Genetically Modified Crops Market to Grow with a CAGR of 5.61% through 2028
Increasing demand for nutritional food and increasing
biotech crop adoption is expected to drive the Global Genetically Modified
Crops Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Genetically
Modified Crops Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Genetically Modified Crops
Market stood at USD
19.55 Billion in 2022 and is anticipated to grow with a CAGR of 5.61% in the forecast
period, 2024-2028. Several factors drive the global Genetically Modified (GM)
Crops market. One prominent factor is the increasing global population and the
consequent rise in food demand, spurring the need for high-yield crops.
Additionally,
the growing incidence of crop diseases and the need for crops with enhanced
resistance to pests and diseases also fuel the demand for GM crops.
Furthermore, advances in biotechnological tools and techniques have played a
pivotal role in propelling the GM crops market. The desire for crops with
improved nutritional profile also serves as a significant market driver.
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The global Genetically Modified (GM) crops market
continues to experience steady growth, fueled by the increasing global
population and the subsequent rise in food demand. Biotechnology firms,
recognizing the urgency of addressing food scarcity and embracing sustainable
agriculture practices, are making significant investments in research and
development. Their goal is to engineer crops with higher yield potential,
resistance to pests and diseases, and the ability to withstand harsh climatic
conditions. These advancements in crop biotechnology are paving the way for a
more resilient and productive agricultural system. By leveraging genetic
modification, scientists are developing crops that can thrive in adverse
conditions, such as limited arable land, water scarcity, and the effects of
climate change. The potential benefits of GM crops in addressing food
insecurity and improving agricultural productivity are being recognized by
developing nations, where food security is a critical issue.
The ability of GM crops to flourish in adverse
conditions and produce higher yields is crucial in meeting the growing demand
for food. As developing countries face the challenge of feeding their
populations amidst various environmental constraints, the adoption of GM crops
offers a promising solution. With the ability to produce more food with limited
resources, GM crops have the potential to make a significant contribution to
global food security.
While the adoption of GM crops is steadily increasing,
there are still regulatory and public concerns that need to be addressed.
However, the positive trend in developing nations highlights the potential of
GM crops in overcoming food security challenges. As more research and
technological advancements are made, and as public awareness and acceptance
grow, the potential for GM crops to contribute significantly to global food
security and sustainable agriculture becomes increasingly apparent.
The GM crops market is witnessing steady growth as
biotechnology firms focus on developing crops with improved traits to address
the rising food demand and environmental challenges. While there are regulatory
and public concerns to be addressed, the adoption of GM crops in developing
nations highlights their potential in overcoming food security issues. The
future of the GM crops market holds great promise, as innovation and
collaboration continue to drive the development of sustainable and resilient
agricultural practices.
The Global Genetically Modified Crops Market is
segmented into trait, technique, type of modification, crop type, application, regional
distribution, and company.
Based on type of modification, transgenic modification
holds a dominant position in the Global Genetically Modified (GM) Crops Market.
Transgenic GM crops, which involve the insertion of genes from one species into
another, represent a significant majority of GM crops on the market. This is
primarily due to their versatility in enhancing crop resistance to pests,
improving nutritional content, and increasing crop yield. Transgenic
modification offers a wide range of benefits to agricultural practices. By introducing
specific genes from one organism to another, scientists can enhance crop traits
such as disease resistance, drought tolerance, and nutritional value. This
technology has revolutionized the agricultural industry, allowing farmers to
produce higher yields of healthier and more resilient crops.
While transgenic modification remains the dominant
method in the GM crops market, other methods such as Cis-genic, Sub-genic, and
Multiple Trait Integration also play important roles. Cis-genic modification
involves the transfer of genes from closely related species, while Sub-genic
modification focuses on specific gene regions within a species. Multiple Trait
Integration combines multiple genetic modifications to achieve desired traits
in crops. As technology advances, these alternative methods continue to evolve
and offer new possibilities for crop improvement. The development of
genetically modified crops has the potential to address global challenges such
as food security, environmental sustainability, and resource efficiency. By
further exploring and refining these different approaches, scientists can
unlock even greater potential for the future of agriculture.
Based on region, the North American region,
particularly the United States, is leading the Global Genetically Modified (GM)
Crops Market due to a combination of factors. The region benefits from a robust
biotech industry that heavily invests in research and development, continuously
driving advancements in GM technology. These ongoing efforts have resulted in
significant breakthroughs in crop modification, enhancing traits such as
resistance to pests, diseases, and adverse weather conditions. The adoption of
GM crops in North America is notably high, primarily driven by the region's
expansive agricultural sector. With the ever-increasing global population and
the need to ensure food security, farmers in North America have embraced GM
crops as a solution to meet the rising demand. The cultivation of high-yield GM
crops allows for increased productivity and efficiency, helping to address the
challenges of limited arable land and unpredictable environmental conditions.
In addition to the industry and agricultural factors,
the regulatory landscape in North America has played a crucial role in the
widespread cultivation and subsequent market dominance of GM crops. Regulatory
authorities in the region have generally taken a favorable stance towards GM
technology, implementing science-based regulations that provide a clear pathway
for the commercialization and adoption of GM crops. This supportive environment
has enabled farmers to confidently cultivate GM crops, contributing to the
overall growth and success of the Global GM Crops Market.
Major companies operating in Global Genetically
Modified Crops Market are:
- BASF SE
- Mosanto Company
- Bayer CropScience LLC
- Syngenta AG
- The Dow Chemical Company
- DuPont de Nemours, Inc.
- Groupe Limagrain Holdings
Corporation
- JR Simplot Co.
- JKAgri Genetics Ltd.
- Maharashtra Hybrid Seed Company
Private Limited
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“The future of the Global Genetically Modified (GM)
Crops Market is projected to experience significant growth due to the
increasing global food demand, advancements in agricultural technology, and the
need for crops with greater resistance to pests and adverse weather conditions.
Aided by research and development efforts in biotechnology, genetically
modified crops that enhance yield and nutritional content are anticipated to
gain acceptance across various regions. However, the market may face challenges
due to strict regulations, environmental concerns, and public perception about
GM crops. Despite these hurdles, the market potential remains vast, given the
mounting pressure on the agricultural sector to ensure food security amidst a
growing global population.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Genetically Modified Crops Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Trait (Herbicide
Tolerance, Insect Resistance, Stacked Traits, Others), By Technique (Gene Guns,
Electroporation, Microinjection, Agrobacterium, Others), By Type of
Modification (Transgenic, Cis-genic, Sub-genic, Multiple Trait Integration), By
Crop Type (Soybean, Cotton, Maize, Oilseed Rape, Canola, Alfalfa, Others), By
Application (Scientific Research and Agriculture Crops), By
Region and Competition”, has evaluated the future growth
potential of Global Genetically Modified Crops Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Genetically Modified Crops Market.
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