The market size of the Global Plant Genetic Engineering Market is predicted to show an 7.04% CAGR during the projected period.
Plant genomics intends to sequence, describe, and explore the whole plant genome's genetic architecture, functions, and composition. It assists in the characterization of molecular pathways as well as the discovery of genetic variations in phenotypes. Plant genomics and genetic engineering have improved rapidly in recent years. The applications in every area of plant biology, breeding, and genomic selection have expanded due to these developments. The market is expanding due to the growing use of genomics in plant breeding and the conservation of genetic resources. These two strategies are attracting the attention of numerous researchers worldwide. The goal of increased governmental and commercial investment in plant genomes is to meet the rising food demand for a fast-expanding global population, which is driving the growth of the plant genomics industry. The demand for fresh, high-quality fruits and vegetables has also increased significantly as a result of the world population's rapid growth. Other factors that are anticipated to drive the global market include the growing desire to reduce crop losses and falling costs for DNA synthesis and sequencing. Since traditional sequencing techniques require a lot of effort and time, innovative technologies are applied in plants to sequence genes.
The decline in automated equipment use due to increased costs is projected to impede the growth of the plant genomics market in the long run. Significant factors that may limit the growth of the global market's revenue over the forecast period include the high cost of plant genomics, growing environmental concerns, the dangers of GMO products, low awareness of advanced plant genomic technologies in many parts of the world, and a shortage of qualified healthcare professionals.
The Plant Genetic Engineering Market is segmented on the basis of Trait, Technique, and Application. Based on Trait, the market is segmented as Yield improvement, Disease resistance, Herbicide tolerance, and Others. Based on Technique, the market is segmented as Artificial Selection, Cloning, Gene Splicing, and Others. Based on Application, the market is segmented as Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others.
Based on traits, the Herbicide tolerance segment is accounted as a major contributor to the Plant Genetic Engineering Market.
Herbicide tolerance is expected to experience a significant rise due to the rising need to develop resistance among crops to prevent production failure. Herbicide tolerance technology is becoming increasingly popular due to its reduced danger to humans and the environment, as well as government measures to encourage its use over its non-GM counterparts. These factors together account for the majority of the increase in the herbicide tolerance market. Farmers are becoming more interested in the solution as it offers flexibility in weed management during any stage of plant growth, requires fewer sprays, uses less fuel and reduces soil compaction, which spurs the expansion of the herbicide tolerance sector. The trend towards herbicide tolerance technologies is due to the fact that, aside from the addition or modification of an enzyme, no other metabolic changes are made that would also serve as a driving force, and as a result, neither the crop's growth nor its agronomic performance would suffer in comparison to parental crops.
Based on Application, the Cereals and grains segment is accounted as a major contributor to the Plant Genetic Engineering Market.
Cereals and grains lead the total application segment due to their large production and consumption levels. All across the world, people eat a lot of these kinds of cuisine. An increase in crop failure incidents has impacted crop modification reliance as a result of abrupt weather changes affecting productivity. These methods improve the agricultural yield and help shield the crops from insects. Grain and cereal production has proliferated as a result of increased farming and shifting food consumption habits of people around the world. Additionally, there is an increased demand for food grains, increasing pressure on the agricultural industry to produce better crops. With this growing demand, technology has been used in agriculture to increase crop productivity and improve grain and cereal quality.
The Asia Pacific Plant Genetic Engineering Market holds a significant revenue share in the region.
The most significant revenue share in the plant genomics market was in the Asia Pacific region in 2020, which may be ascribed to biotechnology companies' growing investments in high-value crops and food crops to meet the region's rising food demand. The increasing population and customer base in the region's nations and rising disposable income are essential factors contributing to the need for high-value commodities. During the forecast period, the Asia Pacific market is anticipated to grow as a result of rising funding from both public and private organizations, increasing genomic research-based activities, improved research infrastructure and facilities, a strong focus on improving soil and crop quality, and these factors combined. Additionally, the increased use of advanced plant technology in emerging and developing nations like China and India is anticipated to spur demand growth in the APAC area and increase investment in agricultural biotechnology research and development.
The key players in the Plant Genetic Engineering Market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and through partnerships with regional and international companies to expand their product offerings and expand their global market presence. Some of the major key players in the Plant Genetic Engineering Market are Agilent Technologies, Eurofins Scientific Se, Illumina, Inc., Keygene N.V., Neogen Corporation, Novogene Corporation Ltd., Nrgene Ltd., Oxford Nanopore Technologies Ltd., Qiagen N.V, and Sgs -Traitgenetics Gmbh.