Global Plant Breeding and CRISPR Plants Market to Reach USD 14.6 Billion by 2023

CRISPR refers to a family of DNA sequences found in the genomes of prokaryotic organisms. Together with Cas9 enzymes, CRISPR sequences form the basis of the genome editing technology known as CRISPR-Cas9. Among several other applications, CRISPR technology is used in biotechnology and plant breeding.

The global plant breeding and CRISPR plants market is projected to display strong growth over the next couple of years. In 2018, the market was valued at USD 7.6 billion and by 2023, it is projected to reach USD 14.6 billion, at a CAGR of 13.9%.

The growth of the market will be mainly fueled by factors like growing investment in this area by major seed companies, strong funding by both public and private sectors in plant biotechnology, and supportive regulations formulated for molecular breeding. Advancements made in computational breeding will also play a huge role in leveraging market growth.

The adoption of hybrid and molecular breeding techniques in developing countries has increased dramatically in recent times. This, along with the increasing cultivation of GM (Genetically Modified) crops in North America, will have a favorable impact on the growth of the global market.

Declining costs of genetic procedures is yet another important factor that will promote the growth of the global plant breeding and CRISPR plant market. Advancements in CRISPR gene editing technology, as well as increasing innovations, will also promote the growth of the global plant breeding and CRISPR plants market.

Apart from these, factors like increasing demand for improved crop varieties, advancements in breeding techniques, the growing requirement to prevent or minimize pre-harvest crop losses, and the benefits associated with plant breeding will affect the growth of the global market positively.

However, lack of consistency in the implications of various regulations imposed on genetic modification techniques may have a negative impact on market growth. But increasing demand for commercial seeds in the Asian market and the willingness of major seed manufacturers to tap this potential market will fuel the growth of the plant breeding market and provide lucrative growth opportunities.

Region-wise, the global plant breeding and CRISPR plants market was dominated by North America in 2018. The dominance of the region can be explained by the adoption of advanced technologies by breeders to ensure better yield, and the existence of minimum regulatory control and strong intellectual property rights.

However, the Asia-Pacific region is expected to display impressive growth in the coming years and emerge as the fastest growing region in the global market. The growth of the Asia-Pacific market can be mainly attributed to the existence of high demand for commercial seeds in the region, and the growing interests shown by major seed manufacturers to explore this market and set up their R&D centers in the region.

The major global players operating in the plant breeding and CRISPR plants market include Syngenta, Bayer, KWS, DowDuPont, SGS, and Eurofins.

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