Commercial Vehicle Component Market Assessment, By Vehicle Type [Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles], By Component Type [Powertrain Components, Chassis Components, Braking Systems, Electrical Systems, Body Com

Commercial Vehicle Component Market Assessment, By Vehicle Type [Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles], By Component Type [Powertrain Components, Chassis Components, Braking Systems, Electrical Systems, Body Components, Safety Systems, Telematics and Connectivity Components, Others], By Sales Channel [Original Equipment Manufacturers, Aftermarket], By Region, Opportunities and Forecast, 2017-2031F

Global CRISPR technology in agriculture market is projected to witness a CAGR of 18.50% during the forecast period 2024-2031, growing from USD 1.02 billion in 2023 to USD 3.97 billion in 2031. The market’s growth is bolstered by the rising requirement for sustainable agriculture practices, increasing food demand, changes in regulatory approvals, and growing efforts of key market players to ensure the availability of novel technologies and products. In June 2024, Pairwise Plants Services developed the world’s first seedless blackberry with the help of the company’s proprietary Fulcrum Platform, a suite of tools for Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) applications in plants. This development is expected to transform the blackberry market and accelerate the progress of removing pits and seeds in various other fruits, including cherries.

Additionally, researchers across the globe are deploying CRISPR technology for various agricultural applications. In September 2024, a team of researchers from Osaka Metropolitan University developed mutants of Euglena gracilis that are capable of producing wax esters with short carbon chains in comparison to wild-type species, opening new avenues for biofuel development. The research team targeted two enzymes in the fatty acid beta-oxidation pathway for modifying Euglena gracilis by using CRISPR-Cas9 to produce the genetic mutations for shortening the distribution of wax esters. Such advancements are expected to act as fundamental technologies to replace petroleum-based wax ester production with biological sources.

Rapid population growth in various regions across the globe, including Africa, is augmenting the adoption of advanced agricultural technologies to meet the rising food requirements of the region, providing lucrative growth opportunities to the global CRISPR technology in the agriculture market. The CRISPR-Cas9 technology is increasingly being used in Africa in crop breeding practices to improve traits, such as disease resistance, nutrition, and drought tolerance, as droughts and unpredictable precipitation patterns are resulting in declining crop productivity.

Rising Emphasis on Sustainable Agriculture to Bolster Market Growth

The rapid growth of the population is increasing the burden on the agriculture industry, propelling the requirement for sustainable agricultural practices to minimize unintended environmental consequences. As per the estimates of the International Atomic Energy Agency (IAEA), agricultural activities account for approximately 30% of the total greenhouse gas emissions. Additionally, toxic chemicals are used on farms in fertilizers and pesticides, and they can linger in water and soil for years. CRISPR technology allows the production of climate-resistant crops while promoting sustainable agricultural practices. CRISRP-mediated editing provides opportunities for improvements in synthetic biology with applications involving the introduction of substantial modifications in chromosomes and improving the quality of food products. The deployment of cutting-edge technologies, such as CRISPR, will allow farmers to improve the nutritional quality and yield of the crops and aid them in keeping modern agriculture practices sustainable.

Regulatory Changes to Support Market Expansion

The evolution of the regulatory landscape for gene-edited crops is positively influencing the CRISPR technology in agriculture market. Various countries across the globe are trialing regulatory changes and formulating guidelines that are in favor of gene-edited products. In May 2022, India eased regulations on gene-edited crops. After consideration, the government released the final guidelines on the safety assessment of genome-edited plants. The guidelines serve as a map for the sustainable application and development of genome editing, including the regulatory pathways that should be implemented for releasing genome-edited plants. An Institutional Biosafety Committee (IBSC) oversees the progress of the crops and certifies the absence of foreign DNA from the gene-edited crops prior to their commercial release. After the relaxation, scientists across the country are planting CRISPR-Cas9 modified rice, allowing field trials of crops that are produced through gene editing processes SDN2 and SDN1. Thus, augmenting the demand for the global CRISPR technology in agriculture market. Additionally, such relaxations are encouraging innovations and research in plant genome editing to enhance crop resilience and address different agricultural challenges. For instance, a Delhi University laboratory in India developed mustard seeds with reduced glucosinolate content. This modified variety is more resistant to diseases and pests and less pungent, allowing farmers to cut back on using chemicals.

CRISPR-Cas9 to Hold Major Market Share

Over the past few years, the technique has gained a lot of attention due to its applications in the breeding and production of crops with enhanced traits and agricultural research activities. The CRISPR-Cas9 technique is being adopted in crop breeding practices to improve traits such as disease and drought resistance and nutrition in crops. Additionally, technology is improving photosynthesis in rice. According to a study published in the Frontiers journal in January 2023, editing two genes that are involved with light harvesting could improve photosynthesis in rice. The researchers from the United States Department of Agriculture-Agricultural Research Service (USDA ARS), Utah State University, Texas A&M University, and the University of California at Berkeley used CRISPR-Cas9-mediated approach for engineering rice plants via knockout mutations. The researchers investigated a Poales-specific duplication of CpSRP54. They analyzed the impact of different components on photosynthesis on the basis of different parameters, including quantum yield of photosynthesis, growth rate, chlorophyll density, and others. The findings of the study have significant implications for improving high leaf-area-index crop monocultures. Such applications of CRISPR-Cas9 are, thus, bolstering the segment’s expansion and providing lucrative growth opportunities to the global CRISPR technology in agriculture market.

North America to Dominate the Global CRISPR technology in Agriculture Market Share

The expansion of the market in North America can be attributed to the increasing investments by different government organizations to enhance the agricultural sector in the region, the strong presence of leading market players, and the rising emphasis on ensuring food security due to the expansion of the population. CRISPR technology aids in improving the quality of crops by increasing drought tolerance, enhancing nutrition, and boosting pest and disease resistance. It has been deployed to edit the genomes of various crops, including fruits, vegetables, and grains. Additionally, researchers in the United States are urging policymakers to support CRISPR technology in agriculture in the country. In May 2024, a professor from the Boyce Thompson Institute recently spoke to the United States Senate Committee on Agriculture, Nutrition, and Forestry to encourage policymakers to finance emerging technologies in agriculture. The professor highlighted the impact of CRISPR technology in farming during their presentation, The Next Agricultural Revolution: Targeted Gene Editing Using CRISPR. Such efforts are expected to showcase the potential of CRISPR technology in transforming agriculture by allowing the modification of genes to suppress negative traits and enhance desirable ones in crops.

Future Market Scenario (2024 – 2031F)

As per the global CRISPR technology in agriculture market analysis, soybeans and maize are anticipated to significantly benefit from CRISPR technology in the forecast years. Additionally, the market demand is expected to increase to meet the rapidly increasing food requirements due to the estimated exponential growth of the global population. As per the estimates of the United Nations, the global population is expected to increase to 9.7 billion in 2050 and approximately 10.4 billion in mid 2080s. To combat the growing concerns related to food security, various agri-companies and researchers are adopting novel gene-editing technologies for modifying staple crops and increasing their tolerance to the changing climatic conditions. Over the coming years, the creation of an understandable, comprehensive regulatory framework is essential for the commercial adoption of CRISPR in agriculture across different regions across the globe. Additionally, the growing demand for sustainable agriculture practices is expected to positively influence the market’s expansion. CRISPR allows the development of crops that require limited inputs, such as fertilizers and water, and increases the resilience of crops against diseases and pests. Moreover, the rising funding and research initiatives due to the growing awareness of different advantages associated with CRISPR technology are expected to bolster the growth of the global CRISPR technology in agriculture market.

Key Players Landscape and Outlook

The increasing efforts of leading market players to augment research activities in breeding and genome editing technologies are expected to support the market’s expansion. In June 2024, Syngenta Crop Protection AG announced that they are providing the rights to breeding and genome editing technologies to academic research institutions across the globe. The rights to some of the intellectual properties are related to gene-editing enabled breeding tools and optimized CRISPR-Cas12a. The company is inviting academic institutions and universities across the globe to aid them in driving innovations and increasing sustainability in agriculture. The company’s collaboration platform, Shoots by Syngenta, aims to bring together various entities along with their global network of over six thousand scientists to develop solutions that enhance biodiversity, mitigate climate change, and better serve large-scale farmers.

Additionally, the rising number of partnerships between market players to accelerate gene editing is providing lucrative growth opportunities for the market. In September 2024, Pairwise Plants Services and Corteva Agriscience announced a collaboration to boost the delivery of advanced gene editing technologies to farmers. Corteva’s USD 25 million equity investment in Pairwise is dedicated to driving value creation and expanding the benefits of gene editing to a wide range of specialty and staple crops.