Genetically Modified Crops Market expected to grow at a CAGR of 5.3 percent BY 2026

The global Genetically Modified Crops Market was valued at USD 20.07 billion in 2018 and is expected to grow at a CAGR of 5.3 percent to USD 30.24 billion by the end of 2026.



In 2016, xx million individuals were expected to be undernourished over the world. As a result, the need for nutritious and nutritional food is predicted to rise as the population of undernourished individuals grows. This is a significant market driver for genetically engineered foods. Furthermore, by reducing pesticide use, the natural nutritional status of food is preserved, which drives up the adoption of genetically modified food.

Crops are expected to dominate the food type segment of the global genetically modified foods market in 2017, with a market share of more than xx percent. Furthermore, the Crops market is expected to grow at a CAGR of xx% over the forecast period. The market for genetically modified crops is developing as biotechnology is increasingly used in crop production.

Key Market Takeaways:

  • In terms of revenue, the global genetically modified crops market is estimated to grow at a CAGR of 8.7% over the forecast period. The expansion of this market is fueled by the fact that genetically modified (GM) crops are more cost effective and productive. To support the market's growth, several key companies are focusing on developing growth strategies such as new releases.. For example, Dow AgroSciences, a key player in the genetically modified seed business, debuted genetically engineered soybean seeds in the United States in October 2017.
  • Because of the growing acceptance of genetically modified crops around the world, the soybean segment is likely to dominate the global market in terms of product type. Biotech Soybean plantations covered an area of 94.10 Mhas in 2017, according to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), with adoption rate of 49.6%. of the global biotech crop area in 2017.
  • Due to corporate expansion ambitions in the field of GM crops by established companies in the region, Latin America is predicted to have a considerable market share in terms of value throughout the projection period. In 2016, Bayer AG and BASF SE, for example, intended to launch new GM soybean seeds in Brazil. In the Brazilian market, Bayer AG seeks to extend its product line.. As a result, the worldwide genetically modified crops market in this region is predicted to increase significantly throughout the forecast period.
  • To increase market dominance in the worldwide genetically modified crops market, key players are using inorganic development tactics such as mergers and acquisitions and product launches. For example, Bayer AG, based in Germany, merged with Monsanto in 2018 to enhance its business in the United States and Europe.

 

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