Genetically Modified Seeds Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Genetically Modified Seeds Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Genetically Modified Seeds Market

The Genetically Modified Seeds Market size was valued at USD 20.07 billion in 2023, and the market is now projected to grow to 40.91 USD billion by 2032, exhibiting a CAGR of 5.21% during the forecast period of 2023-2030.

The pandemic has been anticipated to be a bane for the entire industrial developments of various market and fields. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to this domain. These factors affected the Genetically Modified Seeds Market growth.

The large-scale commercially grown crops now have the desired advantageous features, like insect and herbicide resistance, high yield, and increased quality, thanks to modern plant biotechnology applications. having little expense or work, farmers have been able to lessen the load of weeds and insect pests thanks to crops having these characteristics. The advantages of growing genetically modified crops have encouraged farmers to choose them over conventional seeds or farm-saved seeds. A sizable portion of some cultivated crops, including cotton, corn, and soybeans, are now genetically modified or transgenic. These particular growth driving factors have been recorded to attribute the Genetically Modified Seeds Market share.

It is necessary for a product market to walk with the trends in order to increases its lucracy and profits in shares and all over revenue.In order to create new trait seed products, international seed corporations are aggressively engaging in research and development (R&D) efforts in partnership with agricultural research colleges. This is the main strategy they employ. With companies like Bayer, Monsanto, DowDuPont, Syngenta, and BASF conducting research and development to introduce GM crop seeds with further innovative qualities in the main food crops, the future of GM technology is predicted to provide even more benefits. To increase the concentration of advantageous proanthocyanidins and anthocyanidins in rice crops, researchers from Xiamen University and Fujian Academy of Agricultural Sciences are attempting to repair the snippet of the Rc gene that was removed.

Comprehensive Analysis of Genetically Modified Seeds Market

The segmentation of this particular market has been divided and then further subdivided into various categories.Since GM technology was first introduced in the agricultural industry, corn and soybeans have gained significant attention. These particular segmentations have been categorized into such groups so that their attribution to the overall revenue systems are properly recorded studied so as to determine which is the leading and most beneficial segment of all.

The two biggest markets for genetically modified crop seeds are North America and South America, which together hold a larger portion of the worldwide GM seed industry. A major factor in determining the planted area and demand for seeding is the demand for American-grown corn and soybean products abroad, particularly in China. China has authorized the importation of five genetically modified crops from the United States and has backed the growth of GM agricultural planting areas and seed demand. The region is expected to maintain a significant proportion during the projected period.

Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Bayer CropScience (Germany), BASF SE (Germany), Syngenta (Switzerland), DowDuPont (U.S.), and J.R. Simplot Co. (U.S.).

In April 2021, This particular company has attributed the market growth in terms of revenue and shares system. The Philippines has given DowDuPont the last international regulatory approval required for the introduction of a new line of genetically modified soybeans (Enlist E3) on a global scale.

Segmentation Table

ATTRIBUTE DETAILS

By Crop Corn

Soybean

Cotton

Canola

Others

By Geography North America (U.S., Canada, and Mexico)

Europe (Spain and Portugal)

Asia Pacific (China, India, Australia, Pakistan, Philippines, Myanmar, Vietnam, and Bangladesh)

South America (Brazil, Argentina, Paraguay, Bolivia, Uruguay, Colombia, Honduras, Chile, and Costa Rica)

Middle East & Africa (South Africa and Sudan)Please Note: It will take 5-6 business days to complete the report upon order confirmation.