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(IndustryNews247.Com, March 24, 2020 ) The report "Plant Genomics Market by Objective (Extraction, Sequencing, Genotyping, Gene Expression, MAS, and GMO-trait Purity Testing), Type (Molecular Engineering and Genetic Engineering), Trait, Application, and Region - Global Forecast 2025", is estimated to be valued at USD 7.3 billion in 2019 and is projected to reach a value of USD 11.7 billion by 2025, growing at a CAGR of 8.3% during the forecast period. Factors such as the rising demand for improved crop varieties is driving the growth of the plant genomics market.
Key Players in the Market:
• Eurofins Scientific (Luxembourg)
• Illumina, Inc. (US)
• NRGene (Israel)
• Neogen Corporation (US)
• Qiagen (Germany)
• Agilent Technologies (US)
• KeyGene (Netherlands)
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Asia Pacific is projected to grow at the highest CAGR of 8.9% during the forecast period
The key players in various countries of the Asia Pacific region are focusing on directing their investments toward biotechnology research on food crops and crops of high commercial value to cater to the increasing food requirements and to reduce poverty, particularly among resource-poor farming households. The expansion of biotech crop area in these countries has led to the increasing adoption of plant genomic techniques, such as genetic engineering and DNA sequencing. Due to these factors, the market in the Asia Pacific region is projected to record the highest growth from 2019 to 2025.
Objectives of the Report:
• To define, segment, and project the global market size of the plant genomics market
• To understand the plant genomics market by identifying its various subsegments
• To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To analyze the micromarkets, concerning individual growth trends, prospects, and their contribution to the total market
• To project the size of the market and its submarkets, in terms of value, concerning the regions (along with their respective key countries)
• To profile key players and comprehensively analyze their core competencies
• To understand the competitive landscape and identify the major growth strategies adopted by players across key regions
• To analyze the competitive developments such as expansions & investments, mergers & acquisitions, new product launches, partnerships, joint ventures, and agreements
By type, the molecular engineering segment is projected to be the fastest-growing segment in the plant genomics market during the forecast period.
The molecular engineering segment in the market for plant genomics is projected to be the fastest-growing segment. Marker-assisted selection is the most widely adopted process in molecular breeding by key breeding entities, majorly for crop applications. Molecular plant engineering technologies have been rapidly adopted by developed countries such as the US, France, Germany, the Netherlands, and the UK, which jointly have a higher adoption rate. This means that this technology has immense growth potential on a commercial scale in developing economies.
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By application, the cereals & grains segment is projected to dominate the plant genomic market during the forecast period.
The adoption of modern plant sequencing techniques has been extensive in developed countries for crops such as corn and wheat; hence, cereals & grains formed the dominant application in 2018. The growth in the adoption of various molecular breeding types, such as molecular engineering and genetic engineering tools, would increase the performance of crops to gain better prices in the market. The plant genomic service companies are largely focusing on the development of major cereals & grains such as corn, wheat, rice, and other grains.
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