The global genetically modified crops market was valued at US$ 18.15 billion in 2018, according to Genetically Modified Crops Market Report, by Crop Type (Soybean, Maize, Cotton, Canola, Others (Sugar Beat, etc.)), by Trait (Herbicide Tolerance (HT), Insect Resistance (IR), Stacked Traits (ST)), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa) published by Coherent Market Insights.
The global genetically modified crops market is expected to reach US$ 37.46 billion by 2027, exhibiting a CAGR of 8.7% over the forecast period.
The growing food industry is expected to drive growth of the genetically modified crops market across the globe. Increasing demand for GM crops in the food industry is another factor contributing to the market growth. According to India Brand Equity Foundation (IBEF), the food industry in India was valued at US$ 39.71 billion in 2017, which increased to US$ 65.4 billion in 2018 witnessing CAGR of 11%. India has entered agriculture biotechnology in 2002 with the approval of BT cotton for its commercial cultivation. Genetically modified crops are plants used in agriculture who’s DNA has been modified by using genetic engineering techniques. Genetic engineering is the technique of simple addition, manipulation or deletion of a single trait in an organism to create a desired change.
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Browse 138 market data tables* and 72 figures* on "Genetically Modified Crops Market” - Global forecast to 2027.
Key Trends and Analysis of the Genetically Modified Crops Market:
- Among crop type, the cotton segment held a significant market share in the global genetically modified crops market in 2018 owing to increasing government approval for GM cotton across the globe. For instance, in October, 2018, the United States government permitted consumption of genetically modified cotton in the U.S. The U.S. Food and Drug Administration (FDA) also announced the approval for GM cotton in the same year. The governing means that cottonseed could be made available as food for people and all kinds of animals.
- Asia Pacific accounted for a significant market share in the global genetically modified crops market in 2018 owing to increasing government support for genetically modified crops in emerging economies such as India and China. For instance, in December 2019, according to data published by China’s Agriculture Ministry, the government of China approved a new strain of genetically modified soybeans imports from the U.S. The approved variety for import is an insect-resistant soybean from the company Dow AgroSciences LLC. The Chinese government approved a new type of genetically modified papaya, and the renewed permits for 10 crop varieties which includes canola and corn.
Key Takeaways of the Market:
- Key players are adopting inorganic growth strategies such as product launches, product development in order to gain market share in the global genetically modified crops market.
- For instance, in 2015, an India-based company, Mahyco, launched the first genetically modified Bt brinjal in the market. This crops got approval from the Genetic Engineering Approval Committee (GEAC). Bt brinjal has been developed in collaboration with the Indian Institute of Vegetable Research, Varanasi, Tamil Nadu Agriculture University, Coimbatore, University of Agricultural Sciences, Dharwad, Cornell University, USA and the University of Philippines.
Key players operating in global genetically modified crops include Bayer AG, BASF SE, Syngenta AG, and The Dow Chemical Company, among others.