April 13, 2024
Global Agrigenomics Market

The Global Agrigenomics Market Is Poised For Growth Driven By Increasing Popularity Of Genome Editing In Agriculture

This allows breeding better crop varieties suited for changing climate and rising food demand. Techniques like marker assisted selection (MAS), genomic selection (GS), and genome editing tools like CRISPR accelerate breeding programs and help develop crops tailored for specific growing conditions or uses.

The Global Agrigenomics Market is estimated to be valued at US$ 4.30 BN in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Global Agrigenomics Market Size are BGI, Illumina, Inc., Eurofins Scientific SE, LGC Limited, Arbor Biosciences, Biogenetic Services Inc., Galseq Srl Via Italia, Thermo Fisher Scientific, Inc., Agilent Technologies Inc., and Tecan Genomics Inc.

The growing global population and changing food consumption patterns are driving demand for higher crop yields and more nutritious crops. With climate change threatening agricultural productivity, agrigenomics tools are increasingly being used to develop climate-resilient seeds.

Major agrigenomics companies are expanding globally to tap new markets and support regional seed and breeding programs through technology transfer and collaborations. They are making strategic acquisitions to enhance capabilities across the agrigenomics value chain from sequencing and genotyping to agbioinformatics and marker-assisted breeding.

Market Key Trends
Rise of genome editing technology, especially CRISPR, is a major trend in agrigenomics. CRISPR has made genome engineering much faster, easier and affordable allowing creation of novel crop varieties with improved traits. While initial focus was on marker assisted selection (MAS), the industry is now moving towards implementing genomic selection (GS) to speed up the breeding cycle. Another key trend is increasing open-access of sequenced genomes of major food crops and development of analytical tools driven by open innovation models and public-private partnerships globally.

Porter’s Analysis

Threat of new entrants: The requirement for huge capital and technology investment hinders new players.

Bargaining power of buyers: Large buyers like agricultural organizations can negotiate lower prices.

Bargaining power of suppliers: Suppliers of advanced sequencing technologies and other tools have significant bargaining power.

Threat of new substitutes: Substitutes are limited since agrigenomics provides detailed examination of genomes of plant and livestock species.

Competitive rivalry: Major players compete on innovation, service differentiation, and partnering with growers.

Geographical Regions

North America accounts for the largest share in the global agrigenomics market in terms of value owing to increasing government funding and high adoption of advanced technologies among farmers.

Asia Pacific is expected to witness the fastest growth during the forecast period due to rising population, rapid economic development, and increasing awareness among farmers regarding the benefits of agrigenomics. Countries like China and India are offering lucrative opportunities.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it