Plant Genomics Market: Analyzing Size, High CAGR Value, Insights into Growth Potential and Industry Expansion Opportunities

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.

Market Overview -
Plant genomics refers to the study of the genetic make-up, organization, functions, and interactions or networks of an entire plant genome through sequencing, characterization, and analysis. It is used to obtain genome-level information on plant metabolism, physiology, and growth to develop new crop varieties.

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Surging Demand For Genetically Modified Plants
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.

Competitive Landscape -
Major companies operating in the plant genomics market report are 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

Technological Advancement Propelling Innovation
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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Key Segments -

The plant genomics market covered in this report is segmented -

1) By Type: Molecular Engineering, Genetic Engineering, Genome Editing
2) By Trait: Yield Improvement, Disease Resistance, Herbicide Tolerance
3) By Technology: DNA And RNA Sequencing, Genotyping, Marker-Assisted Selection (MAS), Bioinformatics
4) By Application: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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