Meticulous Research® Reports: Plant Breeding Market Projected to Reach $33.79 Billion by 2029
The Plant Breeding Market is expected to reach $33.79 billion by 2029, at a CAGR of 14.1% during the forecast period of 2022 to 2029.
Meticulous Research®, a leading market intelligence provider, has published its latest report indicating that the global plant breeding market is anticipated to achieve a valuation of $33.79 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.1% from 2022 to 2029.
The surge in this market is driven by several factors, including heightened awareness of sustainable crop production, decreasing costs of genomic solutions, and significant technological advancements in plant breeding. Additionally, increased investments from seed companies and supportive regulations for molecular breeding are expected to create substantial opportunities for market participants. Nevertheless, challenges such as the high costs associated with modern breeding techniques and insufficient standard laboratory infrastructure pose barriers to market growth.
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Market Segmentation and Analysis
Methods: The plant breeding market is segmented by method into conventional breeding and biotechnological breeding. In 2022, the biotechnological breeding method segment dominated the market, primarily due to the widespread adoption of hybrid and molecular breeding techniques and the growing cultivation of genetically modified (GM) crops. The declining costs of genetic procedures and increasing demand for crop genetics further bolster this segment’s growth.
Traits: The market is also categorized based on traits, including herbicide tolerance, disease resistance, temperature tolerance, drought resistance, and others. The herbicide tolerance segment led the market in 2022, driven by strict regulations on chemical pesticide use and rising pest attacks during early germination stages. This segment is also forecasted to grow at the highest CAGR over the next decade, spurred by initiatives from major plant genetic companies to enhance herbicide tolerance in transgenic and non-transgenic crops. Notable innovations include BASF SE's and Syngenta AG's Non-transgenic Clearfield herbicide tolerance technology.
Applications: By application, the market is divided into cereals & grains, fruits & vegetables, oilseeds & pulses, turf & ornaments, and other crop types. The cereals & grains segment held the largest market share in 2022, fueled by the rising global demand for these crops and the availability of advanced breeding techniques. The economic significance of corn, along with the demand for high-quality wheat and rice, further propels the adoption of hybrid breeding technologies in this segment.
Geography: Geographically, the plant breeding market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America led the market in 2022, attributed to the presence of key industry players, significant R&D investments, and extensive adoption of genetic modification techniques, particularly in the U.S. The region's large-scale cultivation of corn and wheat and the increasing demand for GM varieties also contribute to market growth.
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Leading Companies in the Plant Breeding Market
Prominent players profiled in the report include: The key players profiled in the plant breeding market report include Bayer AG (Germany), Syngenta AG (Switzerland), KWS Group (Germany), Corteva Agriscience (U.S.), Limagrain (France), BASF SE (Germany), DLF Seeds A/S (Denmark), Bioceres Crop Solutions (Argentina), UPL Limited (India), Benson Hill, Inc. (U.S.), Equinom Ltd. (Israel), BioConsortia, Inc. (U.S.), Hudson River Biotechnology (Netherlands).
Meticulous Research® provides critical insights and detailed market analysis to assist stakeholders in understanding the dynamics and opportunities within the plant breeding industry. For further information and to access the full report, visit Meticulous Research.
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