Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Genetically Modified Seeds market.
Trusted Business Insights presents an updated and Latest Study on Genetically Modified Seeds Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Genetically Modified Seeds market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global genetically modified seeds market size valued at USD 20.07 billion in 2018 and is projected to reach USD 30.24 billion by the end of 2026, exhibiting a CAGR of 5.3%.
We have updated the Genetically Modified Seeds Market with business impact analysis and disruption caused by COVID-19.
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Modern plant biotechnology applications helped in incorporating the desired beneficial traits such as insect resistance, herbicide tolerance, and high yield & improved quality in the large scale commercially cultivated crops. Crops with these traits have aided farmers in reducing the burden of insect pests and weeds with limited cost and efforts. The benefits of cultivating GM crops have helped in motivating farmers to opt for them in place of use of farm-saved or other conventional seeds in crop cultivation.
Genetically modified or transgenic crops have acquired a significant share in few of the cultivated crops such as soybean, corn, and cotton. Area under genetically modified (GM) crops has expanded at a CAGR of 3.6% during the period from 2010 to 2017 and is projected to witness a growth rate of 2.5% during the forecast period from 2019 to 2026. Any major events related to approval for the cultivation of GM crops in countries such as China and India will significantly change the growth dynamics of global GM crops (the projected figures are mainly based on the current dynamics).
Collaboration is the key strategy adopted by the global seed companies wherein they are actively investing in R&D activities in collaboration with the agricultural research universities to develop new trait seed products.
The future of GM technology holds further promises of continued benefits, wherein industry players such as Bayer, Monsanto, DowDuPont, Syngenta, and BASF are making R&D efforts to launch GM crop seeds having additional novel traits in the key food crops. Scientists from Xiamen University and Fujian Academy of Agricultural Sciences are working to restore the deleted portion of the Rc gene in rice crop to enhance the concentration level of beneficial proanthocyanidins and anthocyanidins.
“”Corn and Soybean Crops have Accounted for Largest Market Share and Canola Crop is Projected to Witness High CAGR””
Corn and soybean are the two crops that have received a high level of importance since the introduction of GM technology in the agriculture sector. Key countries growing corn and soybean such as the U.S., Brazil, and Argentina have adopted GM crops and currently, the GM crops account for nearly 85-95% share of the total soybean and corn crop harvested area.
GM canola crop majorly cultivated in Canada, Australia, and the U.S. and is projected to witness a strong CAGR during the projected period from 2019 to 2026. At the same time, other GM crops such as alfalfa and potato are projected to receive higher importance during the projected period considering the crop importance and scope for development.
“”North America is the Largest Market for GM Crop Seeds and Asia Pacific is Projected to Offer Growth Opportunities for GM Seed Companies””
North America and South America are the largest markets for GM crop seeds, cumulatively accounted for more than 90% share in the global GM seed market. Nearly 85-95% of the soybean and corn crop cultivated in North America and South America is GM crop. Overseas demand (especially China) for Americas cultivated corn and soybean produce plays a vital role in deciding the planted area and demand for planting seeds. In January 2019, China approved five genetically modified crops for import from the U.S. and the same have supported for the expansion of planted area under GM crops and demand for planting seeds.
Asia Pacific is emerging and fastest growing market for GM crops and the region is projected to offer strong growth opportunities to the market players during the projected period. For instance, Bangladesh began to cultivate the GM eggplant from season 2013-14 and witnessed a growth of 485% by 2017-18. Vietnam began to cultivate the GM corn crop from 2015 and witnessed a 13-fold increase in planted area by 2017. New traits launch in various crops is projected to support the growth of the genetically modified seeds market during the forecast period.
North America Genetically Modified Seeds Market, 2018
Genetically modified crops are the outcome of substantial technological advancements in the field of agriculture. GM crop has significantly helped in reducing the costs involved in the control and management of insect pests and weeds.
GM crops are projected to play a vital role in solving the issue of poor agricultural production and food insecurity. Cultivation of GM crops is also an aid in reducing the spraying of harmful synthetic chemicals and impacts on the environment. Stringent regulations and social issues are likely to suppress the growth of genetically modified crop cultivation.
The report provides qualitative and quantitative insights on the genetically modified seeds market and detailed analysis of market size & growth rate (in terms of Value and area) for all possible segments in the market. The market is segmented by crop type and geography. On the basis of crop type, the global market is categorized into corn, soybean, cotton, canola, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the genetically modified seeds market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, new product innovations and launches, the regulatory scenario in key countries, and key industry trends.
- North America (U.S., Canada, and Mexico)
- Europe (Spain and Portugal)
- Asia Pacific (China, India, Australia, Pakistan, Philippines, Myanmar, Vietnam, and Bangladesh)
- South America (Brazil, Argentina, Paraguay, Bolivia, Uruguay, Colombia, Honduras, Chile, and Costa Rica)
- Middle East & Africa (South Africa and Sudan)
Key companies covered in the report
- Bayer CropScience
- BASF SE
- J.R. Simplot Co.
- JK Agri Genetics Ltd.
- Maharashtra Hybrid Seed Company (MAHYCO)
- Calyxt Inc.
- Stine Seed Farm, Inc.
- Nuseed Pty Ltd.
- Other Key Market Players
Key Industry Developments:
In Feb. 2019, DowDuPont has received the final international regulatory approval needed, from the Philippines, for a global launch of a new line of genetically engineered soybeans (Enlist E3).
In Feb, 2019, U.S. approved the soybean event FAD2KO for food and feed use
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