Genetically modified seeds (GM seeds) are plant seeds that are engineered to exhibit certain traits like herbicide tolerance, pest resistance or other advantageous properties. GM seeds help farmers grow crops in a more sustainable manner by enabling higher crop yields and reducing agricultural inputs. They have the potential to increase global food security by improving crop resistance to extreme weather and reducing crop losses due to pests and disease. The global genetically modified seeds market is estimated to be valued at US$ 20.34 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for high yield crops has been a major driver for the growth of the genetically modified seeds market. GM seeds have been engineered to resist pest and maximize yields even in adverse weather conditions and poor quality soil. This boosts the productivity of agriculture significantly and helps meet the rising global demand for food. The development of biotech crops that are resistant to drought,flood and salinity has further propelled the need for GM seeds worldwide. As climate change impacts agrarian economies, GM seeds are increasingly being adopted by farmers as a reliable solution to increase and sustain agricultural outputs.
Strength: Genetically modified seeds have higher yields, resist pests and diseases better, and require fewer pesticides. They allow farmers to grow more food on less land.
Weakness: There is a risk of creating Superweeds and loss of biodiversity. Long term health and environmental impact of GM crops is still unknown. Some consumers oppose consumption of GM foods.
Opportunity: Increasing global population and demand for food provides opportunities for GM seeds companies. Emerging markets in Asia and Africa offer huge potential for sales. Developing drought resistant and salt tolerant varieties can help farmers in dry regions.
Threats: Stringent regulations and labelling requirements in some countries pose threats. Negative publicity around health issues of GM foods can dent sales. Conventional seeds companies offer strong competition in some markets. Climate change impacts may reduce effectiveness of transgenic traits over long term.
The global Genetically Modified Seeds market is expected to witness high growth. The market size for 2024 is projected to reach US$ 20.34 billion, indicating a CAGR of around 10% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the market currently due to large cultivable area and growing population in major countries like India and China. North America and Latin America are other major regions for GM seed sales currently due to large scale commercial cultivation of GM crops like soybean and corn. Europe has relatively stringent regulations for GM crops approval which limit its market size. However, more African and Middle Eastern nations are approving field trials of GM crops in coming years offering new opportunities.
Key players operating in the Genetically Modified Seeds market include Bayer CropScience, BASF SE, Syngenta, JR Simplot Co. Bayer CropScience and Monsanto (acquired by Bayer) currently lead the market with widest portfolio and global presence. Other prominent players include DowDuPont, KWS SAAT SE, Land O’Lakes, Sakata and Takii Seeds. The companies are focusing on new transgenic trait development, acquisitions and partnerships to strengthen their product pipelines and market positions.