DUBLIN--(BUSINESS WIRE)--The "Plant Genomics Market by Objective (Extraction, Sequencing, Genotyping, Gene Expression, MAS, and GMO-trait Purity Testing), Type (Molecular Engineering and Genetic Engineering), Trait, Application, and Region - Global Forecast 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Plant Genomics Market is Estimated to be Valued at USD 7.3 Billion in 2019 and is Projected to Reach USD 11.7 Billion by 2025, Recording a CAGR of 8.3%.
Factors such as the rise in demand for improved crop varieties, the cost-effectiveness of genomics, and the rise in plant genome funding are factors that are projected to drive the growth of this market.
The herbicide tolerance segment, by trait, is projected to be the largest segment in the plant genomics market during the forecast period.
Herbicide-tolerant crops have unique traits, which makes them resistant to the effects of herbicides, which, in turn, makes the application of herbicides easier. In crop management, as weeds are the main cause for economic losses, herbicides are extensively applied to control the same; however, excessive use of herbicide during the agricultural practices is detrimental. The usage of herbicide-tolerant seeds offers farmers a more flexible and simple weed control system.
Marker-assisted selection segment to witness the fastest growth during the forecast period.
By 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 segments. Genetic linkage maps provide a framework for the detection of marker-trait associations, and thus, choose the appropriate markers to use in marker-assisted breeding in plants.
The North American plant genomics market is projected to account for the largest market share due to the rapid adoption of advanced technologies for better yielding of crops in the region.
North America is the largest market for plant genomics services across the globe. This is attributed to the high number of key technology providers, streamlined governments, and effective research processes. The cultivation of industrial crops is gaining pace in North American countries, wherein more land area is being cultivated with high-value crops. End-use farmers in these countries are adopting readily available advanced agricultural practices to obtain optimum yield without compromising on environmental factors.
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
Companies Mentioned
- Agilent Technologies
- BGI Genomics
- Eurofins Scientific
- Floragenex
- Genewiz
- Genotypic Technology Pvt Ltd
- Illumina, Inc
- Keygene
- LC Sciences
- Neogen Corporation
- Novogene Corporation
- Nrgene
- Oxford Nanopore Technologies
- Qiagen
- Traitgenetics GmbH
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