GMO Crops & Seeds Market: Demand for Longer Shelf Life, Anti-Pest Properties to Boost Growth
In recent years, breakthrough developments in biotechnology has aided the growth of the agricultural sector. With extensive R&D, researchers have been successful to modify genes in laboratory environments. Unlike traditional method of natural process of modifying gene over generations of cross-fertilization, GMO crops and seeds are developed by modifying genes by directly inserting them into the DNA of the seed. These genetically modified seeds when used in commercial agriculture produces much higher crop yield. Such successful outcomes are boosting the demand for GMO crops and seeds.
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On the downside, emergence of GMO crops and seeds has led to the elimination of large varieties of heirloom crop. Due to sentiments of some ethnic communities that are not in favor of artificially modifying genes, the growth of GMO crops and seeds market is restrained to some extent.
Nevertheless, the advantages of GMO crops and seeds outweigh their drawbacks, for the GMO crops and seeds market to display solid growth in the forthcoming years.
According to a market study by Transparency Market Research, the global GMO and seeds market is likely to expand at 8.3% CAGR from 2017 to 2022. At this pace, the market is likely to be worth US$36,653.2 mn by 2022 vis-à-vis revenue.
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Demand for use as Insecticide accounts for Corn to lead other Crop types
The global GMO crops and seeds market is divided on the basis of crop type, sales channel, trait, and region. In terms of crop type, the GMO crops and seeds market is divided into corn, cotton, sugar beets, papaya, apple, soybean, alfalfa, sugar beets, zucchini, and potato. Among all, corn is predicted to display maximum growth in the GMO crops and seeds market over the forecast period. This is because GMO corn is widely used as an insecticide owing to its efficacy as an insect repellant. In 2017, corn held a whopping 37.8% of the overall market.
By trait, the key segments into which the GMO crops and seeds market is divided are herbicide tolerance and insect tolerance. By sales channel, the global GMO crops and seeds market is divided into modern trade, direct sales, convenience store, and e-retailers.
Extensive use of GMO Crops as Insect Repellant in U.S pushes North America to fore
Geography-wise, the global GMO crops and seeds market is divided into North America, Europe, Japan, Asia Pacific except Japan, and the Middle East & Africa. Among all, North America currently holds supremacy in the global GMO crops and seeds market, and is expected to retain its position through the forecast period.
However, Europe is expected to surpass vis-à-vis growth rate over the forecast period.
Key companies operating in the global GMO crops and seeds market include DOW Agrosciences LLC, Syngenta AG, BASF SE, Monsanto Co., KWS SAAT SE, E.l. du Pont de Nemours & Co., Canterra Seeds Holdings Ltd., Bayer Crop Science India Ltd, Groupe Limagrain Holdings Corp, Land O’ Lakes Inc., Sakata Seed Corp., Takii Seeds, Agreliant Genetics LLC, and DLF Seeds and Science.
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