The Global Genetically Modified Seeds Market is expected to reach a market value of US$ 30.24 bn from its current value of US$ 20.07 bn (2018) by 2026. Valuable market insights have been shared by Fortune Business Insights in its report, titled “Genetically Modified Seeds (GMO) Market Size, Share and Global Trend By Crop (Corn, Soybean, Cotton, Canola and Others), and Geography Forecast till 2026”.
Some other key players identified by Fortune Business Insights include
- Maharashtra Hybrid Seed Company (MAHYCO),
- BASF SE,
- Calyxt Inc.,
- Nuseed Pty Ltd,
- Simplot Co.
Investment in Innovation to Drive Market Competition
The global genetically modified seeds market is set to witness increased competition among key players in the form of mergers and acquisitions, collaborations, new product launches, and increased research. For example, in February 2019, DowDuPont received approval to launch their genetically engineered soyabeans, called Enlist E3, in the Philippines. In March 2018, the Germany-based pharmaceutical giant, Bayer, took over the US-based Monsanto in an attempt to strengthen and deepen their market presence.
Growing Adoption by Farmers Fueling the Market
The global market is set to surge as awareness among farmers regarding the benefits of genetically modified crops is increasing. The main advantages driving the rising adoption are drought and pest resistance and their high yielding properties. While the area under cultivation under GM crops grew at 3.6% CAGR between 2010 and 2017, it is expected to expand at a rate of 2.5% during the forecast period. A higher yield makes transgenic crops a commercially attractive option to conventional crops, enhancing the market potential.
- North America (U.S., Canada, and Mexico)
- Europe (Spain and Portugal)
- Asia Pacific (China, India, Australia, Pakistan, Philippines, Myanmar, Vietnam, and Bangladesh)
- South America (Brazil, Argentina, Paraguay, Bolivia, Uruguay, Colombia, Honduras, Chile, and Costa Rica)
- Middle East & Africa (South Africa and Sudan)
The report brings out a comprehensive analysis of the market and the major factors influencing its growth. Genetically Modified Organisms (GMOs) are organisms whose genetic material (DNA) has been altered or modified artificially which does not occur naturally in them. The designing is done in a way that makes the seed and the resultant crop resistant to pests, droughts, diseases, and so on. The modification is also done to make the seeds high yielding, which can boost agricultural productivity.
Asia-Pacific to Emerge as the Most Lucrative Market
While North and South America are expected to remain the largest markets for GM crops, Asia-Pacific is set to emerge as the fastest growing market in the global genetically modified seeds market. However, developing nations in Asia-Pacific such as India, China, Vietnam, and Philippines, are increasing their investment in research and development of GM crops. For example, India recently approved commercial launch of GM Mustard. Moreover, growing food requirements of their increasing young populations have necessitated the use of GM crops and expand their area of cultivation. This bodes well for the global genetically modified seeds market and its key participants.
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