Agrigenomics Market Report 2024-2033 - Growth Analysis and Key Insights

The Business Research Company recently released a comprehensive report on the Global Agrigenomics 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 agrigenomics market size has grown rapidly in recent years. It will grow from $3.89 billion in 2023 to $4.34 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to increasing demand for sustainable agriculture, rising population and food demand, government initiatives and funding, growth in precision farming practices, collaborations and partnerships.

The agrigenomics market size is expected to see rapid growth in the next few years. It will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to increasing climate change challenges, expanding applications of genomic data, growing adoption of big data analytics, global focus on sustainable agriculture, continued government support. Major trends in the forecast period include sustainable agricultural practices, development of new technologies, innovative technologies, government funding and investments.

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Market Drivers and Trends:

The increasing climatic change is expected to boost the growth of the agrigenomics market going forward. Climatic change refers to a long-term alteration in the average weather patterns of a region or the Earth as a whole. Agrigenomics, through comprehending and leveraging the genetic foundation of traits associated with climate resilience, offers indispensable tools and insights to tackle the challenges presented by climate change in agriculture, contributing to the promotion of sustainable and adaptive farming practices in response to evolving environmental conditions. For instance, in October 2023, according to a report published by the World Health Organization (WHO), a Switzerland-based intergovernmental organization, about 3.6 billion individuals reside in regions highly vulnerable to the impacts of climate change by 2023. It is projected that from 2030 to 2050, climate change will lead to an estimated annual increase of approximately 250,000 deaths due to factors such as undernutrition, malaria, diarrhea, and heat stress. Therefore, the increasing climatic change is driving the growth of the agrigenomics market.

Technological advancements are the key trend gaining popularity in the agrigenomics market. Major companies operating in the agrigenomics market are focusing on developing new technologies for improving genomic studies and enhancing the current platforms for agrigenomics. For instance, In May 2022, NEOGEN Corporation, a Switzerland-based food safety company, and Gencove, an Indian-based company that provides low-pass whole genome sequencing and analysis software company, launched InfiniSEEK. It is an innovative, less costly solution for whole genome sequencing and targeted SNP analysis. With the launch of this new solution customers now have a data-rich, economical way to classify cattle all across the world using genome-wide sequence data, specific genetic features, and parentage markers simultaneously.

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Major Key Players of the Market:

Agilent Technologies Inc., Agrigenomics Inc., Biogenetic Services Inc., Eurofins Scientific SE, Galseq Srl, Illumina Inc., LGS Limited, Neogen Corporation, Thermo Fisher Scientific Inc., Zoetis Inc., Pacific Biosciences f California Inc., NuGEN Technologies Ltd., UD-GenoMed Limited, Arbor Biosciences LLC, Tecan Genomics Inc., BGI Group, Bio-Rad Laboratories Inc., Charles River Laboratories International Inc., Danaher Corporation, DNA LandMarks Inc., Dovetail Genomics LLC, F. Hoffmann-La Roche AG, Fluidigm Corporation, Front Range Biosciences Inc., Genotypic Technology Pvt Ltd., GENEWIZ Inc., Inari Agriculture Inc., Intrexon Corporation, Kbiosystems Ltd., KeyGene NV, LC Sciences LLC, NRGene Ltd., Oxford Nanopore Technologies Ltd., Qiagen NV, Saphyrion Inc., SeqLL Inc., Zymo Research Corp.

Agrigenomics Market 2024 Key Insights:

• The agrigenomics market size is expected to see rapid growth in the next few years. It will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Impact Of Global Population Growth On The Expanding Agrigenomics Market
• Technological Advancements Transforming The Agrigenomics Market
• North America was the largest region in the agrigenomics market share in 2023

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