Portland, OR, Aug. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Next-Generation Genetic Engineering in Agriculture Market generated $755.7 million in 2020, and is estimated to garner $1.29 billion by 2030, witnessing a CAGR of 5.9% from 2021 to 2030. The report provides a detailed analysis of key investment pockets, top segments, regional scenario, value chain, and competitive landscape.
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Technological advancements, surge in adoption of improved crop varieties, and increase in demand for fruits and vegetables drive the growth of the global next-generation genetic engineering in agriculture market. However, poor demand from underdeveloped countries hinders the market growth. On the other hand, untapped potential in developing regions create new opportunities in the coming years.
Covid-19 Scenario:
- The outbreak of Covid-19 led to lack of labor availability in farms during the lockdown, which led to reduction in crops production.
- Moreover, the ban on import & export of the crop yields is estimated to negatively affect the growth of the next-generation genetic engineering in agriculture market.
- Owing to disruption in farming activities in the agriculture sector, the demand in different applications such as fruits, vegetables, pulses, grains, and others reduced considerably during the lockdown. However, the demand is estimated to rise steadily during the post-lockdown.
The report offers detailed segmentation of the global next-generation genetic engineering in agriculture market based on objective, application, trait, and region.
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Based on objective, the DNA and RNA sequencing segment accounted for the largest share in 2020, holding more than one-fourth of the total share, and is expected to maintain its lead position during the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 7.0% from 2021 to 2030. The report also analyzes the segments including genotyping, gene expression profiling, GMO-trait purity testing, and others.
Based on application, the fruits & vegetables segment contributed to the highest market share in 2020, holding more than one-third of the global next-generation genetic engineering in agriculture market, and is projected to maintain its leadership status throughout the forecast period. However, the cereals & grains segment is expected to portray the fastest CAGR of 6.8% from 2021 to 2030.
Based on region, North America held the largest share in terms of revenue in 2020, contributing to more than two-fifths of the total share, and is expected to maintain its dominance by 2030. However, Asia-Pacific is projected to register the largest CAGR of 6.8% during the forecast period.
Leading players of the global next-generation genetic engineering in agriculture market analyzed in the research include Eurofins Scientific, Agilent Technologies, Illumina, Inc., NRgene, Qiagen N.V., Keygene, Neogen Corporation, Novogene Corporation, Traitgenetics GmbH, and Oxford Nanopore Technologies.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
