PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1346092
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1346092
Global Genetic Engineering in Agriculture Market to Grow at a Significant 6.5% CAGR, Reaching US$1.5 Billion by 2030.
Genetic engineering in agriculture, driven by recombinant DNA (rDNA) technology, is revolutionizing crop genetics. It offers multiple advantages such as increased crop yields, reduced production costs, decreased pesticide usage, enhanced nutritional content, and improved food quality. This technology enhances food security and crop resistance to pests and diseases. The global market for genetic engineering in agriculture is on a steady growth trajectory, driven by the expanding applications in agricultural productivity enhancement, pest and disease management, and food quality improvement.
Rising Food Demand: The world's population is expected to exceed 9 billion by 2050, leading to increased food demand. Genetic engineering addresses this demand by enhancing crop yields, resistance to pests and diseases, and food shelf life, ultimately contributing to food security.
Biotechnology Advancements: Advances in biotechnology, especially the development of precise gene-editing methods like CRISPR-Cas9, have transformed genetic engineering. These methods offer accuracy, efficiency, and cost-effectiveness, accelerating the development and commercialization of genetically modified crops.
Ethical and Environmental Concerns: Ethical concerns surrounding the release of genetically modified crops into ecosystems and the safety of GM crops for human consumption impact their acceptance and regulation. Environmental concerns include gene flow to non-GMO crops and its effects on biodiversity.
CRISPR Dominance: CRISPR technology leads the market due to its precision, efficiency, and ability to make exact genetic modifications. It addresses ethical concerns by avoiding foreign DNA introduction and supports various agricultural innovations.
Fruits & Vegetables Preferred: The fruits & vegetables segment is the primary application category, driven by increased acceptance of GM foods, enhanced crop production, and improved fruit and vegetable quality.
North America Leads: North America continues to dominate the market, benefiting from advanced research facilities, expanding agriculture sector, quick technology adoption, and growing global food demand.
Asia Pacific Emerging: The Asia Pacific market is poised for significant growth, driven by increased crop productivity, agricultural sector expansion, research and development investments, and the presence of major biotechnology companies.
Key players in the genetic engineering in agriculture market include Eurofins Scientific, Illumina, Inc., Keygene, Agilent Technologies, Qiagen N.V., Neogen Corporation, Nrgene, Traitgenetics GmbH, Novogene Corporation, and Oxford Nanopore Technologies.