The market size of the Global Agrigenomics market in the year 2021 is valued at 4.05 Billion and is predicted to reach 8.83 Billion by the year 2030 at a 9.14% CAGR during the forecast period.
Agrigenomics refers to the use of genomics in agriculture, this is majorly used to improve crop health and yield a good harvest. The population of the world has experienced a major boom in the past few years and hence global food consumption has also increased substantially in order to meet this high demand, farmers are deploying various farming techniques and strategies to boost their production and maximize profits.
Agrigenomics minimizes the risk of harvest damage and improves the efficiency on an overall standard. Agrigenomics is also applicable for livestock and this can lead to better animal health subsequently resulting in a lower risk of genetic disease in animals. This helps in enhancing the overall output of animal livestock and gives their owners a better revenue generation potential.
However, different research approaches towards research and a lack of infrastructure to support agrigenomic practices are anticipated to hamper the global agrigenomics market growth over the forecast period. The COVID-19 pandemic resulted in a major drop in agrigenomic research activity and hampered growth but as the world is returned back to normal we are expected to see good growth in the overall agrigenomics market across the world.
The Agrigenomics market is categorized on the basis of sequencer types, objectives, and applications. Based on sequencer types, the market is segmented as Sanger sequencing, Illumina hi seq family, Pacbio sequencers, Solid sequencers, and Other sequencer types. By objectives, the market is segmented into DNA extraction & purification, DNA/RNA sequencing, Genotyping, Gene expression profiling, Marker-assisted selection, GMO/trait purity testing, and Other objectives. By application, the market is segmented into crops and livestock.
Based on application, the crop segment accounts for a major market share.
The crops segment accounts for a dominant market share and is projected to maintain this stance across the forecast period. Increasing use of genotyping and sequencing technologies to improve the quality of crops and influence genetic variations to get desired results and outcomes. Increasing the use of gene editing to grow plants irrespective of the season will also influence agrigenomics market potential in this segment.
Illumina hi seq family to see a bright outlook over the forecast period.
The Illumina hi seq family-based tests account for a major market share of the global agrigenomics market. The ability and flexibility of this series of tests to perform various applications is the major factor that is predicted to boost agrigenomics market growth via this segment through 2028. Whereas Sanger sequencing is expected to be the second most popular sequencing technique due to its increasing popularity and limited costs.
Regionally, the North America Agrigenomics market holds a dominant outlook.
Demand for agrigenomics is expected to be high in the North American region over the forecast period owing to the rapid adoption of novel technologies in this region and increasing focus on agricultural production improvement. Increasing investments in research and rising support from government initiatives are other factors that will favour the agrigenomics market potential across the forecast period. Increasing demand for foods is also predicted to positively influence agrigenomics market growth. By 2030, the United States and Canada are expected to be key markets in this area. Advancements in sequencing technologies in the food and beverage industry will also help market potential in the North American region.
The key players in the Agrigenomics market have shifted their focus to bio-based components for product manufacturing and are initiating significant strategies, such as mergers, acquisitions, and joint ventures of major and domestic players, enhancing their product portfolio and expanding their global market presence. Some of the major key players in the Agrigenomics market are Eurofins Scientific (Luxembourg), Agilent Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), LGC Limited (UK), Illumina, Inc. (US), Zoetis Inc. (US)., Other Prominent Players.