Rising application of genomics in plant breeding, growing demand for high crop yield, and increasing research activities in plant genomics technology are some key factors expected to drive market growth
According to Emergen Research, the global plant genomics market size was USD 7.86 billion in 2020 and is expected to reach USD 14.47 bbillion in 2028 and register a revenue CAGR of 7.9% during the forecast period, 2021-2028.
Plant genomics aims to characterize, sequence, and analyze genetic compositions, organizations, functions, structures, and interactions or networks of an entire plant genome. Advancements in next-generation sequencing technologies is a major factor expected to drive market revenue growth during the forecast period. More genomic and transcriptomics datasets have been generated as a result of developments in next-generation sequencing technologies and bioinformatics tools. This rapidly developing field has enabled scientists to evaluate thousands of genes at once in order to understand the genetic architecture of plant genomes and isolate important genes.
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In addition, rising demand for fruits and vegetables globally, reducing cost of DNA sequencing and growing popularity of gene technology are some factors expected to contribute market revenue growth over the forecast period. Fruits and vegetables are an important part of human diets because they are high in vitamins, minerals, phytochemicals, and dietary fibre. Plant genomics can help extend the shelf life and improve the quality of fruits and vegetables, which is important to cater to the rising global food demand. However, high cost of plant genomics and lack of skilled workers in handling modern plant genomics technologies are some factors expected to restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Molecular Engineering Segment Revenue to Expand at a Rapid CAGR:
Molecular engineering segment is expected to register a rapid revenue CAGR over the forecast period attributed to advancements in molecular plant engineering technologies, growing number of genetic disorders and rising government investments in research and development activities in the life science sector.
DNA/RNA Sequencing Segment to Register Significant Revenue Growth:
DNA/RNA sequencing segment is expected to register significant revenue growth over the forecast period due to rapid advancements in next-generation sequencing and favorable government policies regarding genetic tests in developed countries. DNA sequencing increases food safety and food security by reducing risks arising from diseases outbreaks resulting in efficient plant breeding which has further boosted revenue growth of this segment.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share in the global market over the forecast period due to increasing presence of key pharmaceutical & biotechnology companies in APAC countries such as China, India, and Japan, rapid adoption of new plant breeding techniques, and government emphasis on developing high-value crops. In addition, large consumer base especially in emerging economies such as India and increasing disposable income among individuals are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Agilent Technologies
- Neogen Corporation
- Eurofins Scientific
- LC Sciences
- Illumina Inc.
- Novogene Co. Ltd.
- Floragenex Inc.
For the purpose of this report, Emergen Research has segmented the global plant genomics market on the basis of type, genomic property, objective, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Genetic Engineering
- Molecular Engineering
- Genome Editing
Genomic Property Outlook (Revenue, USD Billion; 2018–2028)
- Yield Improvement
- Herbicide Tolerance
- Disease Resistance
Objective Outlook (Revenue, USD Billion; 2018–2028)
- DNA Extraction and Purification
- DNA/RNA Sequencing
- Gene Expression Profiling
- GMO-Trait Purity Testing
- Marker-Assisted Selection
Application Outlook (Revenue, USD Billion; 2018–2028)
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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