resistance to adverse climatic conditions and pests. With advancements in technologies like next generation sequencing, SNPs chips and beacons, molecular diagnostic tests have gained immense popularity among farmers and researchers for genetic screening and identification of traits at a molecular level with high accuracy. This has driven the growth of this sub segment in the recent years.
Global Analysis
Regionally, North America has emerged as the largest and the most advanced agrigenomics market. Presence of major players and adoption of advanced technologies by researchers and farmers for enhancing productivity has contributed to the dominant position of North America. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to the rising population, increasing demand for food and focus of various governments on use of biotechnology for achieving food security. China and India especially are projected to lead the growth of agrigenomics market in Asia Pacific supported by initiatives promoting adoption of precision farming practises.
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