June 18, 2024

The Global Agrigenomics Market is Trending Towards Precision Agriculture

Agrigenomics analyzes the genetic composition and DNA structure of plants and animals to develop new breeding techniques that enhance productivity, resistance to biotic and abiotic stresses, and nutrition. Advanced tools such as next-generation sequencing, DNA microarray, and marker-assisted selection are revolutionizing agricultural practices by enabling precision breeding.

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 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.

Key Takeaways
Key players: 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. are some of the prominent players in the global agrigenomics market.
Growing demand: The increasing demand for high-yield and stress-tolerant crops to ensure global food security is driving the adoption of agrigenomics tools for developing superior plant varieties.
Global expansion: Leading players are expanding their geographical footprint through collaborations and acquisitions to tap the growth opportunities in emerging markets such as Asia Pacific and Latin America.

Market Key Trends
Precision agriculture is gaining traction globally with advancements in genomics and big data analytics. Agrigenomics helps farmers develop precision farming practices through solutions such as field mapping, variable rate technology, and site-specific crop management. This enables optimized resource utilization and higher farm productivity. Moreover, agrigenomic research is supporting the development of climate-resilient and nutritionally fortified crops suited for changing climatic conditions. This is expected to drive the adoption of genomics-based crop and livestock improvement programs worldwide.

Porter’s Analysis
Threat of new entrants: Low startup costs and barriers to enter in crop and livestock genomics provide low threat. Bargaining power of buyers: Large number of agrigenomics companies results in high bargaining power of buyers. Bargaining power of suppliers: Suppliers of sequencing platforms and reagents have moderate to high bargaining power due to technical know-how and resource requirements. Threat of new substitutes: Limited threat as agrigenomics provides unique value in crop and livestock improvements. Competitive rivalry: Intense competition among large agrigenomics companies to develop new services and technologies drives down prices.

Geographical Regions

North America is currently the largest market for agrigenomics, accounting for approximately 40% of the global value in 2024 due to extensive R&D investments and adoption of advanced technologies by major players in the region. The Asia Pacific region is expected to be the fastest growing market during the forecast period driven by rising population, increasing demand for food supplies, and significant government initiatives and support for agritech advancements particularly in China and India.

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