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Genetically Modified Crops Global Market Report 2023


Major players in the genetically modified crop market are Bayer AG, BASF SE, Syngenta AG, The Dow Chemical Company, Dupont, Groupe Limagrain, JR Simplot Co, JKAgri Genetics Ltd, Maharashtra Hybrid Seed Company (MAHYCO), and Calyxt Inc.

New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Genetically Modified Crops Global Market Report 2023" -

The global genetically modified crops market will grow from $21.08 billion in 2022 to $22.29 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The genetically modified crops market is expected to grow to $28.03 billion in 2027 at a CAGR of 5.9%.

The genetically modified crops market consists of revenues earned by entities that are engaged in producing genetically modified corn, genetically modified rice, and other genetically modified crops.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Genetically modified crops (GM crops) are agricultural plants whose DNA has been altered using genetic engineering techniques.

North America was the largest region in the genetically modified crop market in 2022.South America was the second largest region in the genetically modified crop market.

The regions covered in the genetically modified crop market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main trait types of genetically modified crops are herbicide tolerance (HT), insect resistance (IR), stacked traits (ST), and others.The main types of crops are soybeans, cotton, maize, oilseed rape, tobacco, and others.

The techniques used in genetically modified crops are gene guns, electroporation, microinjection, agrobacterium, and other techniques. The types of modification are transgenic, cis-genic, sub-genic, and multiple trait integrations that are applied in scientific research and agricultural crops.

Genetically modified (GM) crops have traits such as insect tolerance and herbicide tolerance that contribute to the high demand for such crops.Other benefits offered by genetically modified crops include high nutritional value, improved yield, and longer shelf life.

For these reasons, farmers are resorting to GM crops to increase their yields and profits. According to the U.S. Department of Agriculture (USDA), genetically engineered insect-resistant cotton has helped to achieve a significant reduction in the use of synthetic pesticides that are contaminating groundwater and the environment. The environmental concerns and benefits offered by GM crops drive the demand for the market over the forecast period.

The exponential increase in the world’s population around the globe drives the need to implement genetically modified crops.Farmers have to adopt new technologies to produce crops that can meet the demand of the growing population.

GM crops help reduce food loss and waste, improve soil and water management, and improve the yield while protecting the environment.According to the UN, it is expected that the world population will be around 10 billion by 2050.

Genetically modified crops are therefore important to feed this growing population and maintain food security.

The stringent regulations imposed on the approval of GM crops limit the growth of the genetically modified crop market during the period.For instance, in India, only Bt cotton is permitted by the government for cultivation.

Genetically modified brinjal was not approved by the environment ministry. Therefore, the stringent regulations imposed by the governments of various countries on the approval of GM crops impact the growth of the market.

In October 2020, BASF SE, a Germany-based chemical manufacturing company, acquired ASL for an undisclosed amount.This acquisition was aimed at expanding the melon seed breeding capacities of BASF to secure the most inventive melon breeding research program and increase breeding and seed production in France.

ASL is a France based seed production and breeding company that specializes in melons with orange flesh, such as the Cantaloupe and Charentais varieties.

The countries covered in the genetically modified crop market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The genetically modified crops market research report is one of a series of new reports that provides genetically modified crops market statistics, including global market size, regional shares, competitors with a genetically modified crops market share, detailed genetically modified crops market segments, market trends and opportunities, and any further data you may need to thrive in the genetically modified crops industry. This genetically modified crops market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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