April 30, 2021
According to the research report titled ‘Global Agrigenomics Market Size study, by Sequencer (Sanger sequencer, Illumina HiSeq, PacBio sequencer, SOLiD sequencer, Others (Roche GS FLX, Ion Torrent, Oxford Nanopore, and Danaher GeXP)), by Application (Crops, Livestock) by Objective (DNA extraction and purification, DNA/RNA sequencing, Genotyping, Gene expression profiling, Marker-assisted selection, GMO/Trait purity, Other objectives (hybrid purity testing, targeted resequencing, DNA parentage testing, QTL mapping, and genetic disease identification)) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global agrigenomics market was appraised at USD 11.6 billion in 2019 and is anticipated to record a y-o-y growth rate of 8.2% over 2020-2027, amassing USD 21.8 billion by the end of forecast period.
Rising demands for food, and decreasing availability of land are augmenting the growth of global agrigenomics market. As per the report from the World Bank, per capita farmland is estimated to decrease to from 2200 sq. m in 2005 to 1800 sq. m in 2030.
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For those unaware, agrigenomics is the study of genetic composition of crops and animals that influence the product. Using genomics in farming helps increasing the productivity and sustainability of the crop and livestock production.
Innovations and adoption of technology, along with rising funds in research are boosting the growth of worldwide agrigenomics market. Additionally, various pests problem which leads to degradation of 10-16% of crops globally, and emergence of new pest strains that are difficult to kill are encouraging development of new agrigenomics solutions which are readily adopted by farmers, adding traction of the business outlook.
However, limited usage of automated instruments, in consort with reluctance towards innovative research approach due to consolidated equipment portfolio are hindering the expansion matrix of global agrigenomics industry.
Geographically, Asia Pacific, Europe, North America, and Latin America are the key contributors to the overall agrigenomics industry remuneration. Of these, North America is poised to emerge as major growth hub for the market over 2020-2027, owing to technological advancements, along with presence of significant players in the region.
Parallelly, Asia Pacific market is poised to showcase lucrative growth trends over the forecast period, owing to rising investments and funding towards research in the sector, alongside usage of innovative technologies.
Leading players influencing global agrigenomics industry trends are Thermo Fisher Scientific, Agilent Technologies Inc., Livestock Genetic Services LCC (acquired by Neogen Corp.), Illumina Inc., Eurofins Scientific SE, Biogenetic Services Inc., Zoetis Inc., GALSEQ S.r.l., and Neogen Corporation.