The global market for genetic engineering in agriculture market was strong in 2021 and is expected to have a high revenue compound annual growth rate in the coming years. Factors that are driving growth include genetic engineering's ability to improve crop yield, enhance food quality, reduce the need for pesticides and protect crops from diseases. The development of new genetic engineering techniques such as CRISPR and an increased awareness of gene editing benefits in agriculture are also expected to contribute to growth. Adoption of genetic engineering will continue to grow, as it allows for faster production of diverse crops and development of new foods with desired traits. Gene editing techniques have resulted in more crops, better food quality and improved resistance to environmental stressors. However, concerns about food safety risks and negative effects on ecosystems have slowed the adoption of genetically modified crops. Companies are developing genetically engineered plants to produce vaccines and to detoxify soil pollutants, which is expected to create opportunities in the market. The use of CRISPR technology in agriculture is expected to grow, particularly in the fruits and vegetable segment. North America is expected to account for the largest revenue share in the global market due to its growth in the agricultural sector, the use of genetic editing techniques in agricultural practices, and rising food demand.
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Genetic Engineering in Agriculture Market: Drive factors
The global genetic engineering in agriculture market is driven by several key factors, including:
1. Increasing application of genetic engineering: Genetic engineering is being increasingly used in agriculture to improve crop yield, reduce the use of pesticides, protect crops from diseases and infections, and enhance nutrient composition and food quality. This trend is expected to drive revenue growth of the market over the forecast period.
2. Advancements in genetic engineering techniques: The advent of next-generation genetic engineering techniques, such as CRISPR, has enabled the production of more crops, streamlining of development of new foods with desired traits, and increased growth rate of crops. These advancements are expected to drive adoption of advanced solutions in agriculture, and further boost revenue growth of the market.
3. Increased crop production: Genetic engineering offers a quicker and more precise way to breed crops with certain desirable traits, enhanced nutritional value, longer shelf life, and increased resistance to drought, pests, and frost. This has led to reduction in overall production costs, use of less chemical pesticides, and reduced water consumption, which in turn enables countries to cater to rising food demand.
4. Rising awareness regarding benefits of gene editing in agriculture: As people become more aware of the benefits of gene editing in agriculture, there is expected to be a greater demand for genetically modified crops. This trend is expected to drive revenue growth of the market over the forecast period.
5. Integration of genetic editing techniques in agricultural practices: The rapid integration of genetic editing techniques in agricultural practices is expected to drive revenue growth of the market in the coming years, especially in North America, where there is a growing demand for food and a robust agricultural sector.
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