Genetically Modified Crops Market Current Trends, Growth Opportunities, Business Insights, Product Valuation And Future Prospects (2024-2033)

The genetically modified crops market size has grown strongly in recent years. It will grow from $22.32 billion in 2023 to $23.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to government initiatives for genetically modified food, emerging markets growth, growing demand for animal feed.

The genetically modified crops market size is expected to see strong growth in the next few years. It will grow to $29.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising population, food waste, technological advancement and increase in biofuel demand . Major trends in the forecast period include invest in gene stacking, focus on leveraging innovative crispr technologies, invest in research and development of nitrogen fixing crops, invest resources to research haploid induction techniques and develop products which reduce the time required for crop production and focus on establishing collaborations with research institutions and established companies.

Market Overview -
Genetically modified crops (GM crops) are agricultural plants whose DNA has been altered using genetic engineering techniques.

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Environmental Benefits And Yield Advantages Propel Demand For Genetically Modified (GM) Crops

Genetically modified (GM) crops have traits such as insect tolerance and herbicide tolerance that contribute to the high demand for such crops. Other benefits offered by genetically modified crops include high nutritional value, improved yield, and longer shelf life. For these reasons, farmers are resorting to GM crops to increase their yields and profits. According to the U.S. Department of Agriculture (USDA), genetically engineered insect-resistant cotton has helped to achieve a significant reduction in the use of synthetic pesticides that are contaminating groundwater and the environment. The environmental concerns and benefits offered by GM crops drive the demand for the growth of the genetically modified crops market over the forecast period.

Competitive Landscap -
Major companies operating in the genetically modified crops market report are Bayer AG, BASF SE, DuPont, Syngenta AG, The Dow Chemical Company, JR Simplot Co., Groupe Limagrain, Stine Seed Farm, Inc., Calyxt Inc., Maharashtra Hybrid Seed Company (MAHYCO), Dabeinong Science and Technology Group Co., JK Agri Genetics Ltd., Nuseed Pty Ltd, Dabeinong Science and Technology Group Co., Origin Agritech Limited, Monsanto, COODETEC, Nidera and Geneze Seeds S/A, Middle East Agriculture Company, Sensako

Strategic Partnerships Drive Innovation And Competitiveness In The Genetically Modified Crops Market
Major companies operating in the genetically modified crops market are adopting a strategic partnerships approach to enhance their capabilities and competitiveness. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in February 2022, InterGrain, an Australia-based cereal breeding company, partnered with Inari, a US-based agri-biotechnology company. With this partnership, they both aim to enhance the yield potential of wheat, securing the crop's long-term viability in the face of an increasingly variable climate, and are targeting a 10-15% increase in modified wheat crop yield potential.

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Key Segments -

The genetically modified crops market covered in this report is segmented -

1) By Trait: Herbicide Tolerance (HT), Insect Resistance (IR), Stacked Traits (ST), Other Traits
2) By Crop: Soybean, Cotton, Maize, Oilseed Rap, Other Crops
3) By Technique: Gene Guns, Electroporation,Microinjection, Agrobacterium, Other Techniques
4) By Type of Modification: Transgenic, Cis-genic, Sub-genic, Multiple Trait Integration 5) By Application: Scientific Research, Agriculture Crops

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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