Global Genetically Modified Crops Market Size 2024, Forecast To 2033
11 Mar, 2024
The genetically modified crops market has witnessed robust growth, surging from $22.32 billion in 2023 to $23.6 billion in 2024, with a compound annual growth rate (CAGR) of 5.7%. This growth in the historic period is attributed to government initiatives for genetically modified food, the growth of emerging markets, and an increasing demand for animal feed. Moving forward, the market is expected to see strong growth, reaching $29.87 billion in 2028 at a CAGR of 6.1%. The forecasted growth in the next few years can be attributed to the rising global population, food waste reduction efforts, technological advancements, and an increased demand for biofuels. Major trends in the forecast period include investments in gene stacking, a focus on leveraging innovative CRISPR technologies, investment in the research and development of nitrogen-fixing crops, allocating resources to research haploid induction techniques, developing products to reduce crop production time, and establishing collaborations with research institutions and established companies.
Global Genetically Modified Crops Market Key Driver
Genetically modified (GM) crops are gaining traction owing to traits such as insect and herbicide tolerance, resulting in increased demand. Farmers, attracted by benefits like high nutritional value, improved yield, and extended shelf life, are increasingly adopting GM crops to enhance their agricultural output and profits. The U.S. Department of Agriculture (USDA) highlights the positive impact of genetically engineered insect-resistant cotton in reducing synthetic pesticide use, addressing environmental concerns. The amalgamation of environmental considerations and the advantages associated with GM crops propels the growth of the genetically modified crops market throughout the forecast period. The 2028 market size of GM crops is influenced by this widespread adoption among farmers.
Get A Free Sample Of The Global Genetically Modified Crops Market ReportGlobal Genetically Modified Crops Market Segments
The genetically modified crops market covered in this report is segmented –
1) By Trait: Herbicide Tolerance (HT), Insect Resistance (IR), Stacked Traits (ST), Other Traits
2) By Crop: Soybean, Cotton, Maize, Oilseed Rape, Other Crops
3) By Technique: Gene Guns, Electroporation,Microinjection, Agrobacterium, Other Techniques
4) By Type of Modification: Transgenic, Cis-genic, Sub-genic, Multiple Trait Integration
5) By Application: Scientific Research, Agriculture Crops
By Geography:The regions 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
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
Major Genetically Modified Crops Industry Players
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
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Genetically Modified Crops Market Overview
Genetically modified crops (GM crops) are agricultural plants whose DNA has been altered using genetic engineering techniques.
Genetically Modified Crops Global Market Report 2023 provides data on the global genetically modified crops market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The genetically modified crops market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.