Global Genetically Modified Crops Market Size, Drivers, Trends, Opportunities And Strategies – Includes Genetically Modified Crops Market Growth
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Genetically modified (GM) crops have traits such as insect tolerance and herbicide tolerance are expected to drive innovation in genetically modified crops manufacturing, thus driving the market during the forecast period.
The global genetically modified crops market is expected to grow from $21.08 billion in 2022 to $22.29 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The global genetically modified crops market size is expected to grow to $28.03 billion in 2027 at a CAGR of 5.9%.
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Global Genetically Modified Crops Market Segments Include:
- By Trait:Herbicide Tolerance (HT), Insect Resistance (IR), Stacked Traits (ST), Other Traits
- By Crop:Soybean, Cotton, Maize, Oilseed Rape, tobacco, Other Crops
- By Technique:Gene Guns, Electroporation, Microinjection, Agrobacterium, Other Techniques
- By Type of Modification:Transgenic, Cis-genic, Sub-genic, Multiple Trait Integration
- By Application:Scientific Research, Agriculture Crops
- By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global genetically modified crops market in 2021.
Major Market Players in the genetically modified crops market include Bayer AG, BASF SE, Syngenta AG, The Dow Chemical Company, Dupont, Groupe Limagrain, JR Simplot Co., JKAgri Genetics Ltd.
The development of better and efficient genome-editing techniques is gaining traction in the genetically modified crops market. Techniques such as haploid induction, reduces the time it takes to develop commercial crop varieties and allows faster genetic improvements in different varieties. For instance, in 2021, Switzerland based agricultural science and technology company, Syngenta published a paper in the international science journal, Nature Biotechnology, detailing their discovery of a genome-editing technique called haploid induction editing (HI-Edit™). The technology allows breeders to modify crops at various stages in the seeds research and development process, reducing substantial cost and time. The current research focused on field corn and sweet corn crops, but the technique could be applied to wheat as well.
The Genetically Modified Crops Global Market Report 2023 provides a genetically modified crops market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The genetically modified crops market forecast analyzes genetically modified crops market size, genetically modified crops market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Genetically modified crops (GM crops) are agricultural plants whose DNA has been altered using genetic engineering techniques.
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