SEATTLE, March 4, 2020 /PRNewswire/ — The global genetically modified crops market was valued at US$ 18.15 Bn in 2018, and is expected to exhibit a CAGR of 8.7% over the forecast period (2019-2027) in terms of revenue.
Key Trends and Analysis of the Global Genetically Modified Crops:
Growth of the food industry is driving demand for genetically modified crops across the globe. According to India Brand Equity Foundation, (IBEF), the food and retail industry in India was valued at US$ 258 billion in 2015 which is expected to reach at US$ 482 billion in 2020. The most common genetically modified crops used in the market include soybean, rapeseed oil, maize/corn, potato, tomato, cranberries, walnuts, rice, raspberries and papayas.
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However, stringent regulations on genetically modified seeds or crops is hindering the growth of the global genetically modified crops market. For instance, the regulation of GM crops in the US is divided between the Environmental Protection Agency (EPA), the U.S. Department of Agriculture (USDA) and the Food and Drug Administration (FDA). Each of these agencies regulates transgenic crops from a different perspective to allow this product in the market. Key players have to verify their GM crops from these regulatory bodies.
Key Market Takeaways:
- The global genetically modified crops market is expected to exhibit a CAGR of 8.7% over the forecast period in terms of revenue. As genetically modified (GM) crops are more cost effective and productive which is fueling the growth of this market. Several key players are focused on developing growth strategies such as product launches to support the growth of this market. For instance, in October 2017, Dow AgroSciences, one of the leading players in the genetically modified seeds market, launched genetically engineered soybean seeds in the U.S.
- Based on product type, the soybean segment is expected to hold the dominant position in the global market owing to rising adoption of genetically modified crops across the globe. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), Biotech Soybean plantation covered an area of 94.10 Mhas in 2017 across the globe with an adoption rate of 49.6% of the global biotech crop area in 2017.
- Latin America is expected to hold a significant market share in terms of value during the forecast period owing to business expansion plans in the field of GM crops by established players in this region. For instance, in 2016, Bayer AG and BASF SE planned to introduce new GM soybean seeds in Brazil. Bayer AG wants to expand its product portfolio in the Brazilian market. Therefore, this region is expected to witness significant growth during the forecast period in the global genetically modified crops market.
- Key player are adopting inorganic growth strategies such as mergers and acquisitions, and product launches to gain market share in the global genetically modified crops market. For instance, in 2018, Germany-based Company Bayer AG merged with Monsanto to strengthen its business in the U.S and Europe.
Key companies operating in the global genetically modified crops market include —
- Bayer AG,
- BASF SE,
- Syngenta AG and
- The Dow Chemical Company and among others.
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- Global Genetically Modified Crops Market, By Crop Type:
- Others (Sugar Beat, etc.)
- Global Genetically Modified Crops Market, By Trait:
- Herbicide Tolerance (HT)
- Insect Resistance (IR)
- Stacked Traits (ST)
- Global Genetically Modified Crops Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Middle East
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