The report brings out a comprehensive analysis of the market and the major factors influencing its growth. Genetically Modified Organisms (GMOs) are organisms whose genetic material (DNA) has been altered or modified artificially which does not occur naturally in them. The designing is done in a way that makes the seed and the resultant crop resistant to pests, droughts, diseases, and so on. The modification is also done to make the seeds high yielding, which can boost agricultural productivity.
The Global Genetically Modified Seeds Market is expected to reach a market value of US$ 30.24 bn from its current value of US$ 20.07 bn (2018) by 2026. Valuable market insights have been shared by Fortune Business Insights in its report, titled “Genetically Modified Seeds (GMO) Market Size, Share, Geography Forecast till 2026”.
Investment in Innovation to Drive Market Competition
The global genetically modified seeds market is set to witness increased competition among key players in the form of mergers and acquisitions, collaborations, new product launches, and increased research. For example, in February 2019, DowDuPont received approval to launch their genetically engineered soyabeans, called Enlist E3, in the Philippines. In March 2018, the Germany-based pharmaceutical giant, Bayer, took over the US-based Monsanto in an attempt to strengthen and deepen their market presence.
Some other key players identified by Fortune Business Insights include Maharashtra Hybrid Seed Company (MAHYCO), Syngenta, BASF SE, Calyxt Inc., Nuseed Pty Ltd, R. Simplot Co., and a few others.
Growing Adoption by Farmers Fueling the Market
The global genetically modified seeds market is set to surge as awareness among farmers regarding the benefits of genetically modified crops is increasing. The main advantages driving the rising adoption are drought and pest resistance and their high yielding properties. While the area under cultivation under GM crops grew at 3.6% CAGR between 2010 and 2017, it is expected to expand at a rate of 2.5% during the forecast period. A higher yield makes transgenic crops a commercially attractive option to conventional crops, enhancing the market potential.
Corn and Soyabean Hold the Largest Market Share
Genetic modifications in corn and soyabean have been the highest ever since GM crops have got the green light to be introduced in food crops, particularly in USA, Argentina, and Brazil. The global genetically modified seeds market stands to gain as the area under genetically modified corn and soyabean crops is already 85-95% of the total harvested area of the two crops.
In terms of CAGR, canola crop, mainly grown in Canada, Australia, and USA, is set to lead the market during the forecast period. Growing importance of crops such as potatoes and alfalfa will also spur the global genetically modified seeds market.
- 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)
Some major points from Table of Content:
- Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
- Key Insights
4.1. Overview of the Parent/Related Markets
4.2. Supply Chain Analysis
4.3. Analysis on GM Crop Events
4.4. Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Commercial Seed Market Analysis, Insights and Forecast, 2014-2025
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Crop
5.3. Market Analysis, Insights and Forecast – By Geography
5.3.1. North America
5.3.3. Asia Pacific
5.3.4. South America
5.3.5. Middle East & Africa
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