Minichromosomal Technology in Agriculture Market Size was valued at USD 324.7 Mn in 2023 and is predicted to reach USD 526.6 Mn by 2031 at a 6.40% CAGR during the forecast period for 2024-2031.
Minichromosomal technology in agricultural genetic engineering employs artificial chromosomes to confer new qualities to plants in a way that does not alter their DNA. New traits, such as increased nutritional value, drought and insect tolerance, and enhanced production potential, can be brought about by this technology. Minichromosomal technology in agriculture is rising due to the world's population and natural resources dwindling, so there is an urgent need to increase food production in a more environmentally responsible manner. Minichromosomal technology can help with these endeavors by making crops with better nutrient and water use, higher nutritional value, or resistance to environmental challenges.
Furthermore, the development and implementation of novel technologies, such as minichromosomes in agriculture, are being propelled by increased biotechnology research and development expenditures by both public and private organizations.
However, market growth is hampered by a need for more qualified personnel and a reservoir of experience when it comes to minichromosomal technology, and research and development processes are complicated and resource-intensive. Furthermore, this technology allows genetic modification to be carried out more efficiently and with more precision than in the past. It increases the predictability of genetic modifications and decreases the risk of interrupting existing genetic processes by inserting minichromosomes that work independently of the plant's natural chromosomes. The demand for minichromosomal technologies in worldwide agriculture is expected to skyrocket as a result of recent advances in genetics and biotechnology.
Competitive Landscape
Some of the Major Key Players in the Minichromosomal Technology in Agriculture Market are
- Chromatin, Inc.
- Icon Genetics Inc.
- Evogene Ltd.
- Lonza Group AG
- Precision Biosciences, Inc.
Market Segmentation:
Minichromosomal technology in the agriculture market is segmented based on the traits incorporated, crop type, and end user. Based on traits incorporated, the market is segmented into drought tolerance, improved nitrogen use, herbicide tolerance, pest resistance, and others. By crop type, the market is segmented into arabidopsis, maize, and others. By end-user, the market is segmented into agriculture & biotechnology companies, academic & research institutes, and others.
Based on the Trait Incorporated, the Herbicide Tolerance Segment Dominate the Market
Herbicide tolerance minichromosomal technology in the agriculture market is expected to hold a major global market share in 2023 due to the growing need for herbicide-resistant agricultural varieties. This demand is driven by the growing concern among farmers throughout the globe about the need to successfully control weed species that are becoming more and more resistant. An innovative approach is provided by minichromosomal technology, which permits the insertion of several herbicide-resistant genes onto specialized minichromosomes in a way that does not impact the plant’s genomic material. The approach increases the crop’s resilience by making it more resistant to a wider range of herbicides, which could lead to less economic and environmental damage from herbicides.
Agriculture & Biotechnology Companies Segment to Witness Growth at a Rapid Rate
The agriculture & biotechnology companies are growing rapidly, propelled by the technology’s capacity to heap numerous genetic characteristics onto an individual chromosome effectively. The growing need for environmentally friendly farming practices, this breakthrough improves crop yields without modifying plant genes. Furthermore, innovations that might yield more robust and productive crops are urgently needed to meet the rising global food demand, and environmental issues are growing the segment growth.
In the region, the North American Minichromosomal Technology in Agriculture Market Holds a Significant Revenue Share
The North American minichromosomal technology in the agriculture market is expected to register the highest market share in revenue in the near future. This can be attributed to modern farming methods that use efficient and environmentally friendly strategies. North America's dominance in this industry is due in large part to its heavy expenditure on R&D. In addition, Asia Pacific is projected to grow rapidly in the global minichromosomal technology in the agriculture market because there is a substantial need for modern agricultural technologies driven by the urgent need to increase crop yields to feed the country’s enormous and rising population, as well as its significant agricultural industry.
Recent Developments:
- In April 2024, EVGN and The Kitchen FoodTech Hub, the investment arm of Israeli food behemoth Strauss Group, announced the joint establishment of Finally Foods Ltd. TKH is a leading computational biology company with the goal of revolutionizing the discovery and development of life-science-based products across various market segments through the application of highly advanced computational biology technologies.
- In January 2024, Icon Genetics GmbH, a 100% subsidiary of Denka Co. Ltd, Tokyo, Japan, announced the granting of a European patent (EP3938378B1) for its innovation on more stable norovirus-like particles.
Minichromosomal Technology in Agriculture Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 324.7 Mn |
|
Revenue Forecast In 2031 |
USD 526.6 Mn |
|
Growth Rate CAGR |
CAGR of 6.40% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Trait Incorporated, By Crop Type, By End-user and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Chromatin, Inc., Icon Genetics, Inc., Evogene Ltd., Lonza Group AG, and Precision Biosciences, Inc. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
