Frequently Asked Questions
The global plant biotechnology services market was valued at USD 50.8 Billion in 2022.
The plant biotechnology services market is expected to grow at a CAGR of 7.5% between 2023 and 2030, reaching USD 84.2 Billion in 2030.
Sequencer is the leading segment by equipment type, holding over 20% share in value in 2022.
Genetic modification governs the global demand for plant biotechnology services, holding a massive share of over 30% in 2022.
The biotechnology companies segment is expected to post the highest CAGR during the forecast period.
North America is fueling the growth of the plant biotechnology services industry, with an over one-third share in 2022.
The top players include Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Eurofins Scientific SE, and GenScript Biotech Corporation.
The major market drivers are increasing demand for sustainable agriculture, advancements in gene editing technologies, and growing global population and food security concerns.
Major market restraints include the complex and stringent regulatory landscape surrounding GMOs, public concerns, and skepticism about genetically modified crops.
Growing demand for sustainable agriculture solutions, advancements in precision breeding techniques, and increasing need for crop resilience and adaptation to climate change.