June 13, 2024
Genetically Modified Crops

Genetically Modified Crops Market is Estimated to Witness High Growth Owing to Rising Need for Higher Crop Yield

The genetically modified crops market comprises various genetically engineered crops that are used for agricultural purposes. Genetically modified crops have several advantages, such as increased crop yield, higher resistance against pests, and improved nutritional value. The growing global population has increased the demand for food, thereby driving the need for higher crop yields. Genetically modified crops help to meet the rising demand for food globally.

The Global genetically modified crops market is estimated to be valued at US$ 126.99 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 To 2031.

Key Takeaways

Key players: Key players operating in the Genetically Modified Crops Market are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others.

Key opportunities: The rising acceptance of genetically modified crops in developing countries present lucrative growth opportunities. Furthermore, the introduction of drought-resistant and climate-resilient genetically modified crops will offer new opportunities over the forecast period.

Global expansion: Leading players in the market are focusing on expanding their operations across various countries worldwide to capitalize on the untapped opportunities. Additionally, partnerships and collaborations between key stakeholders are expected to accelerate the global adoption of genetically modified crops.

Market drivers: The major driver for the growth of genetically modified crops market is the rising global population. It is estimated that the global population will reach around 9.7 billion by 2050 from the current level of 7.7 billion. With the growing population, the demand for food is also increasing significantly. Genetically modified crops play a vital role in meeting the rising food demand worldwide.

PEST Analysis

Political: Local and national governments’ regulations on Genetically Modified crop planting and production have a significant impact. Some jurisdictions have outright bans whereas others have labeling requirements.

Economic: Factors such as crop production costs, subsidy programs, trade policies, commodity prices influence farmers’ decisions to adopt GM seed varieties.

Social: Public perception and acceptance of GM foods is an important determinant. Some consumers prefer non-GM foods due to health or environmental concerns.

Technological: Advances in gene-editing techniques allow more targeted modifications with applications in enhanced nutrition, resistance to stresses and sustainability.

Geographical regions with high market concentration

North America and Europe currently account for the largest share of the Genetically Modified Crops Market in terms of value. Major GM crop adopters in North America include the U.S., Canada whereas Spain, Germany and France lead in Europe. Significant growth has also been witnessed in Latin American countries like Brazil and Argentina.

Fastest growing region

Asia Pacific region is poised to be the fastest growing market for Genetically Modified Crops over the forecast period. This can be attributed to factors such as rising population, increasing demand for food, awareness about improved yields and government support in countries such as China, India and Indonesia.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.