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Plant Genomics Market to Grow to $12.26 Billion by 2025 | BIS Research
Plant genomics caters to several applications such as yield management, diseases resistance, and herbicide tolerance.
By: BIS Research
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The global plant genomics market is projected to grow from $7,089.4 million in 2020 to $12,258.1 million by 2025, at a CAGR of 11.06% from 2020 to 2025. High growth in the market is expected to be driven by the rising need for improved crop traits and by the rise in government initiatives for research and development across major countries about the need to increase agricultural production while taking care of the environment by eliminating carbon footprint from traditional agricultural practices and further increasing funding activities for plant genomics, have led to increasing adoption of the technologies.
Plant genomics are being rapidly utilized in developed countries, are being adopted by developing countries as well. The governments of developing countries have introduced favorable initiatives to promote plant genomics, as they realize the need and advantages of the practice to improve crop productivity and reduce crop losses. However, certain challenges prove to restrict the growth of the global plant genomics market. Lack of awareness in handling modern plant genomics in developing countries along with high initial deployment cost acts as a challenge for the market.
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The competitive landscape of the plant genomics market consists of different strategies undertaken by major players across the industry to gain market presence. The competitive landscape for the plant genomics market demonstrates an inclination toward companies adopting strategies, such as product launch and development and partnerships, collaborations, and joint ventures. The major established players in the market focus on partnerships, collaborations, and joint ventures to introduce new technologies or develop further on the existing product portfolio. KeyGene, N.V., Novogene, Oxford Nanopore Technologies, Genewiz, Front Range Biosciences, and Eurofins Scientific are some of the prominent players in the plant genomics market.