by It helps study genetic makeup of organisms for genetic modifications, growth optimization and quality assessment of crops and livestock. Agrigenomic techniques involve large-scale DNA sequencing, genotyping, gene expression profiling and marker-assisted breeding. The use of genomic knowledge aids in increasing crop yields, higher nutrition, enhanced drought or pest resistance, and disease prevention in farm animals.
The Global Agrigenomics Market is estimated to be valued at US$ 7.67 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Agrigenomics Market are BGI, Illumina, Inc., Eurofins Scientific SE, LGC Limited, Arbor Biosciences, Biogenetic Services Inc., Galseq Srl Via Italia, Thermo Fisher Scientific, Inc., Agilent Technologies Inc., and Tecan Genomics Inc. The growing global population and rising demand for food have led to increasing focus on boosting agricultural productivity through agrigenomics techniques. Major players are expanding their geographical presence across major economies to tap the growth potential in key markets.
Market Key Trends
The increasing use of genomic selection techniques for enhancing livestock quality and crop varieties is one of the major trends observed in the Global Agrigenomics Market Size. Breeding programs employ genomic selection approaches which help identify genomic regions associated with traits of economic significance in a shorter period compared to conventional methods. This helps accelerate the development of new crop varieties and animal breeds with superior characteristics tailored to changing climatic and disease resistance needs.
Porter’s Analysis
Threat of new entrants: High capital investment requirements for lab infrastructure and new technologies pose entry barriers. Bargaining power of buyers:Buyers have high bargaining power due to the presence of many players and substitutes in the market. Bargaining power of suppliers: Suppliers of advanced equipment, reagents, and consumables have moderate bargaining power due to being few in number. Threat of new substitutes: Technologies like whole genome sequencing pose a threat as they are cheaper than traditional sequencing methods. Competitive rivalry: High degree of competition due to presence of key global players drives down profit margins.
The global agrigenomics market is concentrated in North America and Europe in terms of value owing to early adoption and high usage of advanced technologies. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising R&D investments and increasing awareness in countries like China, India and South Korea.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
