Molecular Breeding Market worth $3.95 billion by 2023
The molecular breeding market was valued at USD 1.57 billion in 2017 and is projected to reach USD 3.95 billion by 2023, at a CAGR of 17.11%.
[UKPRwire, Tue Sep 11 2018] The report "Molecular Breeding Market by Process (Qtl Mapping, Marker-Assisted Selection, Marker-Assisted Backcrossing, and Genomic Selection), Marker (Snp, Ssr), Application (Crop Breeding and Livestock Breeding), and Region-Global Forecast to 2023" The molecular breeding market is projected to reach USD 3.95 billion by 2023, from USD 1.79 billion in 2018, at a CAGR of 17.11% during the forecast period. The market is driven by factors such as the rising public and private funds toward agrigenomic research, declining prices of genomic solutions, increasing adoption of molecular techniques in livestock breeding, and technological advancements such as the emergence of genomic selection technology in the market.
Browse 74 market data Tables and 40 Figures spread through 155 Pages and in-depth TOC on "Molecular Breeding Market - Global Forecast to 2023"
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Marker-assisted selection is estimated to be the most widely used process of molecular breeding.
Marker-assisted selection is the most widely adopted process in molecular breeding by key breeding entities, majorly for crop applications. Cost and time efficiency are the major factors attributing to the increasing adoption of this technique over traditional methods. Also, among the services offered by key players, marker-assisted selection witnessed higher demand as a result of its simplicity and accuracy in comparison to traditional methods.
Single Nucleotide Polymorphism (SNP) segment is projected to be the fastest-growing during the forecast period.
The SNP segment is projected to register the highest growth rate from 2018 to 2023. SNP provides the simplest form of molecular markers as a single nucleotide base. They are abundant, ubiquitous, and amenable to high- and ultra-high-throughput automation. Owing to the high accuracy and higher number of loci with SNP in comparison to SSRs, companies have been using SNPs for molecular breeding services. As per inputs from industry experts, the adoption of SNPs is expected to increase until the introduction of a better molecular marker. Even in case of a new marker discovery, SNPs would still be the most widely used marker during the forecast period, taking into account the high possible prices of the new markers.
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North America is estimated to dominate the market in 2018, while Asia Pacific is projected to be the fastest-growing market for molecular breeding through 2023.
The North American region is estimated to account for the largest share in 2018 due to the presence of players such as Eurofins (Luxembourg), Illumina (US), Thermo Fisher Scientific (US), and Charles River (US). Moreover, the presence of these companies in technologically advanced countries such as the US and Canada has resulted in an increase in the adoption of molecular breeding technologies. Additionally, factors such as the rising number of entrepreneurial farmers with increasing awareness of modern agricultural practices and efficient distribution channels are the key competitive advantages for the North American market.
The market for molecular breeding in the Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023, owing to the increasing investments by key players in countries such as China, India, and Thailand along with the rising adoption of molecular technology among crop breeders.
This report includes a study of the development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Eurofins (Luxembourg), Illumina (US), LGC Limited (UK), Thermo Fisher Scientific (US), SGS (Switzerland), DanBred (Denmark), Intertek Group (UK), LemnaTec (Germany), Charles River (US), Slipstream Automation (New Zealand), and Fruitbreedomics (consortium).