by The global Genetically Modified Crops Market caters to the growing need for higher crop yield, drought resistant crops, and biopharmaceutical applications. Genetically modified crops offer advantages like herbicide tolerance, insect resistance and better nutritional value.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Demand for Drought Resistant Crops
One of the major trends driving the growth of the genetically modified crops market is the increasing demand for drought resistant crops. Climate change has led to increasing drought conditions over the past few decades. This has reduced crop yields in many parts of the world. Genetically modified crops that are drought resistant help farmers deal with water scarcity issues and ensure stable crop production even during low rainfall years. Genetic modification helps transfer drought tolerance traits from one plant species to another, thereby developing crops that require less water. This is cushioning farmers from the impacts of climate change and supporting food security.
SWOT Analysis
Strength: Genetically modified crops have traits like resistance to herbicides and pests. This reduces the need for repeated spraying of herbicides and insecticides thereby reducing costs for farmers.
Weakness: Many consumers are concerned about the long term safety of GM crops. There are also issues around monocultures and loss of biodiversity due to widespread use of few GM varieties.
Opportunity: With rising population and impacts of climate change, there is a need to develop drought tolerant and climate resilient crop varieties. GM technology can help address this need.
Threats: Restrictions and regulations around use of GM crops differ across countries and regions. Geopolitical issues can impact trade. There are concerns about cross-pollination negatively impacting organic and conventional crops.
Key Takeaways
Global Genetically Modified Crops Market Demand is expected to witness high growth over the forecast period.
North America currently dominates the market aided by large acreage under GM crops like corn, soybean and cotton in countries like US. Asia Pacific is expected to be the fastest growing market led by countries like India where Bt cotton is extensively cultivated.
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. These players are focusing on developing new GM traits for insect and disease resistance as well as abiotic stress tolerance. Private public partnerships are also being established to tap into new opportunities around climate resilient crops.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
