Agriculture Genomics Market to be Worth US$ 6,627.9 Million by 2030
Reports and Insights (R&I) has published a new report titled, “Agriculture Genomics Market: Opportunity Analysis and Future Assessment 2022-2030”
Global agriculture genomics market, By Type (Illumina HiSeq, Sanger Sequencer, PacBio Sequencer, Solid Sequencer, Other), By Application (Crops, Livestock), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The global agriculture genomics market is estimated to reach at a value of US$ 3,510.6 Mn by the end of 2022 and expected to reach at a value of US$ 6,627.9 Mn by 2030 with a significant CAGR of 8.3%
As per the report, the rising applications of genomics in plant breeding across the world is majorly affecting the growth of the global agriculture genomics market in a positive way. Furthermore, genomics is a branch of molecular biology aiming its attention towards structure, function, and evolution of the genome. Likewise, agriculture genomics is the application of genomics in agriculture to enhance productivity and sustainability in crop and livestock production.
The breeder, farmers, as well as researchers, confront no difficulties in determining the genetic markers connected to desirable traits, informing cultivation and breeding decisions, using modern technology. Owing to which, agricultural genomics is expected to continue to drive sustainable productivity and offer solutions to the mounting challenges of feeding the global population, thus propelling the growth of the global agriculture genomics market.
Agricultural genomics, consisting of the benefits of good quality yield, is likely to favor consumers, producers as well as farmers globally. In addition, the global agriculture genomics market is expected to present a strong growth in the forthcoming future with the growth in demand for biofuels on grounds of exhausting traditional resources.
Additionally, the technological advancements in agriculture genomics are also expected to contribute to the growth of the global agriculture genomics market as it aims to characterize, sequence, and study genetic compositions, functions, and networks of the entire plant genome.
Moreover, a bundle of functions of genomics in plant cultivation and genetic resource preservation are some of the major factors that are catching the concern of the professional researchers, and this is expected to steer the growth of the global agriculture genomics market over the forecast period.
In addition to that, some regions like North America had demonstrated supremacy over other regions in the international agricultural genomics market owing to the huge adoption and acceptance of genetically modified crops among the consumers therein and their better cultivation, thus augmenting the growth of the global agriculture genomics market.
However, the high cost of the automated instruments for agriculture genomics is leading to less usage of automated instruments and the high cost of infrastructure is expected to restrain the growth of the global agriculture genomics market.
Nevertheless, with the growth of emerging economies providing huge scope for the market development and the booming opportunities for the use of novel DNA sequencing technologies, the global agriculture genomics market is projected to grow positively in the coming years.
R&I Study identifies some of the key participating players in the agriculture genomics market globally are Thermo Fisher Scientific, Illumina, Agilent Technologies, Eurofins, Zoetis, LGC Limited, BGI, Neogen Corporation, Pacific Biosciences, CEN4GEN Institute, NuGEN Technologies, Edico Genome, UD-GenoMed Limited, and SciGenom, among others.
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