The molecular breeding market is projected to grow at a CAGR of 17.11% from 2018 to 2023
LONDON, Sept. 19, 2018 /PRNewswire/ --
The molecular breeding market is projected to grow at a CAGR of 17.11% from 2018 to 2023.
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The molecular breeding market is projected to reach USD 3.95 billion by 2023, from USD 1.79 billion in 2018, at a CAGR of 17.11%. It is projected to grow at an exponential rate due to factors such as the rising funds for agrigenomics research, declining cost of genetic solutions, and the benefits imparted by molecular breeding in agricultural yield. However, major factors restraining the growth of molecular breeding are the higher capital investment in comparison to conventional breeding and the lack of infrastructural facilities in the developing economies of Asian countries.
Among different processes, the genomic selection segment is projected to be the fastest-growing from 2018 to 2023.
Genomic selection is a recent development in the molecular breeding market, and hence, its awareness and adoption have been gradually increasing, especially across North American and European countries.Genomic selection helps in the rapid selection of superior genotypes and accelerates the breeding cycle.
This technology is applicable to the population that has even minor differences from the reference population.Cost and time efficiency are the major factors attributing to the increasing adoption of this technique over the traditional phenotypic selection.
The increased accuracy achieved with genomic selection has been attracting key agrigenomic service providers in the global market.
In terms of application, the cereals & grains segment is estimated to dominate the market in 2018.
With the increasing global concern on food security and rising demand for crops in various industries, there has been an increasing need to bridge the supply-demand gap, owing to which the demand for crops with the desired traits has been rising among the plant breeders.Owing to the increasing demand for industrial crops such as corn, wheat, and sorghum, the adoption of advanced technologies for these crops is expected to further increase in the coming years.
The application of molecular technology is at the nascent stage for livestock, wherein cattle is the predominant livestock that is selected using these techniques.
North America is estimated to dominate the molecular breeding market in 2018
The North American market for molecular breeding is driven by the wide-scale application of molecular breeding techniques on crops such as corn and soybean, coupled with the favorable regulations by the US government toward the application of biotechnology in agriculture. The market for molecular breeding in the Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023 due to the increasing awareness of the benefits from molecular breeding in meeting crop demand.
The breakdown of the primaries on the basis of company type, designation, and region conducted during the research study is as follows:
• By Company type: Tier 1 – 30%, Tier 2 –55%, and Tier 3 – 15%
• By Designation: C-Level – 20%, D-Level – 20%, and Others* – 60%
• By Region: Asia Pacific – 40%, North America –25%, Europe – 20%, and RoW -15%
*Others include sales managers, marketing managers, and product managers.
Note: Tier 1: Revenue >= USD 1 billion; Tier 2: USD 100 million< Revenue< USD 1 billion; Tier 3: Revenue =< USD 100 million
The global market for molecular breeding is dominated by large players such as Eurofins (Luxembourg), Illumina (US), Thermo Fisher Scientific (US), SGS (Switzerland), and LGC Limited (UK). Other key players in the molecular breeding market include DanBred (Denmark), Intertek Group (UK), LemnaTec (Germany), Charles River (US), Slipstream Automation (New Zealand), and Fruitbreedomics (consortium).
Research Coverage
The report analyzes the molecular breeding market across different applications and regions.It aims at estimating the market size and future growth potential of this market across different segments such as process, marker, application, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall molecular breeding market and its subsegments.This report will help stakeholders to better understand the competitor landscape, gain more insights to position their businesses better, and devise suitable go-to-market strategies.
The report will also help stakeholders to understand the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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