30-Apr-2021 | Facts and Factors
According to a study released by Facts and Factors, the global agrigenomics market was worth around USD 12.62 billion in 2020 and is projected to be worth around USD 19.37 billion by the end of 2026, expanding at a CAGR of around 7.4% between 2021 and 2026.
Agricultural genomics is the development of genomics in farming to increase agricultural and livestock efficiency and production. Growing usage of genome sequencing in livestock allows the study of parent lineage and helps in understanding the features of infectious agents like viruses and bacteria that infest or live on them. The high resolution of next-generation sequencing allows researchers to track the mutations in infectious agents over time, which aids in the understanding of disease transmission patterns and aids in the creation of successful treatments. Furthermore, these studies enable researchers to better monitor disease outbreaks in livestock, resulting in increased productivity. These factors are significant demand drivers for agrigenomics.
Top Market Players
Major players in the market are Eurofins Scientific Se, Agilent Technologies' Inc., Thermo Fisher Scientific' Inc., LGS Limited, Illumina' Inc, Zoetis' Inc, Neogen Corporation, Agrigenomics' Inc., Biogenetic Services' Inc., Tecan Genomics, Inc., Affymetrix, Inc., Genotypic Technology Pvt Ltd, GalSeq srl, SciGenom Labs Pvt. Ltd, AgriGenome Labs, NuGEN, LGC Biosearch Technologies, Neogen Pharma, and Edico Genome amongst others.
High Demand for agrigenomics for Boosted the Market Growth
Due to rapid population growth and rising global food demand, there is an increasing demand for agrigenomics in the livestock industry. The high demand for agrigenomics in the application of genomics in agriculture helps to improve the sustainability and productivity of livestock and crop production, driving the market's growth from 2021 to 2026. Furthermore, significant advancements in technology that have led to the switch from single-gene sequencing to whole-genome sequencing, as well as an increase in funds for agrigenomics research, fuel the adoption of novel technologies and rising adoption of agrigenomics because it can reduce the use of harmful pesticides by enhancing resistant power during the early stages and an increase in funds for research fuel the adoption of novel technologies and rising adoption of agrigenomics. Furthermore, increasing research in the field of agrigenomics in emerging economies and DNA sequencing in livestock is generating a slew of lucrative opportunities that will propel the market forward during the forecast era. Higher throughput and lower cost per sample have resulted from the rapid adoption of sequencing technology in the agrigenomics industry. Because of this, the NGS technique is positioned in the agrigenomics market as a cost-efficient method for purity checking, genotype screening, gene mapping, conducting association mapping, screening backcross lines, genomic selection, and constructing haplotype maps. Furthermore, in the agrigenomics industry, NGS is commonly used for genomes that are large where funding is less. Crop researchers have also been pushing the industry by promoting the use of NGS for genomic that assisted breeding and genomic selection. Researchers are looking into the agrigenomics industry to see if there are any solutions to diseases that cause massive food loss. However, in the forecasted timeframe, the low adoption of automated instruments is acting as a market restriction for the agrigenomics for the livestock market, while one of the biggest challenges to the market's growth is the hazardous effects that restrict certain research practices.
COVID-19 Impact on the Global Agrigenomics Market
According to the Food and Agriculture Organization, the sudden outbreak of pandemic is affecting agriculture in two major ways: food supply and demand. These two factors are inextricably linked to food security, putting it in jeopardy. Mobility constraints and decreased purchasing power have a significant effect on food demand and security, with the most vulnerable population groups bearing the brunt of the impact. As the number of cases of contagion rises, policymakers take more aggressive steps to halt the virus's spread, affecting the global food system in the process. Regardless of whether any governments go in the opposite direction, the principle of any action taken should be to protect the population's health and food security at the expense of economic development.
North America dominates the Agrigenomics Market
The North American agrigenomics market is steadily growing due to the growing adoption of agrigenomics, which can help to minimize the use of harmful pesticides by improving resistance capacity during the early stages of growth. Pesticide use has been reduced significantly as a result of the introduction of agrigenomics. Strong R&D, new technology innovation, and increased merger and acquisition (M&A) activity are the major factors driving the market growth. With growing revenue generation within the region, the United States is the largest market in North America, followed by Canada and Mexico. NRGene had put together the genome structure of a commercially grown strawberry in November 2016 and by using Illumina technology, the genome was sequenced and assembled using NRGene's DeNovoMAGIC 3.0 cloud-based software. Again, Affymetrix, Inc. presented many new agrigenomic genotyping solutions (PAG XXIV). Affymetrix had launched Eureka Genotyping Solution for low-plex, low-cost genotyping by sequencing, following the company's acquisition of Eureka Genomics in mid-2015 (GBS). Two new array configurations for the Axiom® genotyping platform are also being introduced, giving customers a wide variety of choices for sample numbers and throughput targets. Asia-Pacific is expected to register the fastest growth rate during forecasted analysis. With the support of international partnerships, China and Australia have been upgrading their technology and services to boost their growth in agriculture and horticulture operations in the Asia-Pacific region. Australia, China, Japan, South Korea, and India have funded agrigenomic research projects in specific areas of interest. Certain factors are attributing to the growth of the market.
Browse the full “Agrigenomics Market By Technology (Real-Time PCR (PCR), Microarrays, Next Generation Sequencing, Capillary Electrophoresis, Others) By Application (Crops and Livestock), By Service Offerings (Genotyping, DNA Fingerprinting, Assessment of Genetic Purity, Trait Purity Assessment, Gene Expression Analysis, Others), By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” report at https://www.fnfresearch.com/agrigenomics-market.
The Global Agrigenomics market is segmented as follows:
Agrigenomics Market: By Technology
Agrigenomics Market: By Application
Agrigenomics Market: By Service Offerings
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