A recent report published by Infinium Global Research on agrigenomics market provides in-depth analysis of segments and sub-segments in the global as well as regional agrigenomics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional agrigenomics market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global agrigenomics market. According to the report, the global agrigenomics market is projected to grow at a CAGR of over 8% over the forecast period of 2022-2028.
The agrigenomics market was valued at over USD 3.5 billion in 2022 and is expected to reach about USD 6 billion in 2028, with a CAGR of over 8% during the forecast period. Innovative teams of scientists are turning to advanced genomics tools to build solutions as a changing climate and growing population challenge the world’s food supply. Agrigenomics offer solutions to the mounting challenges of feeding the global population and will continue to drive sustainable productivity. Using modern technology, farmers, breeders, and researchers can easily identify the genetic markers linked to desirable traits, informing cultivation and breeding decisions.
Rapidly increasing population along with rising demand for crops and livestock is driving the demand for agrigenomics market. Today, the world average food consumption per person has increased by almost a fifth, from 2360 kcal per person per day in the mid-1960s to 2800 kcal per person per day. The gains in the world average reflect predominantly those of the developing countries. Furthermore, the livestock sector globally is highly dynamic. It is evolving in response to the rapidly increasing demand for livestock products in developing countries. The demand for livestock products is stagnating in these countries. The government initiatives to support research and enhance crop productivity are fueling market growth. Agricultural production has been intensely changed by the forces of globalization. On the one hand, export-driven agricultural production has radically improved access to agricultural commodities in harsh environments. However, regulatory barriers to genome editing in agriculture are hindering the market growth. Moreover, rising opportunities for DNA sequencing in crops and livestock are anticipated to provide opportunities to the market.
The corona crisis has had serious economic impacts. These impacts have been widely felt, including by agricultural and horticultural businesses in the Netherlands. In response to the coronavirus (COVID-19) outbreak, the lockdown and measures taken all over the world continue to have profound consequences for businesses. However, consumer demand has increased for healthy food as customers look to support their immune health, boost overall wellness and reduce anxiety in the face of the COVID-19 pandemic. This has increased the demand for agrigenomics.
Geographically, the global agrigenomics market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of region, North America dominates the global agrigenomics market owing to factors such as significant technological innovation, well-established health care infrastructure, and a focus on research and development. Europe is the second-largest market for agrigenomics in terms of revenue. The Asia Pacific is the fastest-growing market owing to factors such as government support for research and development in the field of agrigenomics, falling prices of sequencing technologies, and significant technological innovations.
The report on the global agrigenomics market covers segments such as technology, applications, and service offerings. On the basis of technology, the sub-markets include microarrays, next generation sequencing, and others. On the basis of applications, the sub-markets include crops, and livestocks. On the basis of service offerings, the sub-markets include genotyping, DNA fingerprinting, assessment of genetic purity, trait purity assessment, gene expression analysis, and others.
The report provides profiles of the companies in the market such as LGS Limited, Thermo Fisher Scientific Inc., Arraygen Technologies, Neogen Angus Genetics, Zoetis' Inc., Illumina, Inc., Tecan Genomics Inc., Affymetrix Inc., AgriGenome Labs Pvt. Ltd, and IntegraGen.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of agrigenomics market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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