Overview and Scope
Genetically modified crops (GM crops) are agricultural plants whose DNA has been altered using genetic engineering techniques.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the genetically modified crops market in 2023. South America was the second largest region in the global genetically modified crops market share. The regions covered in the genetically modified crops market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the genetically modified crops market report are Bayer AG, BASF SE, DuPont, Syngenta AG, The Dow Chemical Company, JR Simplot Co., Groupe Limagrain, Stine Seed Farm, Inc., Calyxt Inc., Maharashtra Hybrid Seed Company (MAHYCO), Dabeinong Science and Technology Group Co., JK Agri Genetics Ltd., Nuseed Pty Ltd, Dabeinong Science and Technology Group Co., Origin Agritech Limited, Monsanto, COODETEC, Nidera and Geneze Seeds S/A, Middle East Agriculture Company, Sensako
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 Market – Macro Economic Scenario
5. Global Genetically Modified Crops Market Size and Growth
…
32. Global Genetically Modified Crops Market Competitive Benchmarking
33. Global Genetically Modified Crops Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Genetically Modified Crops Market
35. Genetically Modified Crops Market Future Outlook and Potential Analysis
36. Appendix
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