Genetically Modified Food Market Forecasts to 2030 – Global Analysis By Type (Animal Products, Fruits, Vegetables and Other Types), Trait, Crop Type and By Geography

Genetically Modified Food Market Forecasts to 2030 – Global Analysis By Type (Animal Products, Fruits, Vegetables and Other Types), Trait, Crop Type and By Geography

According to Stratistics MRC, the Global Genetically Modified Food Market is accounted for $109.1 billion in 2023 and is expected to reach $193.1 billion by 2030 growing at a CAGR of 8.5% during the forecast period. The production, distribution, and consumption of foods generated from organisms whose genetic material has been altered via the use of genetic engineering techniques is referred to as the ""genetically modified food market"" in the food industry. Foods that have been genetically modified (GM), commonly referred to as genetically engineered or biotech foods, are produced by adding particular genes or DNA sequences into the genetic code of plants, animals, or microbes in order to produce desired features or qualities.

According to USDA APHIS, In 2013, the USDA approved the import of a GM pineapple that is pink in color and that ""overexpresses"" a gene derived from tangerines and suppress other genes, increasing production of lycopene.

Market Dynamics:

Driver:

Increased crop yield

Crops that have undergone genetic modification (GM) are frequently designed to be more pest and disease-resistant, increasing crop yields. This aids in supplying food to the expanding world population. Crops that have been genetically modified (GM) are designed to be more resistant to pests, diseases, and unfavorable environmental factors, increasing agricultural productivity. This is especially important as the global population keeps expanding and food consumption rises. Moreover, it is well known that GM crops, such as insect-resistant cotton and herbicide-tolerant soybeans, significantly increase yields. Furthermore, higher agricultural yields can help stabilize and lower the cost of food, which is beneficial to both farmers and consumers.

Restraint:

Concerns from consumers

Concerns regarding the security and long-term health impacts of genetically modified organisms (GMOs) in food are widespread among consumers. These concerns frequently result from ignorance, inaccurate data, or distrust regarding the process of genetic modification and its possible dangers. However, consumer demand for better labeling of items containing GMOs and, in some circumstances, proposals for stronger legislation have been sparked by these worries. Additionally, the market for genetically modified foods is being impacted by a movement in customer preferences toward non-GMO and organic products.

Opportunity:

Increased taste and quality

Certain food products may benefit from genetic alteration to improve their flavor and quality, increasing market appeal. Techniques for genetic modification enable the improvement of a variety of sensory and qualitative characteristics in foods, increasing their appeal to consumers. For instance, GM crops can be developed to enhance texture, flavor, and nutritional value, resulting in tastier and more nutrient-dense fruits, vegetables, and other food products. Additionally, these adjustments not only take into account shifting customer preferences but also take into account problems like nutritional inadequacies and the demand for attractive but healthy food products.

Threat:

Environmental concerns

Genetically modified (GM) crops may have unforeseen ecological effects, such as the emergence of pest resistance and the potential for negative effects on creatures other than the targets of the GM crop. For instance, the cultivation of genetically modified (GM) crops designed for pest resistance may unintentionally result in the production of superbugs or resistant pests, necessitating the use of additional pesticides. However, hybridization between GM crops and their wild relatives may reduce the genetic variety of plant species, threatening biodiversity.

Covid-19 Impact:

Due to interruptions in global supply systems and the stress placed on traditional agriculture, the pandemic emphasized the need for greater food security and sustainability. Due to labor shortages, transportation issues, and broken supply chains brought on by the lockdown measures and trade restrictions, the manufacture and distribution of GM food products have been delayed and disrupted.

The Stacked Traits (ST) segment is expected to be the largest during the forecast period

During the projection period, the stacked traits (ST) sector is anticipated to be the largest due to the rising demand for crops with a combination of traits that raise agricultural output, minimize environmental impact, and improve nutritional value. Additionally, by tackling several issues simultaneously, stacked trait crops accelerate agricultural operations, resulting in higher yields and more sustainable farming. They also help farmers manage resources more effectively, use fewer chemicals, and adjust to changing weather patterns.

The Soybean segment is expected to have the highest CAGR during the forecast period

Soybean segment is expected to have the highest CAGR during the forecast period. Soybeans are a popular selection for health-conscious consumers looking for alternative protein sources because they are a valuable source of plant-based protein. Soy-based products are experiencing tremendous market growth as vegetarian and vegan diets become more prevalent. Furthermore, soy's expansion in the market for genetically modified foods makes it a high-potential sector due to the demand for sustainable protein sources and its potential to help reduce deforestation associated with the production of meat.

Region with largest share:

Europe is projected to hold largest share over the forecast period. The agricultural industry in Europe is established and highly technologically advanced, enabling the widespread use of genetically modified (GM) crops. Many European nations have adopted GM technology, especially in the production of crops like rapeseed, soybeans, and maize, which are widely used in the food industry. Moreover, the stringent regulations and labeling requirements for GM foods in Europe have helped to create a well-informed and cautious consumer base. While restricting market access, these laws promoted transparency and thorough safety assessments in the GM food industry, boosting customer confidence.

Region with highest CAGR:

Due to its huge and expanding population and the changing dietary tastes brought on by urbanization and changing lifestyles, Asia Pacific is predicted to have profitable growth. There is also a developing need for food products that are more healthy, convenient, and sustainable. Additionally, by providing increased agricultural yields, higher nutritional value, and less environmental impact, genetically modified (GM) crops may satisfy these demands and keep up with the region's changing nutritional requirements.

Key players in the market

Some of the key players in Genetically Modified Food market include DuPont de Nemours, Inc, Okanagan Specialty Fruits Inc, Stine Seed Company, Groupe Limagrain Holding, Monsanto, Bayer AG, Syngenta Crop Protection AG, Dalmia Continental Pvt. Ltd, Dow Chemical Company, BASF SE and ACH Food Companies Inc.

Key Developments:

In October 2023, BASF to build new fermentation plant for crop protection products in Ludwigshafen. BASF invests a high double-digit million euro amount in a new fermentation plant for biological and biotechnology-based crop protection products at its Ludwigshafen site. The plant will manufacture products that bring value to farmers including biological fungicides and biological seed treatment.

In October 2023, Bayer AG plans to bring its direct-seeded rice programme to the Philippines in 2024, offering farmers an alternative cultivation method touted to be more climate-friendly. Bayer launched the system in India this year and says it can help reduce water use by up to 40 per cent, greenhouse gas emissions by up to 45 per cent, and manual labour costs by up to 50 per cent.

Types Covered:
• Animal Products
• Fruits
• Vegetables
• Other Types

Traits Covered:
• Stacked Traits (ST)
• Herbicide Tolerance (HR)
• Insect Resistance (IR)
• Other Traits

Crop Types Covered:
• Canola
• Cotton
• Maize
• Soybean
• Other Crop Types

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances