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GMO Testing Global Market Report 2024 - By Size, Share, Demand, Drivers, Analysis, Outlook By 2033
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the GMO Testing industry. This report on GMO Testing market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The GMO testing market size has grown rapidly in recent years. It will grow from $2.33 billion in 2023 to $2.59 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to increased adoption of GMO crops, regulatory compliance, consumer awareness, food safety concerns, international trade and export. The GMO testing market size is expected to see rapid growth in the next few years. It will grow to $3.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
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Key Market Players:
Thermo Fisher Scientific Inc., SGS S.A., Bureau Veritas SA, Intertek Group PLC, Eurofins Scientific SE.
Market Drivers:
According to the GMO Testing Market Report 2024 by The Business Research Company, the increased production of genetically modified crops is contributing to the growth of the GMO testing market. 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.
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Market segments for GMO Testing include:
• By Trait: Stacked, Herbicide Tolerance, Insect Resistance
• By Technology: Polymerase Chain Reaction (PCR), Immunoassay
• By Processed Food Types: Bakery and confectionery, Meat products, Breakfast cereals and snacks, Food additives, Other Processed Food
• By Crop Tested: Corn, Soybean, Rapeseed Or Canola, Potato, Other Crops.
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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