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Plant Breeding and CRISPR Plants Market Projected to Reach $14.6 Billion by 2023
Plant Breeding and CRISPR Plants Market by Type (Conventional and Biotechnological [Hybrid, Molecular Breeding, GM, Genome Editing]), Trait (Herbicide Tolerance, Disease Resistance, and Yield Improvement), Application, and Region - Global Forecast to 2023
The report "Plant Breeding and CRISPR Plants Market by Type (Conventional and Biotechnological [Hybrid, Molecular Breeding, GM, Genome Editing]), Trait (Herbicide Tolerance, Disease Resistance, and Yield Improvement), Application, and Region–Global Forecast to 2023" The plant breeding and CRISPR plants market is projected to reach USD 14.6 billion by 2023, from USD 7.6 billion in 2018, at a CAGR of 13.95% during the forecast period. The market is driven by factors such as the growing need for high-quality crops and increased yield, and rising application of plant biotechnology in the agriculture industry.
On the basis of application, the cereals & grains segment is projected to witness the fastest growth during the forecast period.
Corn, wheat, and rice are the major cereals bred with advanced technologies such as molecular breeding and genetic techniques. The availability of germplasm for these crops encourages the adoption of advanced breeding techniques. The economic importance of corn due to its application in various sectors and increasing demand for high-quality wheat and rice in the food industry are other reasons for the adoption of hybrid breeding technologies among seed producers.
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On the basis of type, the biotechnological method is projected to witness the fastest growth in the plant breeding and CRISPR plants market during the forecast period
The increasing adoption of hybrid and molecular breeding techniques in developing countries and the growing cultivation of GM crops in the Americas are factors contributing to its high growth. The growing market for agricultural genetics in various countries of the Americas and the declining cost of genetic procedures in the past decade are factors driving the demand for genetic engineering and genome editing in the region. Unlike genetic techniques, no regulations are implied by the government for molecular breeding across the globe, which is projected to drive the growth of the biotechnological method at a higher rate during the forecast period. Advances in the field of CRISPR technology have brought about the third revolution in crop improvement and these tools can be used along with existing technologies. Growing innovation would facilitate the growth of CRISPR in the plant breeding market, especially in countries such as the US, China, Japan, Brazil, and South Africa.
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Asia Pacific is projected to witness the highest growth in the plant breeding and CRISPR plants market during the forecast period.
There has been an ever-increasing demand for commercial seeds in the Asian market, in line with the growing economic growth conditions. Also, seed manufacturers such as Bayer, Monsanto, and Syngenta have been showing increasing interest in tapping this potential market, wherein the companies have been expanding their R&D centers across the Asia Pacific. Public investments have been declining, while private investments in plant research have been growing exorbitantly. Moreover, the growth of the biotechnology industry observed in China, Japan, and India translates to the high-growth potential of the plant breeding market during the forecast period.
Key Market Players:
Plant breeding has been practiced for thousands of years. However, technologies such as unmanned aerial vehicles (UAVs), robots, artificial intelligence (AI), and machine learning are revolutionizing this practice. Hence, plant breeders are continuously investing in these technologies to explore the genetic basis of trait variation in crops with higher accuracy and within the limited timeline. Companies such as Bayer (Germany), Syngenta (Switzerland), KWS (Germany), and DowDuPont (US) utilize combinations of both traditional and molecular breeding to develop various seed traits, whereas companies such as Eurofins (Luxembourg) and SGS (Switzerland) provide services to certain seed companies.
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