Global Plant Genomics Market - 2023-2030

Global Plant Genomics Market - 2023-2030

Global Plant Genomics reached US$ 8.1 billion in 2022 and is expected to reach US$ 14.7 billion by 2030 and grow with a CAGR of 7.8% during the forecast period 2023-2030. The increasing need for sustainable agriculture practices and the advancements in genomic technologies is driving the global plant genomics market expansion.

There is a decline in protein-rich plants, causing protein deficiency in around 76% of the global population. This resulted in a need to find alternative scientific methods to improve the vegetation cover; also increase plant productivity, thus creating a demand for balanced food security, and a demand for a bio-based economy to enhance food security.

Increasing demand for high-quality food products, the rapidly expanding global population, and ongoing research activities on plant genomics are expected to drive the growth of the global market. The availability of faster-growing plants helps to ensure food security and nutritional availability in the market. The key areas of genomics used to improve crop quality are molecular diagnostics, molecular markers, genetic engineering, tissue culture, and the generation of helpful bacteria.

Market Dynamics

The Growing Application of Genomics in Plant Breeding is Estimated to Drive the Plant Genomics Market Growth.

The genomic tools and approaches help conventional breeding achieve important advances in the breeding of crops. While traditional pre-genomics plant breeding will successfully improve crops, applying genomic tools and resources to practical plant breeding will push forward the genetic gains obtained by breeding programs.

New genomic advances with the help of genomic sequencing, genomic mapping, and genomic variation will make it easier for breeders to obtain new cultivars with improved characteristics, either by facilitating selection or improving the variation. In particular, the present and new genomics tools are of great value for the genetic dissection and breeding of complex traits. Proteomics and metabolomics help in functional genomics betterment.

The Rising Need for Protein-Rich Plants is Driving the Plant Genomics Market Growth.

There is a growing health consciousness in people, and they are now focussing on a healthy diet to improve health and provide a healthy lifestyle. Protein is an important part of a basic diet. But according to FAO, about one billion people worldwide suffer from protein deficiency. The problem is most severe in Central Africa and South Asia, where about 30 percent of children consume too little protein.

The growing importance of plant genomics in decreasing disease spread by producing genetically engineered crops is boosting the market’s popularity. The various genetic manipulation approaches of plant genomics to improve plant quality and study how plant genetic composition influences plant reproduction are the key factors of development. Thus, it helps in producing protein-rich plants driving market growth.

Increasing Price of Plant Genomics Infrastructure and Environmental Concerns Restrains the Market Growth.

Plant genomics has made food production more resilient to pesticides, infestation, drought, or flooding. They have also raised concerns about direct and indirect production costs, including seeds, land degradation, environmental sustainability, and safety. Many people want to avoid genetically modified crops, as some studies show that the changes in the plants’ internal cell structure can cause abnormaltumorr growth and unexpected deaths.

Additionally, professional groups, expert panels, and physicians themselves recognize a need for educational programs specific to the demands of genomic sequencing. Addressing these needs will likely require a substantial investment by healthcare systems. A warming planet will have widespread effects beyond those centered on plants and agriculture. Shifts in ecosystems that lead to the creation or destruction of interactions among species can have major consequences.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global plant genomics market is segmented based on type, trait, application, and region.

In the Global Plant Genomics Market, the Cereals/ Grains Segment Holds the Largest Market Share.

The global plant genomics market has been segmented by application into cereals/ grains, oilseeds/ pulses, fruits/ vegetables, and others. The cereals/ grains segment held the largest plant genomics market share of 38.4% in 2022 in the plant genomics market analysis report. The increasing demand for genetically modified cereals/ grains increases the segment’s share.

The plant genomic service companies mainly focus on the development of major cereals & grains such as corn, wheat, rice, and other grains. For instance, on August 26, 2021, Nucleome launched its most advanced genomics lab, the NKC Center for Genomic Research. The Defense Minister of India inaugurated the laboratory. This laboratory will house the Illumina NovaSeq 6000, PacBio Sequel II, and GeneTitan genotyping machines.

Geographical Analysis

The North America Region Held the Largest Share of the Plant Genomics Market.

The global plant genomics market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American plant genomics market held the largest market share of 38.6% in 2022 in the plant genomics market analysis.

The high share of this region can be attributed to increasing investment by biotechnology companies in food crops and high-value crops to cater to increasing food demand. Additionally, a larger population and consumer base in countries in the region and increasing disposable income are key factors resulting in rising demand for high-value crops.

Competitive Landscape

The major global players in the market include Agilent Technologies Inc., BGI Genomics, Eurofins Scientific SE, Florogenex Inc., GENEWIZ Inc., Illumina Inc., Keygene N.V., Neogen Corporation, L.C. Sciences, and Novogene Co. Ltd.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the agriculture industry. Covid-19 has considerably impacted the global agricultural supply chain phases involving plant genomics production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the agriculture industries as well. The pandemic is upending life, and the food sector is seeing increased trends like plant genomics. The agriculture businesses are launching innovative programs, including plant genomics, which are readily available and straightforward to consume.

Why Purchase the Report?
• To visualize the global plant genomics market segmentation based on type, trait, application, and region and understand vital commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant genomics market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of critical products of all the major market players.

The Global Plant Genomics Market report would provide approximately 61 tables, 59 figures and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies