Overview and Scope
Genetic engineering in plant involves modifying the genetic material of plants to introduce or alter specific traits, while plant genomics is the study of the entire genetic makeup of plants, including their genes and DNA sequences, to understand their functions and interactions. It enhances crop characteristics, improves agricultural productivity, and promotes sustainable farming practices.
Sizing and Forecast
The genetic engineering plant genomics market size has grown rapidly in recent years. It will grow from $34.7 billion in 2023 to $40 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to government funding, technological advancements, growing demand for sustainable agriculture, a rising population, and public awareness and acceptance.
The genetic engineering plant genomics market size is expected to see rapid growth in the next few years. It will grow to $71.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to regulatory clarity, expansion into emerging markets, customization and personalization, integration with digital technologies, and climate change adaptation. Major trends in the forecast period include increased adoption of CRISPR-Cas9 technology, growth in precision agriculture practices, rising demand for biofortified crops, and the and the expansion of gene editing applications beyond crops.
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Segmentation & Regional Insights
The genetic engineering plant genomics market covered in this report is segmented –
1) By Type: Molecular Engineering, Genetic Engineering And Genome Editing, Other Types
2) By Trait: Yield Improvement, Disease Resistance, Herbicide Tolerance And Insect Resistance, Abiotic Stress Tolerance
3) By Application: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Sugar Crops, Ornamentals, Alfalfa
Asia-Pacific was the largest region in the genetic engineering plant genomics market in 2023. The regions covered in the genetic engineering plant genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising concerns for food security are expected to propel the growth of the genetic engineering plant genomics market going forward. Food security is the condition where all individuals have reliable access to adequate, safe, and nutritious food to maintain a healthy and active life. The rising concerns for food security stem from factors such as climate change, economic instability, and an increasing global population, which threaten the availability and accessibility of food. Genetic engineering in plant genomics enhances food security by developing crops more resilient to pests, diseases, and environmental stresses, thereby increasing agricultural productivity and food supply stability. For instance, in October 2023, according to the US Department of Agriculture (USDA), a US federal department for forestry, farming, food, and rural economic development, 87.2% (115.8 million) of US households maintained food security, which is a statistically significant decrease from the 89.8% (118.5 million) reported in 2021. Moreover, 7.7% (10.2 million) of US households experienced low food security in 2022. Therefore, rising concerns for food security are expected to propel the growth of the genetic engineering plant genomics market.
Key Industry Players
Major companies operating in the genetic engineering plant genomics market are BASF SE, Bayer AG, Thermo Fisher Scientific Inc., Suntory Holdings Limited, Corteva Inc., DuPont de Nemours Inc, Eurofins Scientific SE, Agilent Technologies Inc, ADAMA Ltd, Illumina Inc, PerkinElmer Inc., Beckman Coulter Inc., Bio-Rad Laboratories, Zhejiang Xinan Chemical Industrial Group Co Ltd, UPL Limited, Qiagen N.V., Novogene Co Ltd, KWS SAAT SE & Co KGaA, Vilmorin & Cie, Neogen Corporation, Rubicon Genomics Inc, Verdesian Life Sciences LLC, GeneWiz Inc, Genotypic Technology Pvt Ltd, Syngenta AG, Keygene NV
The genetic engineering plant genomics market report table of contents includes:
1. Executive Summary
2. Genetic Engineering Plant Genomics Market Characteristics
3. Genetic Engineering Plant Genomics Market Trends And Strategies
4. Genetic Engineering Plant Genomics Market – Macro Economic Scenario
5. Global Genetic Engineering Plant Genomics Market Size and Growth
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32. Global Genetic Engineering Plant Genomics Market Competitive Benchmarking
33. Global Genetic Engineering Plant Genomics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Genetic Engineering Plant Genomics Market
35. Genetic Engineering Plant Genomics Market Future Outlook and Potential Analysis
36. Appendix
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