Genetically Modified Seed MarketSize will Observe Substantial Growth by 2024

Genetic modification (GM) is the advanced technology, in which new traits are introduced into an organism by manipulating its genetic makeup and changes its genetic properties in laboratory. In genetic modification process various techniques are used such as gene splicing, gene silencing and a use of viral carrier. The growing adoption of genetic modification in agricultural practices is one of the leading application, resulted in the genetically modified seeds and crops. The genetically modified seeds are beneficial over conventional seeds as they increases the yields grown on the same or less acreage, reduce the crop damage from weeds, diseases and insects and potentially improve the nutritional value or other health benefits. Due to various research and innovations in seeds using genetic modifications, it provides the solutions to the farmers for several environmental conditions such as salinity, drought and disease stress which experienced the boost to the genetically modified seed demand.

The global genetically modified seed market has anticipated to register the significant growth over the forecast period due to rise in adoption of biofuels, made up of genetically modified energy crops such as wheat, soybean, sugarcane, and corn which drives the growth of the global genetically modified seeds market. The governments of different countries from developing countries such APAC and Africa are also encouraging farmers to use the genetically modified seeds over the conventional seeds to increase the yield of crop which also drives the growth of the global genetically modified seed market.

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However, the major global genetically modified seed market has contributed by the few leading players, which monopolize the seed market, escalate seed prices and eliminate farmer choice of the seed which may hamper the growth of the market.

Increased demand for oleo-chemicals from the genetically modified seeds will be a key trend for market growth due to various industries are shifting to oleo-chemicals over petrochemicals for their end use as oleo-chemical has cheaper cost and eco-friendly nature.

The global genetically modified seed market is segmented on the basis of the product type, by trait and geographical region.

On the basis of product type, the global genetically modified seed market has segmented into:

Corn

Soybean

Cotton

Canola

Other



On the basis of product type, the global genetically modified seed market has segmented into:

Herbicide tolerance

Insect resistance

In terms of geography, the genetically modified seed market has been divided into five key regions, including North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). The global genetically modified seed market has expected to register moderate growth over the forecast period. North America has contributed the leading share to the global genetically modified seed market due to the growing demand from farmers and awareness about the benefits of genetically modified seeds. North America followed by Europe is also growing at a moderate growth and expected to register the significance CAGR over the forecast period. APAC and MEA is at a nascent stage, though expected to register a healthy growth over the forecast period due to increasing awareness and need of more crop yield to fulfil the demand of food in the region.

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Some of the key players of the global genetically modified seed market are Monsanto, DuPont, Syngenta, Groupe Limagrain, Land O’ Lakes, KWS AG, Bayer Crop Science, Sakata, DLF-Trifolium and Takii. Various global companies are contributing significant growth to the global genetically modified seed market. The key players from North America and Europe has contributed a major share to the global genetically modified seed market in terms of value and volume.

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