Plant Breeding and CRISPR Plants (Conventional and Biotechnological) Market - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 17, 2018--The “Plant Breeding and CRISPR Plants Market by Type (Conventional and Biotechnological), Trait (Herbicide Tolerance, Disease Resistance, and Yield Improvement), Application, and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering
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%.
The plant breeding and CRISPR plants market is driven by various factors such as increasing demand for improved crop varieties using modern breeding technologies and advancements in breeding techniques. However, the inconsistent regulatory implications on genetic modification techniques across regions may hinder the growth of the market on a global level.
In terms of type, the biotechnological method is projected to witness the fastest growth from 2018 to 2023.
With the improving economic conditions of the Asian and African countries, the adoption rate of biotechnological methods remains high. Though the price for conventional breeding techniques is projected to be feasible in developing economies such as Thailand, Nigeria, Philippines, Kenya, and Indonesia, the declining prices of genetic services are projected to bridge the price gap between conventional and biotechnological methods.
In terms of trait, the herbicide tolerance segment is estimated to have the largest market share during the forecast period.
According to the USDA, an increasing number of producers have been adopting herbicide-tolerant seeds for corn and rice cultivation in the country. Players such as Syngenta and BASF are focusing on developing plant breeding technologies, such as Clearfield technology to develop non-transgenic and hybrid pesticide-tolerant plant varieties.
North America is estimated to dominate the plant breeding and CRISPR plants market in 2018.
The increasing industrial value for corn and soybean in the US is encouraging breeders to adopt advanced technologies for better yield, owing to which the adoption rate for genetics in this country remains high, and hence, North America dominated the market for plant breeding and CRISPR plants in 2018.
DriversRise in Demand for Improved Crop Varieties Using Modern Breeding Techniques Increasing Importance of Improved Crop Varieties for Sustainable Crop Production Exponential Fall in the Cost for Genomic Solutions Technological Advancements Ensure Strong Market Growth
RestraintsHigh Cost of Modern Breeding Methods as Compared to Conventional Breeding Infrastructural Restraints Lack of Laboratory Infrastructure Limited Availability of Validated Markers
OpportunitiesIncreasing Investments From Seed Companies Private Sector Investments in R&D Public Sector Investments in R&D High Prospects in Emerging Markets Supportive Regulations for Molecular Breeding
ChallengesLack of Technical Awareness Can Affect the Adoption of Modern Plant Breeding Methods in Emerging Economies
Companies MentionedAdvanta Seeds (UPL) Bayer Benson Hill Biosystems Bioconsortia DLF Dowdupont Equinom Eurofins Evogene Groupe Limagrain Hudson River Biotechnology KWS Group Land O’lakes (Forage Genetics International) Pacific Biosciences SGS (Traitgenetics) Syngenta
For more information about this report visit https://www.researchandmarkets.com/research/h7xfhc/plant_breeding?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181217005381/en/
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Related Topics:Crop Farming
INDUSTRY KEYWORD: NATURAL RESOURCES AGRICULTURE OTHER NATURAL RESOURCES
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 12/17/2018 08:24 AM/DISC: 12/17/2018 08:24 AM