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Plant Genomics Market: Transformative Insights and Global Outlook for 2024
Plant Genomics Market
According to The Business Research Company's, The plant genomics market size has grown strongly in recent years. It will grow from $10.21 billion in 2023 to $11.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increased funding for genomic research, crop yield optimization, climate change challenges, collaborations in research, consumer demand for sustainable agriculture.
The plant genomics market size is expected to see strong growth in the next few years. It will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to big data analytics in genomics, precision agriculture adoption, nutritional enhancement in crops, global food security concerns, gene expression studies. Major trends in the forecast period include crispr and genome editing technologies, advancements in sequencing technologies, big data and bioinformatics, crispr and genome editing, integration of omics technologies.
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Market Drivers and Trends:
The increased demand for genetically modified plants is expected to propel the growth of the plant genomics market going forward. Genetically modified plants refer to biological plants that have undergone genetic modification utilizing recombinant deoxyribonucleic acid (DNA) technology. Plant genomics research benefits genetic plants by modifying their growth patterns or making them disease-resistant. Whenever a specific stretch of DNA is added to the plant's genome, a genetically modified plant with new or different features arises. For instance, in January 2021, according to reports shared by the United States Department of Agriculture (USDA), a US-based federal agency, in 2021, Canada planted over 11.6 million hectares of genetically modified crops, primarily canola, soybeans, corn, sugar beets, and some alfalfa, an increase of 7% from 10.9 million in 2020. Additionally, in 2021, a whopping 95 % of the canola planted genetically modified. And 76 % of the soybeans planted in 2020 will be genetically modified. Therefore, increased demand for genetically modified plants is driving the growth of the plant genomics market.
Technological advancement is a key trend gaining popularity in the plant genomics market. Major companies operating in plant genomics markets are focused on developing innovative solutions and technological centers to strengthen their position in the market. For instance, in September 2021, Nucleome Informatics Pvt. Ltd., an India-based biotechnology company, launched its most advanced genomics lab, the NKC Center for genomic research. This laboratory can create high-quality reference genomes, sequencing the entire transcriptome and metagenome, resequencing the genomes to find SNPs and SVs, developing SNP chips, and genotyping hundreds of samples. With the addition of this new lab, Nucleome now stands alone in India as the only facility capable of conducting full hybrid genome and transcriptome research projects.
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Major Key Players of the Market:
Agilent Technologies Inc.; Illumina Inc.; Eurofins Scientific SE; NRGene Ltd.; Keygene N.V.; Neogen Corporation; QIAGEN N.V; LC Sciences; TraitGenetics GmbH; Novogene Corporation; Oxford Nanopore Technologies Limited; Genewiz Inc.; BGI Group; Genotypic Technology Pvt. Ltd.; Floragenex Inc.; Biome Makers Spain Inc.; Senda Biosciences Inc.; AgBiome; NANOCELLECT BIOMEDICAL Inc.; bitBiome Inc.; GATC Biotech AG; Bionano Genomics; Verinata Health Inc.; National Institute of Plant Genome Research; Chinese Academy of Agricultural Sciences; Japan International Research Center for Agricultural Sciences; Korea Institute of Plant Biotechnology; Institute of Plant Sciences Paris-Saclay; Wageningen University & Research; Ghent University
Plant Genomics Market 2024 Key Insights:
• The plant genomics market will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Surging Demand For Genetically Modified Plants
• Technological Advancement Propelling Innovation
• Asia-Pacific was the largest region in the plant genomics market in 2023
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