Market Overview
Genetically modified (GM) crops are plants used in agriculture, the DNA of which has been modified using genetic engineering techniques. In GM crops, the gene from a donor organism such as bacteria, virus or another plant is transferred into the recipient plant's genome. Key advantages of GM crops include herbicide tolerance, insect resistance, resistance to viral or fungal diseases and resistance to certain herbicides. With the growing global population, there is an increasing demand for food which is leading to growth in adoption of GM crops globally. GM crops help increase crop yields thus helping meet the rising demand for food.
The Global Genetically Modified Crops Market is estimated to be valued at US$ 769.91 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Genetically Modified Crops are Kentek Corporation, Honeywell International Inc., VS Eyewear, uvex group, Global Laser Ltd., Phillips Safety Products, Inc., NoIR Laser Company LLC, Thorlabs, Inc., Laser Safety Industries, and Univet Optical Technologies. The growing adoption of genetically modified crops, especially soybean, maize, cotton and canola is expected to drive the market growth during the Genetically Modified Crops Market Forecast period. Technological advancements including genome editing techniques such as CRISPR are aiding in development of new GM traits which is boosting the genetically modified crops market.
Market Trends
One of the key trends in the genetically modified crops market is development of drought resistant crops. With climate change leading to drought conditions in several parts of the world, there is a growing need to develop drought resistant GM crops which can be cultivated in water stress conditions. Another major trend is development of pest resistant GM crops. Companies are focusing on engineering pest resistant traits like resistance to rootworms, stalk borers etc in key crops like maize, soybean and cotton.
Market Opportunities
One of the key opportunities in the Genetically Modified Crops Market Challenges And Opportunities is commercialization of genome edited crops. Genome editing techniques like CRISPR are aiding in more precise genetic modifications providing opportunities to develop new GM traits. Secondly, cultivation of GM crops in new geographies especially in Asia and Africa presents major market opportunities. Governments in Asia Pacific countries are easing regulations to promote GM crop cultivation in the region.
Impact of COVID-19 on Genetically Modified Crops Market
The COVID-19 pandemic has negatively impacted the growth of the Genetically Modified Crops market globally. The imposition of lockdowns across major economies led to disruption of supply chains and logistical challenges. This affected production and distribution of GM seeds and crops. However, demand for GM crops remained stable from the food and beverage industry during the crisis to ensure steady food supply. Post pandemic, adoption of GM crops is expected to increase significantly as they help boost food production and ensure food security amid rising population. With increasing awareness about higher yields from drought/pest resistant GM crops, their demand is projected to rise steadily in the coming years. Governments and private organizations are also likely to offer more incentives and subsidies for cultivation of GM crops to meet future food demand. However, players need to focus on strengthening supply chain networks and ensuring steady seed availability to tap opportunities.
Geographical Regions with Highest Genetically Modified Crops Market Value
North America currently accounts for the largest share of the global Genetically Modified Crops market in terms of value. This is majorly attributed to large scale commercial cultivation of GM crops like corn, soybean and cotton in countries like the United States. Favorable regulatory environment and presence of major seed companies in the region have also contributed to its dominance. Asia Pacific is projected to be the fastest growing market during the forecast period led by rising GM crop adoption in major agricultural economies like India and China to meet the food requirements of their huge populations. Increasing focus on biotech research in countries like India is also anticipated to boost regional demand.
Fastest Growing Regional Market for Genetically Modified Crops
Asia Pacific Genetically Modified Crops market is poised to exhibit the highest growth rate during the forecast period. This can be attributed to factors like increasing population, rising income levels and changing dietary patterns in developing economies like India and China. These countries face major challenges in terms of growing enough food to feed their huge populations through conventional farming methods alone. Hence, adoption of high yield GM crops is surging in the region to enhance food production. Another major growth driver is strong support from governments through favorable policies and funding for agricultural biotechnology research. Large multinational seed companies are also focusing on expanding their presence in high potential Asian markets. If this trend continues, Asia Pacific will emerge as the fastest growing regional market for genetically modified crops globally.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)