Genetic Engineering Plant Genomics Market Report 2024

The genetic engineering plant genomics market size has grown rapidly in recent years. It will grow from $34.7 billion in 2023 to $40 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. During the historic period, growth was driven by government funding, technological advancements, increasing demand for sustainable agriculture, a growing population, and heightened public awareness and acceptance.

The genetic engineering plant genomics market size is expected to see rapid growth in the next few years. It will grow to $71.57 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. Looking ahead to the forecast period, growth will be fueled by regulatory clarity, expansion into emerging markets, customization and personalization, integration with digital technologies, and adaptation to climate change. Key trends expected in this period include greater adoption of CRISPR-Cas9 technology, expansion in precision agriculture practices, and increasing demand for biofortified crops.

Growing concerns about food security are expected to drive the genetic engineering plant genomics market in the future. Food security ensures that everyone has reliable access to sufficient, safe, and nutritious food for a healthy and active life. Concerns about food security have risen due to factors such as climate change, economic instability, and a growing global population, which threaten food availability and accessibility. Genetic engineering in plant genomics enhances food security by creating crops that are more resistant to pests, diseases, and environmental stresses, thereby boosting agricultural productivity and stabilizing food supply. For example, in October 2023, the US Department of Agriculture reported that 87.2% (115.8 million) of US households achieved food security, marking a significant decrease from 89.8% (118.5 million) in 2021. Additionally, 7.7% (10.2 million) of US households faced low food security in 2022. Hence, increasing concerns about food security are expected to drive the growth of the genetic engineering plant genomics market.

Leading companies in the genetic engineering plant genomics market are focusing on technological advancements such as automated molecular breeding genotyping solutions to improve precision and efficiency in crop breeding processes. These solutions efficiently process large volumes of plant samples using computerized technologies and software to streamline genetic analysis for breeding programs. For instance, in June 2024, MGI Tech, a biotechnology company based in China, introduced a comprehensive workflow solution for large-scale low-pass whole genome sequencing in agriculture. This automated solution, integrated with MGI's automation platforms, surpasses traditional limits in library preparation by achieving ultra-high throughput. It supports rapid, cost-effective large-scale library preparation and offers high throughput capabilities with the DNBSEQ-T7 sequencer and medium throughput with the DNBSEQ-G400 benchtop sequencer, making it ideal for agricultural genomics research.

In March 2024, GDM Seeds Inc., an agricultural solutions provider based in Argentina, acquired the Corn and Sorghum Business from KWS SAAT SE & Co. KGaA, a German plant breeding company, for an undisclosed sum. The acquisition aims to strengthen GDM Seeds' seed development capabilities and expand its market presence in agricultural biotechnology across the region. It includes KWS' entire South American corn breeding and sales operations, along with its production facilities for corn and sorghum in Brazil and Argentina.

Major companies operating in the genetic engineering plant genomics market are BASF SE, Bayer AG, Thermo Fisher Scientific Inc., Suntory Holdings Limited, Corteva Inc., DuPont de Nemours Inc, Eurofins Scientific SE, Agilent Technologies Inc, ADAMA Ltd, Illumina Inc, PerkinElmer Inc., Beckman Coulter Inc., Bio-Rad Laboratories, Zhejiang Xinan Chemical Industrial Group Co Ltd, UPL Limited, Qiagen N.V., Novogene Co Ltd, KWS SAAT SE & Co KGaA, Vilmorin & Cie, Neogen Corporation, Rubicon Genomics Inc, Verdesian Life Sciences LLC, GeneWiz Inc, Genotypic Technology Pvt Ltd, Syngenta AG, Keygene NV.

Asia-Pacific was the largest region in the genetic engineering plant genomics market in 2023. The regions covered in the genetic engineering plant genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the genetic engineering plant genomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Genetic engineering in plants refers to the alteration of their genetic material to introduce or modify specific traits. Plant genomics, on the other hand, encompasses the comprehensive study of plants' genetic makeup, including genes and DNA sequences, aiming to comprehend their functions and interactions. This approach aims to enhance crop characteristics, boost agricultural productivity, and encourage sustainable farming practices.

Within genetic engineering and plant genomics, molecular engineering plays a crucial role. It involves manipulating genetic material at the molecular level to improve traits such as growth rate or nutrient absorption efficiency. This process utilizes advanced techniques to precisely modify genetic components within plants. The targeted traits include yield improvement, disease resistance, herbicide tolerance, insect resistance, and the ability to withstand abiotic stresses. These applications span various plant types, including cereals, grains, oilseeds, pulses, fruits, vegetables, sugar crops, ornamentals, and Alfalfa.

The genetic engineering plant genomics market research report is one of a series of new reports that provides genetic engineering plant genomics market statistics, including genetic engineering plant genomics industry global market size, regional shares, competitors with an genetic engineering plant genomics market share, detailed genetic engineering plant genomics market segments, market trends and opportunities, and any further data you may need to thrive in the genetic engineering plant genomics industry. This genetic engineering plant genomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The genetic engineering plant genomics market consists of revenues earned by entities by providing services such as genetic modification of crops, genome sequencing and analysis, trait identification and enhancement, molecular breeding, and bioinformatics tools for agricultural and biotechnological applications. The market value includes the value of related goods sold by the service provider or included within the service offering. The genetic engineering plant genomics market also includes sales of genetically modified seeds, biotechnological enzymes, proteins derived from genetically engineered plants, and diagnostic kits for genetic testing in agriculture. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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