Various technological advancements in gene editing and plant breeding have enabled scientists to modify plant genomes and develop crops with desired traits. Genetically modified or transgenic crops allow enhancing crop yields, nutritional qualities, resistance to herbicides and pests. Rising population and need for sustainable food supply are major factors are fueling the demand for genetically modified crops globally. Countries like the U.S., Brazil, Argentina, India, and Canada have widely commercialized GM crops. However, safety concerns regarding effects on human health and environment still remain a challenge. Overall, the global genetically modified crops market is expected to grow further with ongoing R&D and new product approvals.
Market Dynamics:
The key drivers boosting the global genetically modified crops market include growing population exerting pressure on limited food production, need for higher crop yields, and changing climate conditions making conventional farming difficult. Reduced use of agrochemicals and pesticides with herbicide tolerant GM crops along with higher profits for farmers are also propelling the market growth. However, stringent regulations around the safety of genetically modified crops and negative public perception around long term effects act as restraints. Rising investments in developing biotech traits for new varieties through gene editing can open up new opportunities. Genetically engineered drought tolerant and insect resistant corn and soybean varieties have widespread adoption in major GM crop countries such as India and others.
Key Features of the Study:
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