New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plant Genomics Global Market Report 2023" - https://www.reportlinker.com/p06466706/?utm_source=GNW
Ltd., and Floragenex Inc.
The global plant genomics market is expected to grow from $9.36 billion in 2022 to $10.21 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The plant genomics market is expected to reach $14.27 billion in 2027 at a CAGR of 8.7%.
The plant genomics market includes revenues earned by entities by providing services such as genome sequencing, targeted sequencing, DNA percentage checking, quantitative trait locus (QTL) mapping, and genetic disease identification.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Plant genomics refers to the study of the genetic make-up, organization, functions, and interactions or networks of an entire plant genome through sequencing, characterization, and analysis. It is used to obtain genome-level information on plant metabolism, physiology, and growth to develop new crop varieties.
Asia-Pacific was the largest region in the plant genomics market in 2022. The regions covered in plant genomics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of plant genomics are molecular engineering, genetic engineering, and genome editing.Molecular engineering refers to a field of study that involves designing and testing molecular properties, behaviors, and interactions to create better materials, systems, and processes for specific functions.
It contains different traits such as yield improvement, disease resistance, and herbicide tolerance, as well as technologies such as DNA and RNA sequencing, genotyping, and market-assisted selection (MAS). These are used in several applications, such as cereals and grains, oilseeds and pulses, fruits, and vegetables.
The increased demand for genetically modified plants is expected to propel the growth of the plant genomics market going forward.Genetically modified plants refer to biological plants that have undergone genetic modification utilizing recombinant deoxyribonucleic acid (DNA) technology.
Plant genomics research benefits genetic plants by modifying their growth patterns or making them disease-resistant.Whenever a specific stretch of DNA is added to the plant’s genome, a genetically modified plant with new or different features arises.
For instance, in January 2021, according to reports shared by the United States Department of Agriculture (USDA), a US-based federal agency, in 2020, Canada planted over 10.9 million hectares of genetically modified crops, primarily canola, soybeans, corn, sugar beets, and some alfalfa. Additionally, in 2020, a whopping 95 % of the canola planted genetically modified. And 80 % of the soybeans planted in 2020 will be genetically modified. Therefore, increased demand for genetically modified plants is driving the growth of the plant genomics market.
Technological advancement is a key trend gaining popularity in the plant genomics market.Major companies operating in plant genomics markets are focused on developing innovative solutions and technological centers to strengthen their position in the market.
For instance, in September 2021, Nucleome Informatics Pvt. Ltd., an India-based biotechnology company, launched its most advanced genomics lab, the NKC Center for genomic research. This laboratory is capable of creating high-quality reference genomes, sequencing the entire transcriptome and metagenome, resequencing the genomes to find SNPs and SVs, developing SNP chips, and genotyping hundreds of samples. With the addition of this new lab, Nucleome now stands alone in India as the only facility capable of conducting full hybrid genome and transcriptome research projects.
In November 2020, Calyxt Inc., a US-based biotechnology company, announced a collaboration with NRGene Ltd. Through this partnership, Calyxt was able to use NRGene’s genomics technology to quicken the discovery of hemp traits. This includes using NRGene’s cloud-based genomic platform. NRGene Ltd is an Israel-based genomics company that provides turn-key genomic solutions to leading breeding companies.
The countries covered in the plant genomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The plant genomics market research report is one of a series of new reports that provides plant genomics market statistics, including plant genomics industry global market size, regional shares, competitors with a plant genomics market share, detailed plant genomics market segments, market trends and opportunities, and any further data you may need to thrive in the plant genomics industry. This 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.
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