Plant Genomics Market to Reach Market Size of USD 14.47 Billion by 2028 | Global Analysis, Industry Statistics, Revenue, Demand and Trend Analysis Research Report by Emergen Research
Key players in the Plant Genomics market include Agilent Technologies, Neogen Corporation, GENEWIZ, Eurofins Scientific, QIAGEN, LC Sciences, Illumina Inc., KeyGene, Novogene Co. Ltd., and Floragenex Inc.
Vancouver, British Columbia, Feb. 17, 2021 (GLOBE NEWSWIRE) — The global plant genomics market size was USD 7,866.8 Million in 2020 and is expected to reach a market size of USD 14.47 Billion at a steady CAGR of 7.9% in 2028, according to latest analysis by Emergen Research. Increasing emphasis on enhancing disease resistance of plants is a key factor driving growth of the plant genomics market. Disease resistance in plants enables them to have healthy growth without requiring any pesticides. For example, genetically engineered cassava can tolerate mosaic virus and brown streak disease, apples can resist fire blight disease, and oranges can stay protected from citrus greening disease.
Growing global demand for fruits and vegetables is a significant factor driving plant genomics market growth. Fruits and vegetables are produced globally and are an essential constituent of human diets owing to abundance in minerals, vitamins, phytochemicals, and dietary fiber. Plant genomics is beneficial in enhancing the shelf-life and quality of fruits and vegetables, thus playing a vital role in meeting the growing population’s increasing food demand.
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Key Highlights of Report
- In December 2020, Calyxt, Inc. made an announcement about signing a research collaboration with NRGene Ltd. that comprises the use of the cloud-based genomic platform of NRGene to fast-track hemp trait discovery.
- Among the type segments, the genetic engineering segment contributed the largest revenue share in the plant genomics market in 2020. Genetic engineering finds application in agriculture to improve crop yields, decrease food production cost, improve food quality and nutrient composition, increase disease and pest resistance, and enhance food safety and security.
- By genomic property, disease resistance segment revenue is expected to increase at the fastest CAGR during the forecast period. Plant genomics enables introduction of novel genes into vegetative crops, including banana, potato, and cassava, to deliver increased resistance against pathogens.
- DNA sequence information allows gene and molecular marker discovery related to varied agronomic characteristics for providing new crop improvement opportunities. DNA sequencing increases food security and food safety by mitigating risks arising from disease outbreaks thereby resulting in more effective plant breeding.
- Plant genomics market revenue in North America is expected to grow at a steady CAGR during the forecast period due rapid adoption of advanced agricultural technologies and a number of on-going research initiatives in plant genomics. In addition, presence of leading plant genomics companies and rising demand for high-value crops in countries in the region is causative of steady market growth.
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Emergen Research has segmented the global plant genomics market on the basis of type, genomic property, objective, application, and region:
- Type Outlook (Revenue, USD Billion; 2021–2028)
- Genetic Engineering
- Molecular Engineering
- Genome Editing
- Genomic Property Outlook (Revenue, USD Billion; 2021–2028)
- Yield Improvement
- Herbicide Tolerance
- Disease Resistance
- Objective Outlook (Revenue, USD Billion; 2021–2028)
- DNA Extraction and Purification
- DNA/RNA Sequencing
- Gene Expression Profiling
- GMO-Trait Purity Testing
- Marker-Assisted Selection
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
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- Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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