Agrigenomics Market Expected to Reach US ~$7.76 Billion and CAGR 9.9% by 2030 – Polaris Market Research
The global agrigenomics market size is expected to reach USD 7.76 billion by 2030, according to a new study by Polaris Market Research.
The rising inclination towards the consumption of organic food products among the population, increasing utilization of genomics solutions for crops, and technological developments are the chief driving factors that are fostering the agrigenomics industry demand globally. Additionally, surging demand for the bioengineered crop because of characteristics like long shelf life, better nutritional values, and high capacity to sustain against climate change are further attributed to the agrigenomics industry growth.
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Moreover, growing production of hybrid crops, development of the agriculture sector, and rising government support for the cultivation of nutritious and quality crops may also create lucrative opportunities for the agrigenomics industry demand over the forecast period.
Based on the sequence type, the Illumina Hi seq family segment dominates the global industry and is anticipated to lead the industry over the forecasting period. The segment is a powerful sequencing system that works with the flexibility to perform various applications. The growth of the agriculture sector and the rising emphasis of industry players on introducing new products is attributed to the segment growth.
In contrast, the sanger sequencing segment shows a progressive growth rate in the global industry. This sequencing type is majorly adopted for the research purposes like directing smaller genomic areas in a more significant number of samples, sequencing of mutable sections, and confirmative results from next-generation sequencing (NGS) studies. Thereby, rising investments in research & development activities and increasing demand for livestock production foster the segment demand during the projected period.
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The availability of advanced tools & techniques of genome analysis is the chief driving factor that may augment the industry growth across the globe. The rapid developments in the functional genomics segment coupled with the high utilization of massively parallel sequencing technologies are gaining massive traction among the end-use segment. In addition, the advances in protocols also lead to the competent study of cellular performance at the molecular level.
Moreover, molecular marker-assisted crop breeding is the best alternative for applied genomics in agriculture as this technique is more efficient than traditional breeding programs. Accordingly, advanced genome classification methods have raised crops’ quality and need less time, fertilizers, pesticides, and water for yielding. Furthermore, for livestock, the emergence of novel technologies further improves the production of milk yield, meat quality, and reproductive life. Hence, these factors offer various growth prospects for market expansion in the projected period.
Market participants include Agilent Technologies, Affymetrix, Biogenetic Services, Edico Genome, Eurofins Scientific, Thermo Fisher Scientific, Genotypic Technology Pvt Ltd, GalSeq Srl, Illumina., LGC Limited, SciGenom Labs, Tecan, and Zoetics are some of the key players operating in the global market. For instance, in February 2021, Thermo Fisher Scientific acquired sorting technology from the Propel Labs. This acquisition aims to bring flow cytometry expertise and R&D capabilities.
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Polaris market research has segmented the agrigenomics market report on the basis of sequencer type, application, objective, and region:
Agrigenomics, Sequencer Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Sanger Sequencing
- Illumina Hi Seq Family
- Pacbio Sequencers
- Solid Sequencers
Agrigenomics, Application Outlook (Revenue – USD Billion, 2018 – 2030)
Agrigenomics, Objective Outlook (Revenue – USD Billion, 2018 – 2030)
- DNA Extraction & Purification
- DNA/RNA Sequencing
- Gene Expression Profiling
- Marker-Assisted Selection
- GMO/Trait Purity Testing
- Other Objectives
Browse detailed report with in-depth TOC – Agrigenomics Market
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