Agrigenomics Market

Agrigenomics Market Highlights

The global agrigenomics market is expected to cross a value of USD 7.2 billion by the end of 2032. The market was valued at USD 4.3 billion in 2023 and is expected to expand at a CAGR of 10.1% between 2024-2032.

• Over the mid-term, the growing importance of genomics in agriculture is the primary factor anticipated to drive the global agrigenomics market.
• The high cost of genomic technologies is a major factor to challenge the market growth.
• The Asia Pacific agrigenomics market is projected to dominate the global market.

Agrigenomics Market Outlook

The field of study that combines elements of genetics, genomics, and bioinformatics for addressing the challenges in the agriculture industry so as to improve agricultural productivity, sustainability, and resilience, is known as agrigenomics or agricultural genomics. It involves the application of genomic technologies, such as next-generation sequencing (NGS), genotyping, gene expression analysis, and bioinformatics, to study the genetic makeup and molecular mechanisms underlying important traits in crops, livestock, and microorganisms related to agriculture.

One of the major factors expected to drive the market growth of agrigenomics, according to the analysts of KD Market Insights, is the growing importance of genomics in agriculture. In the recent years, the agriculture industry has been witnessing an expansion of genomic research initiatives and collaborations, driven by huge public and private sector investments. Research institutions, government agencies, and agricultural biotechnology companies are investing in genomic research to address challenges related to crop improvement, livestock breeding, and agricultural sustainability, creating opportunities for agrigenomics solution providers. Thermo Fisher Scientific Inc., Illumina, Inc., and Eurofins Scientific are some of the significant parties in the global market for agrigenomics.

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Agrigenomics Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global agrigenomics market are:

• Growing Advancements in Genomic Technologies: The field of genetic engineering has been observing rapid advancements in terms of next-generation sequencing (NGS), genotyping, and gene editing techniques. These technologies enable researchers to analyze the genetic makeup of crops, livestock, and microorganisms more accurately and efficiently, facilitating the development of improved agricultural products and solutions.
• Surge in Adoption of Precision Agriculture Practices: Precision agricultural practices, such as genomic-assisted breeding, precision crop management, and personalized animal nutrition, are widely being adopted by farmers and breeders nowadays in modern-day farming. Genomic data and analysis tools enable farmers and breeders to make data-driven decisions for optimizing crop yields, improving livestock health, and enhancing overall farm productivity. As a result, owing to the growing adoption of these practices, the demand for agrigenomics solution is expected to increase, and in turn, drive the market growth.

Which Probable Factors Could Hamper the Growing Agrigenomics Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of agrigenomics are:

• High Cost of Genomic Technologies: Genomic technologies, such as next-generation sequencing (NGS) platforms, genotyping arrays, and bioinformatics software, usually cost high, and hence, requires huge initial investment. Hence, small-scale agricultural research organizations, breeding programs, and farmers, who often have a dearth of financial resources, limit their ability to adopt agrigenomic solutions, thereby hampering market growth.
• Lack of Awareness Regarding Agrigenomics: Despite the potential benefits of agrigenomics, lack of awareness and skepticism about the value proposition, as well as perceived risks associated with genetic modification hampers the adoption of genomic technologies, in turn, limiting the market growth.

How is the Global Agrigenomics Market Segmented?

Our experts at KD Market Insights have segmented the global agrigenomics market as:

What are the Probable Factors Influencing the Asia Pacific Agrigenomics Market Forecast?

The Asia Pacific agrigenomics market is majorly driven by the rising need to tackle the challenges associated with food security and agricultural sustainability, along with the increasing focus of the governments in the region on recognizing the importance of agricultural innovation. The Asia Pacific region is home to a significant portion of the world's population and faces increasing challenges related to food security and agricultural sustainability. As a result, with the help of agrigenomics solutions, farmers can improve their crop yields, enhance nutritional content and also develop resilient crop varieties, lowering the concern for food security. On the other hand, to recognize the importance of agricultural innovation, the governments of the region are increasingly investing in research and development initiatives through funding programs, research grants, and by forming collaborative partnerships to promote the adoption of agrigenomics technologies.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific agrigenomics market growth:

• KeyGene Asia Pacific
• BGI Asia Pacific
• Novogene Corporation
• Genewiz Asia Pacific
• LGC Limited Asia Pacific

Which Key Players Top the Global Agrigenomics Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global agrigenomics market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with agrigenomics market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global agrigenomics market share:

• Thermo Fisher Scientific Inc.
• Illumina, Inc.
• Eurofins Scientific
• Agilent Technologies, Inc.
• Qiagen N.V.
• Neogen Corporation
• KeyGene
• LGC Limited
• Novogene Corporation
• BGI Group
• Integrated DNA Technologies, Inc. (IDT)

What are the Recent Developments Observed in the Agrigenomics Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global agrigenomics market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Neogen Corporation stated that it has acquired an agrigenomics company specializing in genomic services for agricultural applications. With this acquisition, the company plans to expand its portfolio of genomic solutions for crop and livestock improvement.

Further, LGC Limited stated that it has collaborated with an agricultural research institute for providing its expertise in genomics and molecular biology to support the institute's research initiatives focused on enhancing crop traits such as yield, quality, and resilience to environmental stressors.