February 22, 2024

Genetic Engineering in Agriculture Market Expected to Grow at 6.5% CAGR, Reaching US$1.5 Billion by 2030

The global genetic engineering in agriculture market is set to witness significant growth, with a projected CAGR of 6.5% during the forecast period from 2023 to 2030, reaching a market value of approximately US$1.5 billion by the end of 2030.

Market Overview:

Genetic engineering in agriculture, driven by recombinant DNA (rDNA) technology, enables the alteration of crops’ genetic makeup, resulting in increased crop yields, cost-effective food production, reduced pesticide usage, and improvements in nutritional content and food quality. It also enhances food security and crop resilience to pests and diseases. The market’s steady revenue growth is propelled by the expanding application of genetic engineering to boost agricultural output, reduce pesticide dependency, protect crops from diseases, and enhance food quality. The adoption of next-generation genetic engineering techniques and the increasing awareness of gene editing’s benefits in agriculture further contribute to market growth.

Key Report Findings:

  • The genetic engineering in agriculture market is poised for robust growth between 2023 and 2030.
  • Increasing adoption of genetic engineering to enhance agricultural production, reduce pesticide use, protect crops from diseases, and improve nutrient composition and food quality is a primary driver of global market growth.
  • CRISPR technology holds a prominent position in the market.
  • The fruits & vegetables segment led the genetic engineering in agriculture market in 2022.
  • North America is expected to maintain its market leadership, while Asia Pacific will experience the strongest growth through 2030.

Growth Drivers:

Exploding Rise in Food Demand:

The global population is projected to surpass 9 billion by 2050, leading to increased food demand. However, limited arable land, soil degradation, urbanization, and climate change pose challenges to traditional agriculture. Genetic engineering addresses these issues by producing genetically modified crops with higher yields, enhanced resistance to pests and diseases, and improved shelf life, thereby increasing overall agricultural productivity. Genetically modified crops contribute to meeting the growing demand for food.

Biotechnology Advancements:

Advancements in biotechnology, particularly the development of precise gene-editing techniques like CRISPR-Cas9, have revolutionized genetic engineering in agriculture. CRISPR technology allows scientists to make precise modifications to an organism’s genome, enhancing desired traits without introducing unnecessary changes. These biotechnological advancements have accelerated the creation of genetically modified crops, made genetic engineering more cost-effective, and improved technology accessibility. This has led to faster adoption and the release of genetically modified crops into the market, positively impacting agricultural productivity.

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Market Challenges:

Instability and Presence of Toxic Materials:

Ethical and social concerns regarding genetic engineering in agriculture influence its acceptance, regulation, and usage. Potential environmental consequences, such as gene flow to non-GMO crops or wild relatives, raise long-term ethical concerns. Safety concerns related to GM crops for human consumption, including allergenicity and toxicity, also affect public perception. Socioeconomic impacts, particularly on small-scale farmers and access to genetically modified seeds, vary among communities and regions.

Overview of Key Segments:

CRISPR Remains the Most Preferred Technique:

The CRISPR category dominates the market due to its ongoing development, precision, and cost-effectiveness. CRISPR technology allows targeted genetic modifications without introducing foreign DNA, alleviating ethical concerns. It accelerates the creation of innovative crop varieties, making genetic engineering more efficient and accessible.

Fruits & Vegetables Leading Application Category:

Fruits & vegetables led the market in 2022 due to increasing acceptance of genetically modified foods, production of GM fruits and vegetables, and development of nutrient-dense produce. Genetically modified fruits and vegetables offer insect and herbicide resistance, enhancing food safety and quality. Genetic alterations can improve flavor, texture, and shelf life, reducing food loss in the supply chain.

Growth Opportunities Across Regions:

North America’s Dominance Intact:

North America’s genetic engineering in agriculture market continues to lead due to access to cutting-edge research facilities, expansion of the agricultural sector, rapid adoption of gene editing techniques, and acceptance of genetically modified crops in the United States and Canada. The region benefits from increased investment in R&D and the presence of major industry players.

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Asia Pacific Develops a Lucrative Market:

Asia Pacific is poised for significant market growth, driven by increased crop productivity, adoption of molecular biology and genetic technology, growing food demand, and expanding agriculture in countries like China and India. Advances in agricultural technology, investment in R&D, and the presence of major biotechnology companies contribute to market development. Genetic engineering addresses challenges posed by harsh weather conditions and soil content, promoting stronger revenue creation in the region.

Genetic Engineering in Agriculture Market: Competitive Landscape:

Key players in the global genetic engineering in agriculture market include Eurofins Scientific, Illumina, Inc., Keygene, Agilent Technologies, Qiagen N.V., Neogen Corporation, Nrgene, Traitgenetics GmbH, Novogene Corporation, and Oxford Nanopore Technologies.

Browse Global Genetic Engineering in Agriculture Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Technique Coverage, By Application Coverage, By End Use Coverage, By Geographic Coverage, and By Company):  https://www.fairfieldmarketresearch.com/report/genetic-engineering-in-agriculture-market

 

Similar Reports:

Precision Agriculture Market: https://www.fairfieldmarketresearch.com/report/precision-agriculture-market

Agriculture Microbial Market: https://www.fairfieldmarketresearch.com/report/agriculture-microbial-market

    

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This press release first seen on Brilad