The global agrigenomics market offers genome-based tools and technologies for enabling higher crop productivity. These techniques involve DNA sequencing, genetic identification, DNA chips and bioinformatics to study gene expression and functions for developing new crop varieties. The growing applications of agrigenomics in genetic engineering, genotyping, mapping & quantitative trait and marker-assisted selection is driving the market growth.
The Global Agrigenomics Market is estimated to be valued at US$ 4.30 BN in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Agrigenomics Market Size are BGI, Illumina, Inc., Eurofins Scientific SE, LGC Limited, Arbor Biosciences, Biogenetic Services Inc., Galseq Srl Via Italia, Thermo Fisher Scientific, Inc., Agilent Technologies Inc., and Tecan Genomics Inc. The key players are focusing on new product launches and adopting organic and inorganic growth strategies such as collaborations and partnerships to expand their market share.
The rising demand for crop varieties that can ensure higher yields and improved resistance to biotic and abiotic stresses is fueling market growth. Agrigenomic tools are enabling the development of new crop varieties with desired traits. This is supporting the growing adoption of agrigenomics across different crops.
Rapid advancements in next-generation sequencing, molecular techniques and bioinformatics are supporting the development of cost-effective and high-throughput agrigenomic solutions. Tools like genome-wide association studies are gaining popularity for genetic analysis of complex traits in crops. This is expected to drive the technological evolution of the agrigenomics market over the forecast period.
Market Trends
Genomic selection is emerging as a key trend in the agrigenomics market. It involves using genome-wide markers for predicting breeding values and selecting individuals for breeding programs. This technique helps shorten breeding cycles and accelerate genetic gain.
Precision breeding technologies like genome editing are gaining traction. CRISPR is being increasingly used for making precise changes in crop genomes to enhance qualities like resistance to pests and climate resilience. This promises sustainable and more productive crop varieties.
Market Opportunities
Rice and wheat are major crops driving the agrigenomics research and product development. The rising global demand for these staples along with the need for climate-resilient and high-yield varieties offers opportunities in these segments.
Horticultural crops like fruits and vegetables also present lucrative opportunities. Genomic studies of niche crops are increasing for quality improvement, adapting to changing conditions and resistance to diseases. This presentsscope for innovations.
Impact of COVID-19 on Global Agrigenomics Market
The COVID-19 pandemic has impacted the global Agrigenomics market in several ways. During the initial lockdown phases globally, the research and development activities related to agrigenomics slowed down significantly as laboratories and research facilities were shut. This impacted the market growth negatively in 2020-2021. However, post lockdowns, the focus to ensure sustainable and efficient food production increased manifolds. Governments and private organizations ramped up funding for genomic technologies that can enhance yields, provide virus/disease resistance and adapt crops to changing climate conditions. This revived the demand.
Although the market size for 2024 is estimated to be US$ 4.30 billion as per pre-COVID forecasts, the post-pandemic recovery has accelerated growth prospects. The market is expected to surpass the pre-COVID forecast and reach closer to US$ 5 billion by 2024 depending upon the research investments made in this critical area. Various genomics startups also received funding to develop solutions for agriculture during the pandemic highlighting the importance given to food security globally. To sustain the gains, continued funding and large-scale commercialization of agrigenomic solutions will be the key strategies for future growth.
Geographical regions with high market concentration
North America occupies the largest share of the global Agrigenomics market in terms of value as of now. This is due to heavy investments by both public and private agencies in the US and Canada towards agricultural genomic research. Large agricultural companies are also based in these regions driving commercialization. However, Asia Pacific is emerging as the fastest growing region given increasing GDPs, rise of startup ecosystems in countries like India and China prioritizing agricultural innovations. Governments in Asia are promoting public-private partnerships to strengthen their agri-biotech sectors.
Fastest growing region
Asia Pacific is poised to become the fastest growing region for the global Agrigenomics market in the forecast period of 2024 to 2031. Several factors are contributing to this. Firstly, the large population and rapid economic growth is translating to higher food demand which can only be met through sustainable intensification. Secondly, countries like China and India are pro-actively funding research collaborations and setting up genomic centers of excellence to develop high-yielding, nutritive and climate-resilient crop varieties. This is attracting global investments as well into the region. Additionally, favorable policy reforms, lower costs and availability of rich genetic resources provides the Asia Pacific region a competitive edge to emerge as the innovation and commercialization hub for agrigenomics
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