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Global Agrigenomics Market Analysis – 2019-2027
Agrigenomics, also known as agricultural genomics, is used for finding out the impact of genes on livestock and crops and improving the productivity and viability of yield and livestock through genetic modifications. The genetic markers which are linked to desirable traits, informing cultivation and breeding decisions are recognized through the advanced technology in agrigenomics. 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 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. 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. The market for agrigenomics is anticipated to grow on the back of rising technological advancements and high demand for efficient systems and equipment as well as automation in the field of agriculture that result in the production of better quality products.
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 of around USD 9,000 million by 2027 and grow at the highest rate with a CAGR of 8% during the forecast period. The growing employment of agrigenomics in the United States is anticipated to expand the market size in the region. 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.
Some of the key industry leaders in the global agrigenomics market are 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.