PUBLISHER: The Business Research Company | PRODUCT CODE: 1429447
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429447
Genetically modified crops (GM crops) are agricultural plants whose genetic material has been modified through genetic engineering techniques.
The primary trait categories in genetically modified crops include herbicide tolerance (HT), insect resistance (IR), stacked traits (ST), and others. The key crop varieties encompass soybeans, cotton, maize, oilseed rape, tobacco, and others. Various techniques are employed in the genetic modification of crops, such as gene guns, electroporation, microinjection, agrobacterium, and other methods. The types of modifications include transgenic, cis-genic, sub-genic, and multiple trait integrations, all of which find applications in both scientific research and the cultivation of agricultural crops.
The genetically modified crops market research report is one of a series of new reports from The Business Research Company that provides genetically modified crops market statistics, including global market size, regional shares, competitors with a genetically modified crops market share, detailed genetically modified crops market segments, market trends and opportunities, and any further data you may need to thrive in the genetically modified crops industry. This genetically modified crops market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion witnessed in the historical period can be ascribed to governmental efforts promoting genetically modified food, the rise of emerging markets, and an increasing 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 anticipated expansion in the forecast period can be credited to a growing population, escalating food waste, technological advancements, and an upsurge in the demand for biofuels. Key trends during the forecast period encompass investing in gene stacking, emphasizing the utilization of cutting-edge CRISPR technologies, dedicating resources to the research and development of nitrogen-fixing crops, investing in the exploration of haploid induction techniques, developing products aimed at reducing the time needed for crop production, and placing a focus on establishing collaborations with both research institutions and established companies.
The heightened demand for genetically modified (GM) crops is driven by traits such as insect and herbicide tolerance. Genetically modified crops also offer additional advantages, including enhanced nutritional value, increased yield, and prolonged shelf life. Consequently, farmers are increasingly turning to GM crops as a strategy to boost both their yields and profits. According to the U.S. Department of Agriculture (USDA), the adoption of genetically engineered insect-resistant cotton has led to a substantial decrease in the use of synthetic pesticides, thereby reducing groundwater and environmental contamination. The dual considerations of environmental impact and benefits associated with GM crops are key factors propelling the growth of the genetically modified crops market in the forecast period.
The anticipated growth in the genetically modified crops market is further fueled by the escalating crop production. Crop production involves the cultivation and growth of plants for various purposes, including human and animal consumption, as well as industrial uses. Genetically modified crops play a pivotal role in enhancing crop production by introducing traits such as resistance to pests and diseases. This addresses global food security challenges by ensuring increased yields and improved resilience, thereby meeting the rising demand for sustenance and alleviating pressure on natural ecosystems. For example, in January 2022, the United States Department of Agriculture reported a record soybean production of 4.44 billion bushels, indicating a 5 percent increase from the previous year. Consequently, the surge in crop production stands as a driving force behind the growth of the genetically modified crops market.
Major players in the genetically modified crops market are increasingly adopting a strategic partnerships approach to bolster their capabilities and competitiveness. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in February 2022, the Australia-based cereal breeding company InterGrain entered into a partnership with the US-based agri-biotechnology company Inari. This collaboration aims to enhance the yield potential of wheat, ensuring the long-term viability of the crop in the face of a changing climate. The partners target a 10-15% increase in the yield potential of modified wheat crops.
Efforts to advance genome-editing techniques are gaining momentum in the genetically modified crops market. Techniques such as haploid induction reduce the time required to develop commercial crop varieties and enable faster genetic improvements in different varieties. In 2021, the Switzerland-based agricultural science and technology company Syngenta published a paper in the international science journal, Nature Biotechnology, outlining their discovery of a genome-editing technique called haploid induction editing (HI-Edit™). This technology allows breeders to modify crops at various stages in the seed research and development process, resulting in significant cost and time savings. While the initial research focused on field corn and sweet corn crops, the technique holds potential applicability to other crops such as wheat.
In January 2023, the Germany-based chemical manufacturing company BASF SE acquired ASL for an undisclosed amount. This acquisition was aimed at expanding BASF's hybrid melon seed breeding capacities to strengthen its innovative melon breeding research program and increase breeding and seed production in France. ASL, a France-based seed production and breeding company specializing in melons with orange flesh, including Cantaloupe and Charentais varieties, was the target of this strategic move by BASF.
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
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
The countries covered in the genetically modified crops market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The genetically modified crops market consists of revenues earned by entities that are engaged in producing genetically modified corn, genetically modified rice, and other genetically modified crops. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Genetically Modified Crops Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on genetically modified crops market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for genetically modified crops? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The genetically modified crops market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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