PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1603759
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1603759
According to Stratistics MRC, the Global Genetic Engineering in Agriculture Market is accounted for $1.09 billion in 2024 and is expected to reach $1.77 billion by 2030 growing at a CAGR of 8.5% during the forecast period. Genetic engineering in agriculture involves modifying the DNA of crops and livestock to enhance specific traits, such as yield, pest resistance, drought tolerance, and nutritional content. Scientists can now directly introduce advantageous genes into plants or animals thanks to this biotechnological development, making precise improvements that would be difficult to accomplish through conventional breeding. Moreover, insect-resistant corn and herbicide-tolerant soybeans are two examples of genetically engineered (GE) crops that have gained widespread acceptance around the world because of their capacity to boost output while lowering the demand for chemical inputs, thereby encouraging more sustainable farming methods.
According to the Food and Agriculture Organization (FAO), genetically engineered (GE) crops covered approximately 190 million hectares globally in 2022.
Genetically modified organism (GMO) adoption
The adoption rate of GMOs has been steadily increasing due to their numerous benefits. Genetically modified crops appeal to farmers because they frequently require fewer inputs, like fertilizer and water, while offering greater resistance to pests and diseases. In addition to making farmers more profitable, this also helps to lessen the impact on the environment by using fewer chemicals. GMOs are now commonplace in agricultural practices in areas with more benevolent regulatory frameworks, such as North America. Furthermore, there is a slow change in public opinion that encourages broader adoption as consumer awareness of the advantages of GMOs, such as increased nutritional value and decreased food waste, increases.
Social and ethical concerns
Genetic engineering raises ethical questions about "playing God" with nature and the propriety of modifying living things for the sake of humanity. Genetic modification is criticized for undermining natural processes and potentially having unintended consequences. Large Biotech Company's monopolization of seed patents raises additional societal concerns because it may restrict farmer's ability to save seeds from their harvests for later use. Moreover, this approach may lead to smallholder farmers becoming dependent on seed companies for yearly purchases, which raises concerns about access and economic equity.
Development of novel crop varieties
The market for genetic engineering offers a wealth of chances to create innovative crop varieties suited to particular consumer preferences or regional requirements. For instance, it is possible to engineer crops to have better taste and texture or longer shelf lives, which will increase their marketability and decrease food waste across the supply chain. Additionally, there is also the possibility of developing specialty crops that serve specialized markets or new consumer trends, like gluten-free or organic products.
Issues with public health
Genetically modified food acceptance is still seriously threatened by public health concerns. Notwithstanding the scientific consensus regarding the safety of genetically modified foods, some consumers are concerned about the possibility of toxicity or allergies when consuming GMOs. Reports of negative health effects have prompted demands for more thorough testing and labeling of genetically modified products. Furthermore, it is also difficult for stakeholders to effectively convey the advantages of genetic engineering because of disinformation campaigns and unfavorable media representations that heighten these anxieties.
The COVID-19 pandemic had a major effect on the market for genetic engineering in agriculture by interfering with supply chains and labor availability, which decreased crop yields and caused delays in R&D. While import and export restrictions restricted access to vital biotechnology tools and resources, lockdowns caused a shortage of agricultural workers, which hampered planting and harvesting operations. Moreover, the pandemic raised awareness of food security concerns and sparked a surge in interest in biotechnology solutions; nevertheless, the financial burden on farmers and decreased investment in agricultural innovation may present long-term obstacles to market expansion as the sector attempts to bounce back from these setbacks.
The DNA & RNA Sequencing segment is expected to be the largest during the forecast period
The largest share is expected to be held by the DNA & RNA sequencing segment. Because it plays a crucial part in increasing agricultural productivity through accurate genetic analysis and modification, this segment is essential. The development of genetically modified crops with increased yields, disease resistance, and nutritional value is made easier by the identification of genetic markers linked to desired traits made possible by DNA and RNA sequencing technologies. Additionally, the importance of the segment is highlighted by the growing reliance on transgenic technology and molecular markers for crop improvement, which not only facilitates breeding but also helps understand plant genomes.
The Fruits & Vegetables segment is expected to have the highest CAGR during the forecast period
The fruits and vegetables segment is projected to exhibit the highest CAGR. This growth is mostly due to rising demand for health and wellness foods as well as growing consumer awareness of the nutritional advantages of fruits and vegetables. It is imperative to develop improved varieties with better taste, longer shelf life, and higher nutritional value as more consumers place a higher priority on eating a healthy diet. Furthermore, supporting the growth of this market is the growing popularity of urban gardening and local food production, as genetically modified fruits and vegetables can satisfy the particular needs of consumers looking for wholesome, fresh produce.
The North American region holds the largest market share for genetic engineering in agriculture. The main reasons for this dominance are the developed agricultural infrastructure, robust R&D capacities, and supportive regulatory framework for genetically modified organisms (GMOs) in nations such as the US and Canada. With large investments in genetic engineering technologies that increase crop yields, improve pest resistance, and lessen dependency on chemical inputs, North America has been at the forefront of the adoption of agricultural biotechnology. Moreover, the region's dominant position in the market is further cemented by its well-established biotech sector and the high rate of farmer and consumer acceptance of GM crops.
The market for genetic engineering in agriculture is anticipated to grow at the highest CAGR in the Asia-Pacific region. Rapid population growth, which raises food demand, and the growing use of cutting-edge molecular biology and genetics technologies to increase crop yield and productivity are some of the factors contributing to this growth. Leading the way in this trend are nations like China and India, which have made significant investments in biotechnology research and development to tackle issues in agriculture like soil degradation and climate variability. Additionally, the market's growth in this area is further supported by the existence of significant biotechnology firms and continuous government assistance for agricultural innovation.
Key players in the market
Some of the key players in Genetic Engineering in Agriculture market include Agilent Technologies, Illumina, Inc., Eurofins Scientific, Qiagen N.V., Neogen Corporation, Traitgenetics GmbH, Keygene, Synthego Corporation, Oxford Nanopore Technologies, Novogene Corporation, GenScript, Trace Genomics, Intellia Therapeutics and NRgene.
In October 2024, Eurofins Scientific, a global scientific leader in bioanalytical testing, with a rapidly developing presence in highly specialised and molecular clinical diagnostics testing and in-vitro diagnostic products, has reached an agreement with SYNLAB to acquire its clinical diagnostics operations in Spain. The transaction is subject to customary conditions, including regulatory approvals, and is expected to close in 2025.
In August 2024, Illumina Inc, a major biotech firm in DNA sequencing and array-based technologies, on Friday announced the setting up of a Global Capability Center in Bengaluru. The centre would be an investment to expand its technology workforce in support of a global customer base.
In July 2024, Agilent Technologies Inc. has signed a definitive agreement to acquire BIOVECTRA, a specialized contract development and manufacturing organization (CDMO), for $925 million. Based in Canada, BIOVECTRA produces biologics, highly potent active pharmaceutical ingredients, and other molecules for targeted therapeutics.