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The Molecular Breeding Market, with a valuation of USD 3.2 Billion in 2022, is poised for substantial growth. Forecasts indicate an increase from USD 3.7 Billion in 2023 to USD 14.4 Billion by 2032, reflecting an impressive compound annual growth rate (CAGR) of 18.20% during the forecast period (2023 – 2032). The growth of the Molecular Breeding market is underpinned by key drivers such as the agricultural advantages of adjuvant treatments, the expanding economies of developing nations, and the escalating research and development (R&D) costs within the agriculture sector. These factors collectively contribute to the significant enhancement of market growth.
Drivers
Growing Need for Agricultural Products to Boost Market Growth
The Global Molecular Breeding Market is affected by the growing need for agricultural goods. The need for improved agricultural products is driven by increasing populations, changing food preferences, and the necessity for sustainable agriculture methods. To meet the rising requirements of farmers and consumers, molecular breeding facilitates the production of high-yielding, disease-resistant, and stress-tolerant crop varieties.
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Opportunities
Increasing Use in Crop Breeding to offer Robust Opportunities
The increasing use of molecular breeding in crop breeding will offer lucrative opportunities for the molecular breeding market over the forecast period. It is forecasted that funding for agri genomics will rise, which will result in expansion of the molecular crop breeding industry. Moreover, the market for molecular crop breeding is expected to be propelled by the steep drop in the cost of genomic solutions and the fast advancement of technology. The crop breeding market is predicted to grow owing to the increase in partnerships, collaborations, and acquisitions. Other major factors contributing to the growth of the crop breeding market include the expansion in the production of industrial and high-value crops as well as the increase in R&D expenditures in the agriculture sector.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of molecular breeding over conventional breeding technique, lack of technical skills in underdeveloped economies, and dearth of required infrastructural facilities may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.
Market Segmentation
The global molecular breeding market is bifurcated based on molecular breeding process, marker, and application.
By application, plant will lead the market over the forecast period.
By marker, single nucleotide polymorphism will domineer the market over the forecast period.
By molecular breeding process, marker assisted selection will spearhead the market over the forecast period.
Regional Analysis
North America to Head Molecular Breeding Market
North America held the largest share of the Molecular Breeding Market in 2022 at 45.80%. The molecular breeding industry has gained wider acceptance due to the presence of major companies in the United States and Canada. The U.S. government has stressed the importance of utilizing biotechnology and has also increased the use of molecular breeding for soybeans and corn, which are the major commercial crops grown in the region. Furthermore, the U.S. Molecular Breeding market accounted for the largest market share, while the Canadian Molecular Breeding market was the fastest growing in North America.
Europe to Have Favourable Growth in Molecular Breeding Market
The Molecular Breeding market in Europe held a substantial share in 2022. This is attributed to farmers becoming more cognizant of the benefits of molecular breeding, which will unlock prospects in the future market, resulting in high yields in the production of wheat and maize. Moreover, the Molecular Breeding market in Germany accounted for the largest market share, while the Molecular Breeding market in the U.K. was the fastest expanding market in the European region.
Key Players
Prominent market players profiled in the molecular breeding market report include Illumina, LGC Limited, Thermo Fisher Scientific, SGS, LemnaTec, Charles River, DanBred, Intertek, and Eurofins.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) Molecular Breeding Market: https://www.marketresearchfuture.com/reports/molecular-breeding-market-11790
