The global plant genomics market is projected to reach $12.26 billion by 2025, according to a new report published to ResearchAndMarkets.com. Growth in this market — which includes products and services derived from the study of the genetic compositions of the genetic makeup of plants — is expected to be driven by several factors, including the broader application of this research. This market and its leading companies are headed for future business success.
Global Plant Genomics Market Profile
The global plant genomics market was worth $7.26 billion in 2020. There are multiple applications for global plant genomics research, which is why the companies involved are valuable. For example, the industry can use this research to help with disease resistance, herbicide tolerance, and yield management.
Even before the next few years of predicted growth, the global plant genomics market is competitive. As a result, it is highly fragmented, according to the report, with a large number of both big and small companies that all compete with each other, along with larger businesses. Among the leading companies in the global market are KeyGene, N.V., Novogene, Oxford Nanopore Technologies, Genewiz, Front Range Biosciences, and Eurofins Scientific.
North America is currently the leading region in this market. However, parts of Europe also hold sizable shares of the revenue, and the global plant genomics market is expected to diversify in the near future.
As mentioned above, the global plant genomics market is expected to grow globally in the next four years. Key contributors, according to the market analysis report, will be leading regions like North America, but also the Asia-Pacific and Japan region. This region is projected to become one of the most lucrative in the plant genomics market.
Overall, this report projects that the global plant genomics market will expand at a compound annual growth rate (CAGR) of 11.06%, which is a fairly significant yearly average. The market should therefore reach $12.26 billion by 2025, which amounts to a 52.3% increase in the next four years.
Reasons for Growth
So what’s the reasoning for this positive forecast? It’s fairly simple: technology is improving. With better technology — including DNA/RNA sequencing, genotyping, and bioinformatics — comes the growth of plant genomics in the general technology sector. It broadens the applications of this vast research.
Furthermore, along with better supply, there should be more demand for this market’s products and services because of the global depletion of agricultural land. People still want fresh agricultural produce, so there will need to be a greater reliance on plant genomics to counter these environmental trends.
When looking for markets that are ripe for expansion, it’s often useful to identify the greatest problems facing the world. Agricultural deterioration is one of them — and as a result, markets that contribute to solutions, like the global plant genomics market, are likely to only see enhanced success.