Market Overview
Plant genomics refers to various genetic manipulation approaches used to improve plant quality and study how plant genetic composition influences plant reproduction. Crop protection may be improved as plant genomics advances by reducing mycotoxin contamination in plants and allowing crops to tolerate high temperatures. The availability of faster-growing plants helps to ensure food security and nutritional availability in the market. Plant genomics is also important in decreasing disease spread through the production of genetically engineered crops. The key areas of genomics used to improve crop quality are molecular diagnostics, molecular markers, genetic engineering, tissue culture, and the generation of helpful bacteria. Increasing demand for high-quality food products, the rapidly expanding global population, and ongoing research activities on plant genomics are expected to drive the growth of the global market.
The global plant genomics market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 7.68% during the forecast period (2023-2030).
Market Dynamics: The growing plant genomics market with augmenting demand for protein-rich plants
The market is majorly driven by the rising prevalence of protein deficiency among individuals, which increases the demand for protein-rich plants. The market is experiencing an increased demand for high-quality fruit, vegetables, and cereals due to the increasing population. Also, extensive research and development (R&D) activities for developing numerous advanced plant genomics methods create a positive outlook for the market. Apart from this, favorable initiatives taken by the government bodies of several countries promoting improved protein-rich plant and crop growth programs provide an impetus to the market. Additionally, the widespread loss of vegetative cover results in the implementation of alternative scientific methods to improve vegetation and increase protein-rich plant productivity. The market is further propelled by the shifting preference toward genomics over automated instruments due to its cost-efficiency and the growing costs of automated instruments. Other factors contributing to the market include the escalating demand for a bio-based economy to improve food security, rapid urbanization, considerable growth in the food and beverage (F&B) industry, the rising trend of veganism, and an enhanced focus on sustainable development. According to the data published by the United Nations Convention to Combat Desertification, around 20–30% of the earth’s vegetated surface is declining due to the loss of vegetative cover. Additionally, the decline in protein-rich plants is causing protein deficiency in around 76% of the global population. It resulted in a need to find alternative scientific methods to improve the vegetation cover and increase protein-rich plant productivity, thus, creating a demand for balanced food security and a demand for a bio-based economy to improve food security.
However, the high cost of plant genomics, rising environmental concerns, the dangers of GMO products, a lack of awareness about advanced plant genomic technologies in many parts of the world, and a scarcity of skilled healthcare professionals are some key factors that could hinder global market revenue growth over the forecast period.
Market Segmentation: The cereals and grains segment accounted for the highest global plant genomics market share
The cereals and grains segment has been projected to dominate the plant genomics market during the forecasting period. The adoption of modern plant sequencing techniques has been extensive in developed countries for crops such as corn and wheat. Hence, cereals and grains formed the dominant application in 2022. The growth in the adoption of various molecular breeding types, such as molecular engineering and genetic engineering tools, would increase crops’ performance to gain better market prices. The plant genomic service companies are focusing on developing major cereals and grains such as corn, wheat, rice, and other grains. For instance, on August 26, 2021, Nucleome launched its most advanced genomics lab, the NKC Center for Genomic Research. The Defense Minister of India inaugurated the laboratory. This laboratory will house the Illumina NovaSeq 6000, PacBio Sequel II, and GeneTitan genotyping machines, along with separate labs for human genomics, wildlife genomics, plant genomics, and microbial genomics.
Geographical Penetration: Europe is the dominant region during the forecast period
The European region has the highest revenue share for the plant genomics market in 2022. It has been due to the rising demand for high-quality food. Government activities targeted at boosting crop quality help ensure that this region’s market continues to grow. Furthermore, the region’s plant genomics market is expected to increase in the next few years due to continuous research endeavors in the field and the presence of important major companies. For instance, in 2020, ENEA launched G2P-SOL, a global research alliance to preserve and revive the genetic resources of solanaceous crops. G2P-SOL is a global research alliance grouping 19 full and 20 associated partners from 4 continents. The EC Horizon 2020 program funds the project with a total budget of ? 6.9 million.
On the other hand, Asia-Pacific is the fastest-growing plant genomics market due to the rise in investment by biotechnology companies in food crops and the growing value of crops to cater to rising food demand. Furthermore, the growing population and consumer base will further boost the growth of the plant genomics market in the region during the forecast period.
Competitive Landscape:
The major players in the plant genomics market are Agilent Technologies Inc., BGI Genomics, Eurofins Scientific SE, Floragenex Inc., GENEWIZ Inc. (Azenta Inc.), Illumina Inc., Keygene N.V., L.C. Sciences, Neogen Corporation, Novogene Co. Ltd., NRGene Technologies Ltd., Oxford Nanopore Technologies plc and Qiagen N.V. To ensure that genetically modified crops are safe, stringent regulatory bodies such as the Food and Drug Administration (FDA) and Environmental Protection Agency (EPA) lay down regulations. The crop developer needs to submit the details related to the scientific assessment of food, and the FDA determines the safety of the food based on the provided scientific assessment information submitted by the developer. Large corporations and research institutes are increasing their investment in developing new varieties of plants and domesticating crops that have been pending for many years. For instance, in 2019, the Boyce Thompson Institute in Ithaca, New York, and Cold Spring Harbor Laboratory utilized CRISPR-Cas9 gene editing to domesticate ground cherry. The process aims to develop ground cherry that can be mass-produced and sold on the market as a berry crop. The use of new and advanced technologies, such as data mining and the increasing use of artificial intelligence and automation, plays a crucial role; and opens opportunities for companies to explore new areas of plant genomics.
On November 9, 2022, Day One Project developed the Plant Genome Project (PGP), a robust Human Genome Project-style initiative to build a comprehensive dataset of genetic information on all plant species, starting with the 7,000 plant species that have historically been cultivated for food and prioritizing plants that are endangered by climate change and habitat loss. In parallel, they recommend expanding the National Plant Germplasm System (NPGS) to include genomic-standard repositories that connect plant genetic information to physical seed/plant material.
COVID-19 Impact: Positive impact on the global plant genomics market
Most industries worldwide have been negatively impacted over the years 2020 and 2021. It can be attributed to significant disruptions experienced by their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other restrictions enforced by governing authorities across the globe. The same applies to the global plant genomics market. Moreover, consumer demand has also subsequently reduced as individuals are now keener on eliminating non-essential expenses from their respective budgets as the general economic status of most individuals has been severely affected by this outbreak. These factors are expected to burden the revenue trajectory of the global plant genomics market over the forecast timeline.
However, as respective governing authorities begin to lift these enforced lockdowns, the global plant genomics market has recovered accordingly. The key manufacturers also launched new products, which has increased the demand for the plant genomics market. For instance, on May 3, 2021, an Indian start-up called 30M Genomics developed a new technology called AmpReady to extract DNA from a biological sample in five seconds without requiring equipment. 30M Genomics, which focuses on point-of-care genetic diagnostics. It can be used with any biological sample, including human, animal, plant, or microbe.
The global plant genomics market report would provide an access to approximately 53 market data tables, 50 figures and 200 pages