Genetically Modified Crops Market Gaining Traction with Biotech Crop Adoption

Written by Lisa Tate  »  Updated on: July 10th, 2024

Genetically Modified Crops Market Gaining Traction with Biotech Crop Adoption

Increasing demand for nutritional food and increasing biotech crop adoption is expected to drive the Global Genetically Modified Crops Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Genetically Modified Crops Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Genetically Modified Crops Market stood at USD 19.55 Billion in 2022 and is anticipated to grow with a CAGR of 5.61% in the forecast period, 2024-2028. Several factors drive the global Genetically Modified (GM) Crops market. One prominent factor is the increasing global population and the consequent rise in food demand, spurring the need for high-yield crops.

 Additionally, the growing incidence of crop diseases and the need for crops with enhanced resistance to pests and diseases also fuel the demand for GM crops. Furthermore, advances in biotechnological tools and techniques have played a pivotal role in propelling the GM crops market. The desire for crops with improved nutritional profile also serves as a significant market driver.

The global Genetically Modified (GM) crops market continues to experience steady growth, fueled by the increasing global population and the subsequent rise in food demand. Biotechnology firms, recognizing the urgency of addressing food scarcity and embracing sustainable agriculture practices, are making significant investments in research and development. Their goal is to engineer crops with higher yield potential, resistance to pests and diseases, and the ability to withstand harsh climatic conditions. These advancements in crop biotechnology are paving the way for a more resilient and productive agricultural system.

By leveraging genetic modification, scientists are developing crops that can thrive in adverse conditions, such as limited arable land, water scarcity, and the effects of climate change. The potential benefits of GM crops in addressing food insecurity and improving agricultural productivity are being recognized by developing nations, where food security is a critical issue.

The ability of GM crops to flourish in adverse conditions and produce higher yields is crucial in meeting the growing demand for food. As developing countries face the challenge of feeding their populations amidst various environmental constraints, the adoption of GM crops offers a promising solution. With the ability to produce more food with limited resources, GM crops have the potential to make a significant contribution to global food security.

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While the adoption of GM crops is steadily increasing, there are still regulatory and public concerns that need to be addressed. However, the positive trend in developing nations highlights the potential of GM crops in overcoming food security challenges. As more research and technological advancements are made, and as public awareness and acceptance grow, the potential for GM crops to contribute significantly to global food security and sustainable agriculture becomes increasingly apparent.

The GM crops market is witnessing steady growth as biotechnology firms focus on developing crops with improved traits to address the rising food demand and environmental challenges. While there are regulatory and public concerns to be addressed, the adoption of GM crops in developing nations highlights their potential in overcoming food security issues. The future of the GM crops market holds great promise, as innovation and collaboration continue to drive the development of sustainable and resilient agricultural practices.

The Global Genetically Modified Crops Market is segmented into trait, technique, type of modification, crop type, application, regional distribution, and company.

Based on type of modification, transgenic modification holds a dominant position in the Global Genetically Modified (GM) Crops Market. Transgenic GM crops, which involve the insertion of genes from one species into another, represent a significant majority of GM crops on the market. This is primarily due to their versatility in enhancing crop resistance to pests, improving nutritional content, and increasing crop yield. Transgenic modification offers a wide range of benefits to agricultural practices. By introducing specific genes from one organism to another, scientists can enhance crop traits such as disease resistance, drought tolerance, and nutritional value. This technology has revolutionized the agricultural industry, allowing farmers to produce higher yields of healthier and more resilient crops.

While transgenic modification remains the dominant method in the GM crops market, other methods such as Cis-genic, Sub-genic, and Multiple Trait Integration also play important roles. Cis-genic modification involves the transfer of genes from closely related species, while Sub-genic modification focuses on specific gene regions within a species. Multiple Trait Integration combines multiple genetic modifications to achieve desired traits in crops.

As technology advances, these alternative methods continue to evolve and offer new possibilities for crop improvement. The development of genetically modified crops has the potential to address global challenges such as food security, environmental sustainability, and resource efficiency. By further exploring and refining these different approaches, scientists can unlock even greater potential for the future of agriculture.

Based on region, the North American region, particularly the United States, is leading the Global Genetically Modified (GM) Crops Market due to a combination of factors. The region benefits from a robust biotech industry that heavily invests in research and development, continuously driving advancements in GM technology. These ongoing efforts have resulted in significant breakthroughs in crop modification, enhancing traits such as resistance to pests, diseases, and adverse weather conditions.

The adoption of GM crops in North America is notably high, primarily driven by the region's expansive agricultural sector. With the ever-increasing global population and the need to ensure food security, farmers in North America have embraced GM crops as a solution to meet the rising demand. The cultivation of high-yield GM crops allows for increased productivity and efficiency, helping to address the challenges of limited arable land and unpredictable environmental conditions.

In addition to the industry and agricultural factors, the regulatory landscape in North America has played a crucial role in the widespread cultivation and subsequent market dominance of GM crops. Regulatory authorities in the region have generally taken a favorable stance towards GM technology, implementing science-based regulations that provide a clear pathway for the commercialization and adoption of GM crops. This supportive environment has enabled farmers to confidently cultivate GM crops, contributing to the overall growth and success of the Global GM Crops Market.

Major companies operating in Global Genetically Modified Crops Market are:

BASF SE

Mosanto Company

Bayer CropScience LLC

Syngenta AG

The Dow Chemical Company

DuPont de Nemours, Inc.

Groupe Limagrain Holdings Corporation

JR Simplot Co.

JKAgri Genetics Ltd.

Maharashtra Hybrid Seed Company Private Limited

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“The future of the Global Genetically Modified (GM) Crops Market is projected to experience significant growth due to the increasing global food demand, advancements in agricultural technology, and the need for crops with greater resistance to pests and adverse weather conditions. Aided by research and development efforts in biotechnology, genetically modified crops that enhance yield and nutritional content are anticipated to gain acceptance across various regions.

However, the market may face challenges due to strict regulations, environmental concerns, and public perception about GM crops. Despite these hurdles, the market potential remains vast, given the mounting pressure on the agricultural sector to ensure food security amidst a growing global population.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Genetically Modified Crops Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Trait (Herbicide Tolerance, Insect Resistance, Stacked Traits, Others), By Technique (Gene Guns, Electroporation, Microinjection, Agrobacterium, Others), By Type of Modification (Transgenic, Cis-genic, Sub-genic, Multiple Trait Integration), By Crop Type (Soybean, Cotton, Maize, Oilseed Rape, Canola, Alfalfa, Others), By Application (Scientific Research and Agriculture Crops), By Region and Competition”, has evaluated the future growth potential of Global Genetically Modified Crops Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Genetically Modified Crops Market.

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