The plant genomics market is estimated to account for a value of USD 7.3 billion in 2019 and is projected to grow at a CAGR of 8.3% from 2019, to reach a value of USD 11.7 billion by 2025. The increasing application of genomics in plant breeding and conservation of genetic resources are techniques that are gaining the attention of many researchers globally and are driving the growth of the market.
The key players in this market include Eurofins Scientific (Luxembourg), Illumina, Inc. (US), NRGene (Israel), and Agilent Technologies (US). The major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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The key players in various countries of the Asia Pacific region are focusing on directing their investments toward biotechnology research on food crops and crops of high commercial value to cater to the increasing food requirements and to reduce poverty, particularly among resource-poor farming households. With the adoption of modern plant breeding techniques, new crop cultivars can be developed to ensure high crop productivity. Also, key strategies such as the adoption of advanced plant technology by the leading players in the Asia Pacific region ensure food security globally among the end-users. Also, the government in various countries of the region are encouraging companies to adopt these methods by investing in R&D of agricultural biotechnology.
The adoption of modern plant sequencing techniques has been extensive in developed countries for crops such as corn and wheat; hence, cereals & grains formed the dominant application in 2018. The growth in the adoption of various molecular breeding types, such as molecular engineering and genetic engineering tools, would increase the performance of crops to gain better prices in the market. The plant genomic service companies are largely focusing on the development of major cereals & grains such as corn, wheat, rice, and other grains.
The molecular engineering segment in the market for plant genomics is projected to be the fastest-growing segment. Marker-assisted selection is the most widely adopted process in molecular breeding by key breeding entities, majorly for crop applications. Molecular plant engineering technologies have been rapidly adopted by developed countries such as the US, France, Germany, the Netherlands, and the UK, which jointly have a higher adoption rate. This means that this technology has immense growth potential on a commercial scale in developing economies.
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