Research Nester released a report titled “Agrigenomics Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global agrigenomics market in terms of market segmentation by application, by objective, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Agrigenomics, also known as agricultural genomics, can be defined as the application of genomics in agriculture. Genomics is a field of biology which focuses on the transformation, function and rearrangement of genes. The market for agrigenomics is anticipated to grow at a CAGR of 7.8% over the forecast period, i.e., 2019-2027. Further, the market is predicted to reach a market value of about USD 20,500 million by the end of 2027. The market is segmented on the basis of application, objective, end user and region. Based on application, the agrigenomics market is segmented into crops, animal science and marine biodiversity. The crops segment is further subdivided into crop improvements and pest control & insect biology. This segment is anticipated to grow at the highest rate over the forecast period.
On the basis of region, the agrigenomics market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is estimated to hold the leading share and grow at the highest rate with a CAGR of 8% during the forecast period. This can be attributed to the presence of leading companies involved in research and development in the field of agrigenomics in North America. Moreover, the market in Europe is anticipated to hold the second largest share over the coming years on the back of rising technological advancements in the region in this field.
Rising Applications Of Agrigenomics In Food Production To Boost The Market Growth
The U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture and Department of Energy’s (DOE) Office of Biological and Environmental Research collaborated in order to focus on improving feedstock with the help of protein characterization, molecular interactions and through genes.
On the back of growing demand for new and innovative technologies in the field of agriculture, the market is anticipated to observe significant growth in the coming years. There is an increasing preference of upgraded technology by various researchers for the use of agrigenomics in research activities such as genetic disease elimination, targeted resequencing, and marker-assisted selection and breeding. However, agrigenomics requires a high capital investment which is estimated to restrict the business growth in future.
This report also provides the existing competitive scenario of some of the key players of the global agrigenomics market which includes company profiling of Eurofins Scientific Se, Agilent Technologies Inc., Thermo Fisher Scientific Inc., Lc Sciences, Llc, Illumina Inc., Zoetis Inc., Neogen Corporation, Galseq Srl Via Italia, Agrigenomics Inc. and Biogenetic Services Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global agrigenomics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.