Global Agrigenomics Market driven by Rapid Advancements in Genome...

Global Agrigenomics Market driven by Rapid Advancements in Genome Sequencing Technologies

Posted 2024-06-14 11:01:43

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The global agrigenomics market is engaged in enabling agricultural applications through genomics. The agricultural biotechnology sector uses tools derived from molecular biology and genomics to enhance agricultural production and sustainability. Genetic technologies are being extensively used in activities related to seed and plant breeding, crop protection, nutrition, and quality assessment. Agrigenomics employs molecular tools like marker-assisted selection, genotyping, forward genetics and reverse breeding to speed up conventional crop improvement.

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 market 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. Agrigenomics technologies help in enhancing crop yields and address issues related to climate change, soil and water scarcity. Growing demand for food due to increasing global population is fueling the need for agrigenomics solutions. Leading players are expanding their geographical reach and focusing on new product development through collaborations to tap into the large market opportunities.

Market Drivers

Rapid advancements in genome sequencing technologies are driving down the costs of genomics services. This is facilitating increased adoption of Global Agrigenomics Market Size approaches by small and medium-sized farmers and breeders globally. Reduced costs are making it feasible to sequence larger and more complex plant genomes and decipher genetic variations underlying important agronomic traits. Development of high throughput genotyping platforms suitable for automation and miniaturization is also propelling the agrigenomics market growth.

Impact of Current Geopolitical Situation on the Global Agrigenomics Market Growth

The ongoing Russia-Ukraine conflict is expected to significantly impact the growth of the global agrigenomics market over the forecast period from 2024 to 2031. The conflict has led to disruptions in grain supplies from the Black Sea region, which is a major export hub for wheat, corn and sunflower oil. This has increased concerns about global food security. Countries are looking to boost their domestic agri-production through advanced technologies like agrigenomics to reduce dependence on imports. However, the conflict has also resulted in rising costs of key agricultural inputs like fertilizers and fuels. This can negatively impact investments in advanced agritech solutions in the short term. There is likely to be a shift towards development of stress-resistant crop varieties that require less fertilizer and water usage through extensive genomics research. Overall, geopolitical uncertainties are prompting nations as well as private players to focus on ensuring food supply resilience through sustainable agri-innovations.

The North American region currently accounts for the largest share of the global agrigenomics market in terms of value. This is attributed to factors like considerable R&D investments by key players, adoption of advanced farming technologies by large agricultural enterprises and growing cultivation of genetically modified crops in countries like the U.S. and Canada. However, the Asia Pacific region is forecasted to emerge as the fastest growing regional market during the period of 2024-2031. This can be accredited to increasing government support for agritech development and growing population leading to rising food demand in major economies such as China and India.

Areas of Concentration in the Global Agrigenomics Market

The North American region currently holds the largest share of the global agrigenomics market in terms of value, estimated at around 35% in 2024. This can be attributed to various factors such as substantial investments in agrigenomics research and development by key players located in countries such as the United States. Large agricultural enterprises in the region have also exhibited high adoption rates for advanced farming technologies that integrate genomics solutions. Additionally, North America has witnessed considerable cultivation of genetically modified crops over the past decade, primarily in the US and Canada, which has supported regional market growth.