The global plant breeding and CRISPR plants market was valued at USD 7,452.1 million in 2018 and is expected to reach USD 17,246.7 million in 2026, growing at a CAGR of 14.7% during the forecast period.
According to the United States Department of Agriculture, plant breeding is the science of optimizing plants’ positive genetic traits. Technological advancements in plant genetics are benefiting in terms of optimized production and cultivation of crops which are resistant to pests, pathogens, and drought. Several producers are investing substantially to develop plant breeding methods. It is anticipated that this investment will reflect in the growing demand for plant breeding and CRISPR plants over the forecast period.
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The rising investments in plant genetics sector which are coupled with increased demand for affordable prices for fruits and vegetables are the main drivers for the market growth of the global plant breeding and CRISPR plants market over the forecast period. Moreover, the emphasis on producing sustainable crops in developing countries is expected to enhance the market size. This also expected to open investment opportunities in the global market for the producers in the coming years.
However, the high cost of equipment is one of the factors which is expected to hamper the growth of the global plant breeding and CRISPR plants market during the forecast period. Moreover, lack of proper infrastructure is the prime challenge in the global plant breeding and CRISPR plants market throughout the forecast period.
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