Global Genetically Modified (GMO) Food Market was valued US$ 112.5 Mn and is projected to reach US$ 141.23 Mn by 2026 at a CAGR of 2.88 % during the forecast period.
Growing number of population augmenting the demand for nutritional and healthy food and depletion in arable land is driving the genetically modified market. Genetically modified foods production reduces the need for pesticides and increasing investment in the field of biotechnology research and development are fuelling pace to growth of genetically modified food market. Toxic residues from genetically modified crops negatively impacts soil fertility and stringent government regulations constraints the growth of genetically modified food market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Growing interest in genetically modified food from emerging nations, increased production of bioengineered or genetically modified food, new advancements in genetic engineering of foods & crops are several challenges for genetically modified food market. However, market is facing challenges like low consumer awareness and toxicity issues. Consumer attitudes about GM food are complex and interwoven with the consumer’s knowledge of the science, lifestyle and public perception.
Corn segment dominated with almost 85 % share in genetically modified food market. Many producers modify corn and soy so they are resistant to the herbicide glyphosate, which is used to kill weeds. Soy and cotton segment followed corn in the genetically modified food market. Soy is the most heavily genetically modified food in the globe. Soy is modified to have a high level of oleic acid, which is naturally found in olive oil. Oleic acid is a monounsaturated omega-9 fatty acid that may lower LDL cholesterol.
Stacked trait segment estimated to be the fastest-growing in the genetically modified food market. Stacked traits are a combination of more than one transgenic in a single crop. Bio-fortified crops are modified for the production of high nutritional content, HT with IR and disease-resistant traits are popular examples of stacked traits. The increased investments and growth in the R&D activities are responsible for the growth of this market.
Crops segment leaded the global genetically modified foods market by grabbing the largest market share in 2017. Furthermore, Crops market is predicted to grow at a CAGR of 15% during the forecast period. The growing use of biotechnology in crop production is boosting the market for genetically modified crops. A significant rise in the global production of genetically modified crops such as soya, cotton, maize etc. is driving the growth in the global genetically modified crops market for the forecast period.
North America leads the global genetically modified foods market attributed to the fact that the United States & Canada are the leading producers of Genetically Modified crops across the globe.
The United States is at the front position in terms of commercialization and development of genetically modified food. Major biotech crops such as soybean, cotton and maize have achieved an adoption. Asia Pacific genetically engineered food market is expected to rise with the highest CAGR over the forecast period. Asia Pacific bioengineered food market is primarily driven by the rising population in the region. Also, the adoption of new technologies in the agriculture sector to meet the requirements of the growing population, coupled with increasing adoption of GM crops are driving the growth in this region. Europe is expected to become one of the major importers of the genetically modified foods in coming years. Europe imports approximately 60 genetically modified products from other countries, especially maize, soy bean, cotton and sugar beet. In addition to that, 17 new genetically modified food items have been given a approval for import in Europe.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding genetically modified foods market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in genetically modified foods market.
Scope of Global Genetically Modified (GMO) Food Market
Global Genetically Modified (GMO) Food Market, By Type
• Vegetables
• Crops
• Animal products
• Fruits
Global Genetically Modified (GMO) Food Market, By Crop:
• Corn
• Soya Bean
• Canola
• Sugar Beet
• Cotton
• Other Crops
Global Genetically Modified (GMO) Food Market, By Trait
• Herbicide Tolerance (HR)
• Insect Resistance (IR)
• Stacked Traits (ST)
Global Genetically Modified (GMO) Food Market, By Region
• North America
• South America
• Europe
• Asia Pacific
• Middle East & Africa
Key Players Analyzed in the Report:
• BASF SE
• Bayer AG
• Syngenta AG
• Monsanto
• KWS SAAT SE
• Sakata Japan
• DuPont US
• Groupe Limagrain France
• Dow Chemical Company
• KWS SAAT SE
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