The genetic engineering in agriculture market is set to reach $1.29 billion by 2030, driven by advancements in DNA sequencing and increased crop yields.
According to a new report published by Allied Market Research, titled, “Next-Generation Genetic Engineering in Agriculture Market By Objective, Application, and Trait: Global Opportunity Analysis And Industry Forecast, 2021–2030,” the global next-generation genetic engineering in agriculture market size was valued at $756 million in 2020, and is projected to reach $1,298 million by 2030, registering a CAGR of 5.9% from 2021 to 2030.
Next-generation genetic engineering is the technique that employs recombinant DNA (rDNA) technology to modify the genetic composition of the crop. This procedure involves the incorporation of a DNA sequence into plant cells, thereby genetic modifying the crops. Crossing plants with important traits was one of the traditional ways of plant breeding. The wild variety plants, on the other hand, produce inferior harvests. This demanded the use of next-generation genetic engineering to genetically modify the crops. The advantages associated with the use of next-generation genetic engineering in crops include reduced costs for food or drug production, higher crop yields, decrease in need for pesticides, and enhancements in nutrient composition & food quality. In addition, increased food security and resistance to pests & disease that the crops suffer from are expected to boost the need for next-generation genetic engineering in agriculture. Furthermore, genetic modification helps to support the growth of crops even in conditions that are not favorable for plants to grow. This can be done in crops that mature faster and can tolerate salt, drought, frost, aluminum, boron, and other environmental stressors, allowing plants to grow.
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The cost-effectiveness of the genomics such that the study for next-generation genetic engineering in agriculture for crops can be achieved is anticipated to help the next-generation genetic engineering in agriculture market propel in the coming years. There Moreover, a steep increase has been witnessed in the demand for improved crop varieties such that the crops grown can survive extreme conditions of the environment and other extremities of content of chemicals in the soil.
Technological advancements in the next-generation genetic engineering techniques are likely to help the market to gain traction during the forecast period. In addition, increase in investments for the next-generation genetic engineering in agriculture acts as a key driving force of the global market.
However, higher cost of infrastructure is expected to hamper the market growth in the coming years. Moreover, lesser usage of automated instruments for next-generation genetic engineering due to higher cost hinders the growth of the market. Conversely, increase in opportunities for using novel DNA sequencing technologies and growth in emerging economies help in providing greater scope for expansion of the market during the forecast period.
By objective, the market is categorized into DNA & RNA sequencing, genotyping, GENE expression profiling, GMO-trait purity testing, and others. The DNA & RNA sequencing segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in use of DNA sequencing that is based on DNA molecular markers, transgenic technology, and gene expression for agricultural production, which have showed great potential in improving agricultural yields. Advantages associated with DNA & RNA sequencing such as increase in crop yields, reduction in costs for food or drug production, decrease in need for pesticides, enhancements in nutrient composition & food quality, and resistance to pests & disease notably contribute toward the growth of the segment.
On the basis of application, the next-generation genetic engineering in agriculture market is segregated into cereals & grains, oilseeds & pulses, fruits & vegetables and others. Presently, the fruits & vegetables segment accounts for majority of the market share, owing to surge in awareness regarding the nutritional benefits of fruits & vegetables and increase in demand for health & wellness foods. In addition, increase in the statistics of working age who require fruits & vegetables for appropriate nutrition helps the segment to gain traction.
By trait, the next-generation genetic engineering in agriculture market is categorized into yield improvement, disease resistance, herbicide tolerance, and others. The herbicide tolerance segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in demand for cost-effective herbicide treatment to treat invasive weeds and surge in usage of herbicide treatment by farmers for prevention of weeds that may destroy the crops.
North America is expected to remain dominant during the forecast period, owing to surge in demand for next-generation genetic engineering in agriculture, increase in incidence of crop diseases, and presence of major key players along with R&D centers. Moreover, Asia-Pacific is expected to offer lucrative opportunities to key players during the forecast period, due to investments toward biotechnology research on food crops and crops of high commercial value to meet the increasing food requirements and to minimize poverty, particularly among resource-poor farming households.
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Key Findings Of The Study
The article discusses the growth and future prospects of the genetic engineering in agriculture market, projected to reach $1.29 billion by 2030.
Advancements in DNA sequencing and increased demand for improved crop varieties drive market growth.
Benefits include higher crop yields, reduced pesticide use, and enhanced nutrient composition and food quality.
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