Agrigenomics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Agrigenomics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Agrigenomics market is projected to grow at a CAGR of 7.5% during the forecast period (2020 - 2025). The demand for agrigenomics market is enhancing globally owing to the population growth and increasing global food demand. North America is the largest agrigenomics market whereas Asia-Pacific is expected to be the fastest-growing market. Crossbreeding with the help of agrigenomic technology is projected to be a best alternatve method as there is a ban of GM technology on various crops and livestock in most of the countries.

Key Market TrendsGrowing Food Demand and Shrinking Land

The per capita farmland in 2030 is expected to decrease to 1800 m² from 2,200 m² in 2005. Various crop pests contribute to the decrease, causing 10-16% global crop losses annually. Although the new plant technologies are continuously being developed to fight pest attacks, they are also leading to the development of new and difficult-to-kill strains of pests. The amount of losses in major crops, due to fungi, is enough to feed nearly 9% of the global population. Thus, agrigenomics is the key strategy adopted by farmers to meet global food demand.

Increasing Adoption in North America

The North American agrigenomics market is experiencing steady growth due to the increasing adoption of agrigenomics as it can be able to reduce the usage of harmful pesticides by enhancing the resistant power during the initial stages. The adoption of agrigenomics is majorly attributed to overcome the usage of pesticides. Strong R&D, innovation of new technologies couped with the increasing merger and acquisition (M&A) activities are the major factors which are fueling the market growth. United States is the largest market in North America with increasing revenue generations with in the country followed by Canada and Mexico.

Competitive Landscape

The results of market share analysis indicate a highly consolidated market. Companies such as Thermo Fisher Scientific, Illumina, Agilent Technologies are market leaders with a market share of 30.5% in 2018, holding key technologies and patents. Companies are not only competing based on product quality and promotion but are also focused on strategic moves in order to hold larger market shares. As there is no proper existence of established companies in the market, there is a huge opportunity for the new entrants.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Eurofins Scientific Se
Thermo Fisher Scientific' Inc
Illumina' Inc.
Zoetis' Inc.
Neogen Corporation
Galseq Srl Via Italia
Agrigenomics' Inc.
Biogenetic Services' Inc.
Arbor Biosciences
Tecan Genomics, Inc.

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