Agrigenomics Market - Forecasts from 2023 to 2028

The global agrigenomics market is projected to grow at a CAGR of 15.88% over the forecast period, increasing from US$3,346.647 million in 2021 to US$9,388.718 million by 2028.

Ongoing technological strides in genomics and sequencing are opening fresh prospects for companies operating in agrigenomics. The agrigenomics market will experience sustained growth in the foreseeable future, propelled by the rising global demand for food due to growing population size and the development of sustainable agricultural practices. Agrigenomics finds application in various areas, including crop and livestock breeding, genetic engineering, and addressing challenges related to pests and diseases. HiFi sequencing plays a crucial role in delivering high-fidelity genomic information, further advancing the field of agrigenomics.

Upcoming innovations and research will further fuel the growth of this field, Singrow, an agrigenomics startup company, has inaugurated its primary research and development hub in the form of a new indoor farm in Singapore. The company is strategically addressing the complexities associated with cultivating food in an era marked by resource constraints and the escalating impact of climate change-induced natural disasters like droughts and fires. Singrow is actively exploring opportunities for expansion into Malaysia and Thailand as part of its growth strategy. Developments such as these are anticipated to boost the market growth and demand for agrigenomics in the forecasted period.

Increasing food demand globally due to population increase

The global population has surged to over triple its mid-twentieth-century size, reaching 8.0 billion in mid-November 2022 compared to the estimated 2.5 billion in 1950. Projections indicate that the world's population is set to increase by nearly 2 billion individuals within the next 30 years, soaring from the current 8 billion to 9.7 billion by 2050 and potentially peaking at around 10.4 billion in the mid-2080s. This unprecedented growth has spurred a heightened demand for food, triggering hunger and malnutrition crises. To address these challenges, there is a pressing need to enhance sustainable production methods and devise solutions for the world's expanding food issues.

Utilizing technologies like Agricultural genomics, and genetic markers associated with desirable traits, farmers, breeders, and researchers can swiftly identify and leverage key genetic information. This helps to make informed decisions in cultivation and breeding practices, offering a pathway to more efficient and sustainable food management systems.

According to projections compiled by the Food and Agriculture Organization (FAO), a 60 percent increase in food production will be necessary by 2050 to adequately feed a global population expected to reach 9.3 billion. Achieving sustainable growth in crop production involves employing techniques that align more harmoniously with ecosystems. This includes minimizing the reliance on external inputs, applying technologies, and assisting farmers in managing the increasingly erratic weather patterns. Agricultural genomics can create an ecosystem for high productivity in aquaculture, livestock, plants, poultry, and companion animals. It can assist in identifying novel genes associated with traits such as immunity, metabolic detoxification, and resistance to pesticides, including crop or livestock breeding, genetic engineering, and efforts to mitigate pests and diseases.

The USA is predicted to hold the largest market share for the market

The use of agrigenomics is increasing in the USA, as it helps in improving crop health, and the yield of the harvest is also good. Moreover, adoption has increased over the years as the demand for commercially produced crops is increasing in the country. For instance, according to the United States Department of Agriculture (USDA), currently, 90% of the USA's corn, upland cotton, and soybean are produced using genetically engineered seeds. Additionally, the increasing population in the country is also putting pressure on agriculture to increase production, to satisfy the country's demand. The agriculture industry these days is facing issues such as climate change, water scarcity, and land degradation which is making it difficult for the agricultural industry to meet the increased demand, which is one of the major reasons contributing to market growth for agrigenomics.

According to the United States Department of Agriculture (USDA), the area of land in farms in 2020 was 89,66,00,000 acres, which increased to 89,53,00,000 in 2021, which reduced by 13,00,000 acres. The decreasing land area available for agriculture cultivation and less arable land due to increasing urbanization is demanding a solution that can increase yield in the projected period, which is expected to boost the market for agrigenomics in the coming years.

Market Key Developments

• In February 2023, Tecan Group headquartered in Switzerland collaborated with Single Genomics, headquartered in San Diego, for the use of a turnkey MagicPrep NGS system that would help in creating sequencing-ready libraries for the G4 Sequencing Platform. This collaboration will bring together Tecan's expertise in laboratory automation, genomics, and bioinformatics with Single Genomics's flexible, fast, and highly accurate sequencing technology that would simplify life in the lab.

Segmentation:

By Technology

• qPCR
• Micro Array Technology
• Next-Generation Sequencing
• Single Nucleotide Polymorphism
• Others

By Service

• Genotyping
• Trait Purity Testing
• Sequencing
• Gene Expression Analysis
• Others

By Application

• Crop
• Livestock

By Crop Type

• Pulses
• Grains and Cereals
• Fruits and Vegetables
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others