Genetic Engineering Plant Genomics Market Growth, Trends, Forecast Report 2033

The Business Research Company recently released a comprehensive report on the Global Genetic Engineering Plant Genomics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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 supports high throughput with the DNBSEQ-T7 sequencer and medium throughput with the DNBSEQ-G400 benchtop sequencer, which is ideal for agricultural genomics research.

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Major Key Players of the Market:

BASF SE, Bayer AG, Thermo Fisher Scientific Inc., Suntory Holdings Limited, Corteva Inc., DuPont de Nemours Inc, Eurofins Scientific SE, Agilent Technologies Inc, ADAMA Ltd, Illumina Inc, PerkinElmer Inc., Beckman Coulter Inc., Bio-Rad Laboratories, Zhejiang Xinan Chemical Industrial Group Co Ltd, UPL Limited, Qiagen N.V., Novogene Co Ltd, KWS SAAT SE & Co KGaA, Vilmorin & Cie, Neogen Corporation, Rubicon Genomics Inc, Verdesian Life Sciences LLC, GeneWiz Inc, Genotypic Technology Pvt Ltd, Syngenta AG, Keygene NV

Genetic Engineering Plant Genomics Market 2024 Key Insights:

• 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%.
• Genetic Engineering In Plant Genomics Addresses Food Security Challenges And Fueling Market Growth
• Advancements In Genetic Engineering And Plant Genomics With Automated Solutions
• Asia-Pacific was the largest region in the genetic engineering plant genomics market in 2023

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