May 18, 2024
Global Agrigenomics Market

Global Agrigenomics Market is Estimated to Witness High Growth Owing to Increasing Advancements in Sequencing Technology

The global agrigenomics market comprises crop and livestock sequencing tools, bioinformatics tools and services that enhance agro-based research. Agrigenomics helps optimize crop quality and quantity by allowing farmers to identify desirable traits and develop more productive cultivars. It utilizes genomics tools such as DNA sequencing, biochips and genetic markers to study genomes of agriculturally important plants and animals. With agricultural products becoming vital staples, agrigenomics enables precision agriculture, sustainable food production, and improved yields.

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 major opportunities in the market include development of gene banks and reference genomes for new plant and livestock species. Advancements in sequencing technologies such as next-generation sequencing and whole-genome sequencing have accelerated agrigenomics research by reducing costs and time required for genome analysis.

Market drivers

The key drivers boosting the global agrigenomics market include growing global demand for food due to rising population, reduction in agricultural land, and threat of climate change impacting crop yields. Agrigenomics is playing a vital role in developing newer crop varieties with higher yields, improved resistance to pests and diseases and ability to grow in diverse agro-climatic conditions. It helps breeders infuse key traits into elite cultivars and introduce them to farmers faster. This is supporting sustainable intensification of agriculture worldwide.

Current Challenges in Global Agrigenomics Market
The global agrigenomics market is facing several challenges currently due to the impact of the Covid-19 pandemic and geopolitical uncertainties. Supply chain and logistical disruptions affected agricultural research and development activities globally. Funding constraints for agrigenomics research projects also impacted the market growth. Other key challenges include lack of standardized regulatory policies for genome-edited crops, high costs associated with agrigenomics technologies and data storage, and ethical issues related to genetic modifications. Addressing these challenges will be crucial for unlocking the full potential of agrigenomics in sustainable agricultural development.

SWOT Analysis

Strength: Agrigenomics offers promising solutions toincrease crop yield and improve disease resistance of cultivated plant strains. It helps address the rising global demand for food.

Weakness: High capital requirement and expertise needed for agrigenomics R&D activities pose entry barriers for smaller players and agricultural institutions in developing nations.

Opportunity: Advancements in gene sequencing, gene editing tools, and big data analytics present significant opportunities for developing superior crop varieties suitable for extreme climatic conditions.

Threats: Strict regulations around genome editing and lack of public acceptance for GMOs in some regions limit the commercialization of agrigenomic innovations. Intellectual property disputes around biotech patents also pose threats.

Geographical regions of market concentration
Currently, North America accounts for the largest share of the global agrigenomics market due to heavy investments in agribusiness research by private and government entities in the US and Canada. Europe and Asia Pacific are other major revenue generators, led by strong government support for agritech innovation in countries like China, India, and Germany.

Fastest growing geographical region
Asia Pacific region is projected to witness the fastest growth during the forecast period due to increasing awareness, supportive policies, and strategic partnerships between international agritech corporations and Asian agriculture research institutions. China, in particular, is expected to drive the regional market growth due to major R&D funding initiatives under its ‘Modern Agricultural Industry Technology System’ program.

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