Plant Breeding and CRISPR Plants Market Growth Opportunities by 2023

(I-BusinessNews.Com, February 13, 2021 ) The plant breeding and CRISPR plants market is estimated to account for USD 7.6 billion in 2018 and is projected to reach USD 14.6 billion by 2023, at a CAGR of 13.95% during the forecast period. Strong funding by the private and public sectors toward plant biotechnology such as the development of high-throughput sequencing systems and application of MAS and genomic selection in field and vegetable crops are projected to drive the growth of the market over the next five years.

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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 crop 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 gene editing 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 technology in agriculture, especially in countries such as the US, China, Japan, Brazil, and South Africa.

On the basis of trait, the herbicide tolerance segment is projected to witness the fastest growth in the plant breeding and CRISPR plants market

Increasing regulations on the use of chemical pesticides and rising instances of pest attacks during the early germination phase have increased the need for pesticide-tolerant seeds. Herbicide tolerance has been one of the major traits targeted by plant genetic companies for transgenic and non-transgenic crops. Non-transgenic Clearfield herbicide tolerance technology, developed by BASF and Syngenta, is recognized as one of the groundbreaking innovations in hybrid breeding technology, and more companies have exhibited their interest to enter this industry, which is projected to contribute to the growth in the next five years.

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.

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This report includes a study of development strategies of leading companies. The scope of this report includes a detailed study of major seed manufacturers that have in-house plant breeding facilities; these companies include players such as Bayer (Germany), Syngenta (Switzerland), DowDuPont (US), KWS SAAT (Germany), Limagrain (France), and DLF Trifolium (Denmark), and also major service providers, such as Eurofins (Luxembourg), SGS SA (Switzerland), Pacific Biosciences (US), Benson Hill Systems (US), Hudson River Biotechnology (US), Evogene (Israel), Bioconsortia (US), and Equinom (Israel).

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