Molecular Breeding Market Report 2024 - Molecular Breeding Market Size, Share And Trends

"The Business Research Company recently released a comprehensive report on the Global Molecular Breeding 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.

According to The Business Research Company's, The molecular breeding market size has grown rapidly in recent years. It will grow from $3.45 billion in 2023 to $4.11 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to emergence of marker-assisted selection (mas), adoption of biotechnological tools, improvements in phenotyping methods, shift to high-throughput screening, seed industry revolution.

The molecular breeding market size is expected to see rapid growth in the next few years. It will grow to $7.8 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to rise in demand for disease-resistant varieties, focus on climate adaptation, growing population and food security concerns, consumer preferences for quality traits, regulatory support for biotechnology. Major trends in the forecast period include consumer demand for improved varieties, application of machine learning and ai, emergence of bioinformatics solutions, collaboration between public and private sectors, focus on climate-resilient varieties.

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Market Drivers and Trends:
Increased cultivation of industrial and high-value crops is expected to propel the growth of the molecular breeding market going forward. The cultivation of industrial and high-value crops refers to agribusinesses focusing on crops with a higher value in the market due to their use in various industrial applications. Molecular breeding helps cultivate high-value crops by giving plants superior traits such as disease resistance, high-crop yields, and draught resistance. Hence, the increasing cultivation of industrial and high-value crops will support the growth of the molecular breeding market. For instance, in January 2022, according to the National Agricultural Statistics Service, a United States Department of Agriculture, production of corn rose from 81,313 per 1000 acres in 2020 to 85,388 per 1000 acres in 2021. Further, soybean production has increased from 82,603 per 1000 acres in 2020 to 86,322 per 1000 acres. Therefore, the increased cultivation of industrial and high-value crops is driving the growth of the molecular breeding market.

Technological advancements are a key trend gaining popularity in the molecular breeding market. Major companies operating in the molecular breeding market are adopting new technologies to sustain their position in the market. For instance, in August 2021, HudsonAlpha Institute for Biotechnology, a US-based biotechnology company, launched a computational tool called Khufu for plant breeding. This tool enables quick and accurate identification and analysis of complex genome variants. This computational tool helps in the identification of genetic factors and selection of beneficial traits for new breeding practices and introduces new and improved characteristics in existing crop lines.

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Major Key Players of the Market:
Illumina Inc.; LGC Group Limited; Eurofins Scientific SE; Thermo Fisher Scientific Inc.; SGS Société Générale de Surveillance S.A.; Intertek Group plc; DanBred P/S; LemnaTec GmbH; Charles River Laboratories International Inc.; Slipstream It Solutions Private Limited; Fruitbreedomics B.V.; The Toro Company LLC; Campbell Scientific Inc.; Sentek Technologies Inc.; Keygene N.V.; KWS SAAT SE & Co. KGaA; Genus plc; Groupe Limagrain; Syngenta Group; Bayer Aktiengesellschaft; Corteva Agriscience; BASF SE; Dow AgroSciences LLC; Monsanto Company; Pioneer Hi-Bred International Inc.; Agilent Technologies Inc.; QIAGEN N.V.; Bio-Rad Laboratories Inc.; Merck KGaA Darmstadt; GenScript Biotech Corporation; Genewiz Inc.; Eurogentec S.A.; Integrated DNA Technologies Inc.; Novogene Corporation Limited; BGI Group

Molecular Breeding Market 2024 Key Insights:
• The molecular breeding market size will grow to $7.8 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%.
• Increased Cultivation Of Industrial And High-Value Crops Fueling Growth In The Molecular Breeding Market
• Key Player's Advancement Revolutionizing The Molecular Breeding Market
• North America was the largest region in the molecular breeding market in 2023

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This release was published on openPR.