The genetic engineering plant genomics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Genetic Engineering Plant Genomics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The genetic engineering plant genomics market size has grown rapidly in recent years. It will grow from $34.7 billion in 2023 to $40 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to government funding, technological advancements, growing demand for sustainable agriculture, a rising population, and public awareness and acceptance.
The genetic engineering plant genomics market size is expected to see rapid growth in the next few years. It will grow to $71.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to regulatory clarity, expansion into emerging markets, customization and personalization, integration with digital technologies, and climate change adaptation. Major trends in the forecast period include increased adoption of CRISPR-Cas9 technology, growth in precision agriculture practices, rising demand for biofortified crops, and the and the expansion of gene editing applications beyond crops.
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Scope Of Genetic Engineering Plant Genomics Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Genetic Engineering Plant Genomics Market Overview
Market Drivers -
The rising concerns for food security are expected to propel the growth of the genetic engineering plant genomics market going forward. Food security is the condition where all individuals have reliable access to adequate, safe, and nutritious food to maintain a healthy and active life. The rising concerns for food security stem from factors such as climate change, economic instability, and an increasing global population, which threaten the availability and accessibility of food. Genetic engineering in plant genomics enhances food security by developing crops more resilient to pests, diseases, and environmental stresses, thereby increasing agricultural productivity and food supply stability. For instance, in October 2023, according to the US Department of Agriculture (USDA), a US federal department for forestry, farming, food, and rural economic development, 87.2% (115.8 million) of US households maintained food security, which is a statistically significant decrease from the 89.8% (118.5 million) reported in 2021. Moreover, 7.7% (10.2 million) of US households experienced low food security in 2022. Therefore, rising concerns for food security are expected to propel the growth of the genetic engineering plant genomics market.
Market Trends -
Major genetic engineering plant genomics market companies focus on technological advancements such as automated molecular breeding genotyping solutions to enhance precision and efficiency in crop breeding processes. An automated molecular breeding genotyping solution is a system that efficiently and accurately processes large volumes of plant samples using computerized technologies and software to streamline genetic analysis for breeding programs. For instance, in June 2024, MGI Tech, a China-based biotechnology company, launched a whole workflow solution for agricultural large-scale low-pass whole genome sequencing. The new solution consists of an automated full-process product portfolio designed for large-scale molecular breeding and genotyping of agricultural diploid species. The low-pass WGS solution, enhanced by MGI's automation platforms, overcomes conventional library preparation limits by achieving ultra-high throughput with minimal tools. It enables rapid, cost-effective large-scale library preparation and su
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