PUBLISHER: The Business Research Company | PRODUCT CODE: 1270494
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270494
“Agrigenomics Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agrigenomics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agrigenomics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The agrigenomics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the agrigenomics market are Agilent Technologies Inc., Agrigenomics Inc., Biogenetic Services Inc., Eurofins Scientific Se, Galseq Srl Via Italia, Illumina Inc., LGS Limited, Neogen Corporation, Thermo Fisher Scientific Inc., Zoetis' Inc., Pacific Biosciences, CEN4GEN Institute, NuGEN Technologies, Edico Genome, and UD-GenoMed Limited.
The global agrigenomics market is expected to grow from $3.54 billion in 2022 to $3.95 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The agrigenomics market is expected to reach $5.88 billion in 2027 at a CAGR of 10.5%.
The agrigenomics market includes revenues earned by entities by executing genome analysis and sequencing through DNA extraction and purification, genotyping, and marker-assisted selection. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Agrigenomics is the application of genomics in agribusiness to improve livestock and agricultural yield and sustainability. These allow the crop to yield better and help in production.
North America was the largest region in the agrigenomics market in 2022. The regions covered in the agrigenomics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of agrigenomics are genotyping, DNA fingerprinting, assessment of genetic purity, trait purity assessment, gene expression analysis, and others. DNA fingerprinting is a technique that reveals the genetic makeup of living things. The various technologies are real-time PCR, microarrays, next-generation sequencing, capillary electrophoresis and others, which uses sequencer type such as sanger sequencing, Illumina hi seq family, placebo sequencers, solid sequencers, and others. These are used in crops and livestock.
The exponential increase in the world population is significantly contributing to the growth of the agrigenomics market going forward. Expanding population is increasing the demand for more productive and more sustainable farming. Agrigenomics also aids in the production of more nutrient-dense meals and the growth of huge quantities of food in a small area which helps in sustaining the increasing population. For instance, in 2022, according to data from the United Nations, a US-based intergovernmental organization whose stated purposes are to maintain international peace and security, the global population is projected to grow to 8.5 billion in 2030 and to 9.7 billion in 2050. Therefore, an exponential increase in the world population will drive the agrigenomics market.
Technological advancements are the key trend gaining popularity in the agrigenomics market. Major companies operating in the agrigenomics market are focusing on developing new technologies for improving genomic studies and enhancing the current platforms for agrigenomics. For instance, In May 2022, NEOGEN® Corporation, a Switzerland-based food safety company, and Gencove, an Indian-based company that provides low-pass whole genome sequencing and analysis software company, launched InfiniSEEK™. It is an innovative, less costly solution for whole genome sequencing and targeted SNP analysis. With the launch of this new solution customers now have a data-rich, economical way to classify cattle all across the world using genome-wide sequence data, specific genetic features, and parentage markers simultaneously.
In April 2022, LGC, a UK-based company that provides mission-critical components and solutions in high-growth application areas acquired Rapid Genomics for an undisclosed amount. Through this acquisition, the NGS's high-throughput offerings in the field of agricultural genomics will be able to expand and develop in the future. Rapid Genomics is a US-based company that develops and delivers genomic applications to agribusinesses.
The countries covered in the agrigenomics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agrigenomics market research report is one of a series of new reports from The Business Research Company that provides agrigenomics market statistics, including agrigenomics industry global market size, regional shares, competitors with an agrigenomics market share, detailed agrigenomics market segments, market trends and opportunities, and any further data you may need to thrive in the agrigenomics industry. This agrigenomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.