The Genetically Modified Crops by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Genetically Modified Crops, The genetically modified crops market size has grown strongly in recent years. It will grow from $22.32 billion in 2023 to $23.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to government initiatives for genetically modified food, emerging markets growth, growing demand for animal feed.
The genetically modified crops market size is expected to see strong growth in the next few years. It will grow to $29.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising population, food waste, technological advancement and increase in biofuel demand . Major trends in the forecast period include invest in gene stacking, focus on leveraging innovative crispr technologies, invest in research and development of nitrogen fixing crops, invest resources to research haploid induction techniques and develop products which reduce the time required for crop production and focus on establishing collaborations with research institutions and established companies.
Genetically modified (GM) crops have traits such as insect tolerance and herbicide tolerance that contribute to the high demand for such crops. Other benefits offered by genetically modified crops include high nutritional value, improved yield, and longer shelf life. For these reasons, farmers are resorting to GM crops to increase their yields and profits. According to the U.S. Department of Agriculture (USDA), genetically engineered insect-resistant cotton has helped to achieve a significant reduction in the use of synthetic pesticides that are contaminating groundwater and the environment. The environmental concerns and benefits offered by GM crops drive the demand for the growth of the genetically modified crops market over the forecast period.
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The genetically modified crops market covered in this report is segmented –
1) By Trait: Herbicide Tolerance (HT), Insect Resistance (IR), Stacked Traits (ST), Other Traits
2) By Crop: Soybean, Cotton, Maize, Oilseed Rape, Other Crops
3) By Technique: Gene Guns, Electroporation,Microinjection, Agrobacterium, Other Techniques
4) By Type of Modification: Transgenic, Cis-genic, Sub-genic, Multiple Trait Integration 5) By Application: Scientific Research, Agriculture Crops
Major companies operating in the genetically modified crops market are adopting a strategic partnerships approach to enhance their capabilities and competitiveness. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in February 2022, InterGrain, an Australia-based cereal breeding company, partnered with Inari, a US-based agri-biotechnology company. With this partnership, they both aim to enhance the yield potential of wheat, securing the crop’s long-term viability in the face of an increasingly variable climate, and are targeting a 10-15% increase in modified wheat crop yield potential.
The genetically modified crops market report table of contents includes:
1. Executive Summary
2.Genetically Modified Crops Market Characteristics
3.Genetically Modified Crops Market Trends And Strategies
4.Genetically Modified Crops marketing analysis
5.Genetically Modified Crops Market Size And Growth
6.Genetically Modified Crops Segmentation
7.Genetically Modified Crops Regional And Country Analysis
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27.Genetically Modified Crops Competitive Landscape And Company Profiles
28. Genetically Modified Crops Key Mergers And Acquisitions
29.Genetically Modified Crops Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Bayer AG
- BASF SE
- DuPont
- Syngenta AG
- The Dow Chemical Company
- JR Simplot Co.
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