Plant Breeding Market Set to Surpass $33.79 Million by 2029

Redding California, February 22, 2024 - Meticulous Research®, a globally recognized market research firm, has released a comprehensive report titled 'Plant Breeding Market by Method (Conventional, Biotechnological), Trait (Herbicide Tolerance, Disease Resistance), Application (Cereals and Grains, Oilseed & Pulses, Fruits and Vegetables), Geography-Global Forecast to 2029.' The report anticipates the global plant breeding market to attain a substantial valuation of $33.79 million by 2029, showcasing a robust CAGR of 14.1% from 2022 to 2029.

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In this latest publication from Meticulous Research®, the plant breeding market's growth is attributed to factors such as increasing awareness of sustainable crop production, declining costs of genomic solutions, a growing emphasis on sustainable crop production, and significant technological advancements in the plant breeding sector. Furthermore, the market is poised to benefit from rising investments from seed companies and supportive regulations promoting molecular breeding. Despite these positive trends, challenges such as the high costs associated with modern breeding techniques compared to conventional methods and the absence of standardized laboratory infrastructure pose hindrances to market growth.

Key Highlights:
• Segmentation Overview: The plant breeding market is meticulously segmented based on method, trait, application, and geography. The study also offers an in-depth analysis of industry competitors and market dynamics at the country level.

• Biotechnological Dominance: In 2022, the biotechnological breeding method segment is projected to capture a larger market share, driven by the increasing adoption of hybrid and molecular breeding techniques. The cultivation of genetically modified crops globally and the declining costs of genetic procedures further contribute to the dominance of this segment.

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• Trait Dynamics: The herbicide tolerance segment is anticipated to hold the largest share in 2022, driven by stringent regulations on chemical pesticides and an increased need for pesticide-tolerant seeds. This segment is poised to register the highest CAGR during the forecast period due to initiatives by major plant genetic companies in developing herbicide tolerance traits.

• Application Insights: The cereals & grains segment is expected to dominate in 2022, fueled by the growing demand for these crops globally. The availability of germplasm and economic significance, especially in corn, wheat, and rice, propels the adoption of advanced breeding techniques among producers.

• Geographical Landscape: North America is forecasted to lead the market in 2022, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's dominance is attributed to key market players, substantial investments in R&D, and a high adoption rate of genetic modification techniques in the U.S.

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Key Players: Key players profiled in the plant breeding market report include Bayer AG, Syngenta AG, KWS Group, Corteva Agriscience, Limagrain, BASF SE, DLF Seeds A/S, Bioceres Crop Solutions, UPL Limited, Benson Hill, Inc., Equinom Ltd., BioConsortia, Inc., and Hudson River Biotechnology.

For additional insights, the report addresses key questions regarding market segments, historical market size, forecasts, major drivers and challenges, competitive landscape, recent developments, and strategic approaches adopted by key players.

Mr. Khushal Bombe
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This release was published on openPR.