The Global Plant Genetic Engineering Market is estimated to show a CAGR of 7.04% during the forecast period.
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Plant genomics aims to understand better the genetic makeup of the entire plant and how this affects plant breeding and genetic engineering. The creation of crops with genetic modifications promotes disease resistance. Additionally, the availability of plants with a higher rate of growth contributes to the preservation of food security and guarantees the market’s supply of wholesome foods. Market demand for premium fruits, vegetables, and grains is rising as a result of population growth and increasing health consciousness. Despite recent advancements in conventional plant breeding techniques, there is still a persistent imbalance between the supply and demand for new crop varieties.
Consequently, it is necessary to incorporate agricultural development initiatives that use genomics. Genetic engineering, tissue culture, molecular diagnostics, molecular markers, and the generation of beneficial bacteria are the main genomics applications used to enhance crop quality. Accelerating the use of gene technology in agriculture will be made possible by genomics. The improvements in plant genomics will aid in crop security by reducing mycotoxin contamination in plants, enhancing disease resistance, and enhancing crops’ capacity to withstand high temperatures. By increasing the quality and number of vitamins, minerals, and other nutrients present in the grains, plant genomics in agriculture will help improve the quality of grains produced.
List of Prominent Players in the Plant Genetic Engineering Market:
Eurofins Scientific Se
Novogene Corporation Ltd.
Oxford Nanopore Technologies Ltd.
Sgs -Traitgenetics Gmbh
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In the coming years, technical advancements and a rise in the demand for improved crop varieties are projected to impact the plant genomics industry significantly. Other factors anticipated to drive the global market expansion include the growing desire to reduce crop losses and declining costs associated with DNA synthesis and sequencing. Additionally, it is projected that the cost-effectiveness of genomics will fuel the expansion of the plant genomics industry. Furthermore, it is predicted that the market for plant genomics will expand more slowly due to the increased financing for plant genome research that is encouraging the adoption of cutting-edge technology. Potential changes for the expansion of the plant genomics market in the near future will also be provided by the development in developing economies that are giving enormous scope for industry advancement.
Some significant factors that may limit the growth of the global market’s revenue over the forecast period include the high cost of plant genomics, growing environmental concerns, the dangers of GMO products, low awareness of advanced plant genomic technologies in many parts of the world, and a shortage of qualified healthcare professionals. Plant genomics market expansion is anticipated to be hindered in the future by decreased use of automated equipment due to rising costs.
Asia-Pacific currently holds a dominant position in the plant genomics industry because of the increased investment in food crops by biotechnology companies and the increasing value of crops to meet the rising need for food. The expansion of the plant genomics market in the region over the course of the forecast period will also be aided by the rising population and customer base. The major actors in the Asia Pacific region are concentrating on allocating their funds toward biotechnology research on food crops and crops with high commercial value to meet the rising demand for food and combat poverty, particularly among agricultural households with limited resources. The development of new crop cultivars to guarantee high agricultural yield is possible with the implementation of contemporary plant breeding techniques. Additionally, crucial tactics like the adoption of cutting-edge plant technology by the top players in the Asia Pacific region guarantee food security for all end consumers. Additionally, governments in the region’s numerous nations are enticing businesses to use these techniques by funding agricultural biotechnology research and development.
- In November 2020, A plant-based technology firm called Calyxt, Inc. announced a research partnership with NRGene® that involves the use of NRGene’s cloud-based genomics platform to assist important Calyxt research initiatives. Genomics technologies are anticipated to provide more thorough analyses, accelerating the discovery of new traits and crop breeding.
- In February 2020, Propagation Services Canada Inc., a subsidiary of AgraFlora Organics International Inc., a growth-oriented and diversified business focused on the global cannabis market, entered into an agreement to acquire Live-Plant Genetics.
Segmentation of Plant Genetic Engineering Market-
- Yield improvement
- Disease resistance
- Herbicide tolerance
- Artificial Selection
- Gene Splicing
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- The US
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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