The growing Genetically Modified Crops market will exhibit the highest pace owing to rising population and increasing demand for food. Genetically modified crops or GM crops are plants used in agriculture, the DNA of which has been modified using genetic engineering methods. This allows the incorporation of desirable traits to the plants such as insect resistance, herbicide resistance, drought resistance, virus resistance or enhance nutrition. Genetically modified maize, cotton, canola and soybean are extensively cultivated globally. Rising population has significantly increased the demand for food globally. Genetically modified crops help meet the food demand by providing higher yields and enhancing crop survivability, qualities pivotal in global food security.
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 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. Growing population worldwide has considerably increased the demand for food. As population increases, so does the demand for food. Genetically modified crops help meet the rising food demand by providing higher yields through in-built resistance towards diseases and insects as well as drought resistance. Technological advancements have enabled faster and more effective genetic modifications of desired traits in crops. This has augmented the use of GM crops globally.
Market Trends
Increasing adoption in developing nations- Developing nations like India, China and Brazil have high population density and increasing income levels. Such nations are increasingly adopting GM crops to meet the domestic food demand.
Brazil is one of the fastest growing markets for genetically modified crops globally. Soybean is the top GM crop in Brazil covering over 50% of the country's arable land. The government strongly supports agricultural biotechnology and large farm sizes allow for rapid commercialization of new seed varieties. However, COVID-19 impacted overall crop production due to delays in imports of agrochemicals and machinery from China. As the pandemic situation stabilizes, Brazil's GM market is poised to expand further driven by rising meat exports, cultivation of biotech maize and development of disease resistant sugarcane varieties through local R&D initiatives. Investment promotion policies will aid market penetration in new regions of the country.
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