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GMO Testing Market 2023, Industry Analysis, Potential Growth, Trends, Forecast To 2032
GMO Testing Market Analysis
The Business Research Company's GMO Testing Global Market Report 2023 identifies increased production of genetically modified crops as the major driver for the GMO Testing market's growth in the forecast period. Genetically modified crops are produced by GM technology that involves inserting new DNA into a plant's genome and then growing the plant cells in tissue culture to develop into plants. The seeds produced by genetically modified plants will inherit the new DNA that offers nutritional enhancement, disease resistance, phytoremediation, and altered cell wall composition for more effective biofuel conversion. The increase in nutritional demand and the stringency in genetically modified food safety regulations are increasing the demand for more production.
The global GMO testing market size grew from $2.09 billion in 2022 to $2.32 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The GMO testing market size is expected to grow to $3.24 billion in 2027 at a CAGR of 8.6%.
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Major competitors in the GMO Testing market are Thermo Fisher Scientific, SGS S.A., Bureau Veritas SA, Intertek Group PLC, Eurofins Scientific SE, TÜV SÜD AG, Merieux Nutrisciences Corporation, Bio-Rad Laboratories Inc., ALS Limited, Romer Labs Diagnostic, Microbac Laboratories, AsureQuality Limited.
A key trend in the GMO Testing market includes Technological advancement. The advanced technologies for agricultural farming include robots, aerial images, temperature, and moisture sensors, and GPS technology will allow farms to be more profitable, safe, efficient, and environmentally friendly. The advanced farming practices are beneficial for GM crops production to meet the demand and food security.
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The GMO Testing market is segmented -
1) By Trait: Stacked, Herbicide Tolerance, Insect Resistance
2) By Technology: Polymerase Chain Reaction (PCR), Immunoassay
3) By Processed Food Types: Bakery and confectionery, Meat products, Breakfast cereals and snacks, Food additives, Other Processed Food
4) By Crop Tested: Corn, Soybean, Rapeseed Or Canola, Potato, Other Crops
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the GMO Testing market.
The Business Research Company's "Global GMO Testing Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The GMO Testing Market Include:
1. Executive Summary
2. GMO Testing market Characteristics
3. GMO Testing market Trends And Strategies
4. GMO Testing Market - Macro Economic Scenario
5. GMO Testing market Size And Growth
……
27. GMO Testing market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The GMO Testing market
29. GMO Testing market Future Outlook and Potential Analysis
30. Appendix
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