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Genetically Modified Seeds (GMO) Market Size, Share and Global Trend By Crop (Corn, Soybean, Cotton, Canola and Others), and Geography Forecast till 2026

Region : Global | Latest Update: Jul, 2019 | Published Date: May, 2019 | Report ID: FBI100389| Status : Published

 

KEY INDUSTRY INSIGHTS

The Global Genetically Modified Seeds (GMO) Market, which was valued at US$ 20.07 Bn in 2018, is projected to reach US$ 30.24 Bn by the end of 2026, exhibiting a CAGR of 5.3%. 

Modern plant biotechnology applications helped in incorporating the desired beneficial traits such as insect resistance, herbicide tolerance, and high yield & improved quality in the large scale commercially cultivated crops. Crops with these traits have aided farmers in reducing the burden of insect pests and weeds with limited cost and efforts. The benefits of cultivating the GM crops have helped in motivating farmers to opt for them in place of use of farm-saved or other conventional seeds in crop cultivation.

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Genetically modified or transgenic crops have acquired a significant share in few of the cultivated crops such as soybean, corn, and cotton. Area under genetically modified (GM) crops has expanded at a CAGR of 3.6% during the period from 2010 to 2017 and is projected to witness a growth of 2.5% during the forecast period from 2019 to 2026. Any major events related approval for the cultivation of GM crops in countries such as China and India will significantly change the growth dynamics of global GM crops (the projected figures are mainly based on the current dynamics).

Collaboration is the key strategy adopted by the global seed companies wherein they are actively investing in R&D activities in collaboration with the agricultural research universities to develop new trait seed products.

The future of GM technology holds further promises of continued benefits, wherein industry players such as Bayer, Monsanto, DowDuPont, Syngenta, and BASF are making R&D efforts to launch GM crop seeds having additional novel traits in the key food crops. Scientists from Xiamen University and Fujian Academy of Agricultural Sciences are working to restore the deleted portion of the Rc gene in rice crop to enhance the concentration level of beneficial proanthocyanidins and anthocyanidins. 

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Corn and Soybean Crops have Accounted for Largest Market Share and Canola Crop is Projected to Witness High CAGR

Corn and soybean are the two crops that have received a high level of importance since the introduction of GM technology in the agriculture sector. Key countries growing corn and soybean such as the U.S., Brazil, and Argentina have adopted GM crops and currently, the GM crops account for nearly 85-95% share of the total soybean and corn crop harvested area.

GM canola crop majorly cultivated in Canada, Australia, and the U.S. and is projected to witness strong CAGR growth during the projected period from 2019 to 2026. At the same time, other GM crops such as alfalfa and potato are projected to receive higher importance during the projected period considering the crop importance and scope for development.

North America is the Largest Market for GM Crop Seeds and Asia Pacific Region is Projected to Offer Growth Opportunities for GM Seed Companies

North America and South America are the largest markets for GM crop seeds, cumulatively accounted for more than 90% share in the global GM seed market. Nearly 85-95% of the soybean and corn crop cultivated in North America and South America is GM crop. Overseas demand (especially China) for Americas cultivated corn and soybean produce plays a vital role in deciding the planted area and demand for planting seeds. In January 2019, China approved five genetically modified crops for import from the U.S. and the same have supported for the expansion of planted area under GM crops and demand for planting seeds.

North America Genetically Modified Seeds Market, 2018

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The Asia Pacific is emerging and fastest growing market for GM crops and the region is projected to offer strong growth opportunities to the market players during the projected period. For instance, Bangladesh began to cultivate the GM eggplant from season 2013-14 and witnessed a growth of 485% by 2017-18. Vietnam began to cultivate the GM corn crop from 2015 and witnessed a 13-fold increase in the planted area by 2017.

Report Overview

Genetically modified crops are the outcome of substantial technological advancements in the field of agriculture. GM crop has significantly helped in reducing the costs involved in the control and management of insect pests and weeds.

GM crops are projected to play a vital role in solving the issue of poor agricultural production and food insecurity. Cultivation of GM crops is also an aid in reducing the spraying of harmful synthetic chemicals and impacts on the environment. Stringent regulations and social issues are likely to suppress the growth of genetically modified crop cultivation.

The report provides qualitative and quantitative insights on the genetically modified seeds market and detailed analysis of market size & growth rate (in terms of Value and area) for all possible segments in the market. The market is segmented by crop type and geography. On the basis of crop type, the global genetically modified seeds market is categorized into corn, soybean, cotton, canola, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The regions are further categorized into countries.

Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, new product innovations and launches, the regulatory scenario in key countries, and key industry trends.

KEY SEGMENTS WITHIN THE MARKET

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SEGMENTATION

 Segmentation

 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)

Key companies covered in the report

  • Other Key Market Players
  • Nuseed Pty Ltd
  • Stine Seed Farm, Inc
  • Calyxt Inc.
  • Maharashtra Hybrid Seed Company (MAHYCO)
  • JK Agri Genetics Ltd.
  • R. Simplot Co.
  • DowDuPont
  • Syngenta
  • BASF SE
  • Bayer CropScience

KEY SEGMENTS WITHIN THE MARKET

  • In Feb. 2019, DowDuPont has received the final international regulatory approval needed, from the Philippines, for a global launch of a new line of genetically engineered soybeans (Enlist E3).
  • In Feb, 2019, U.S. approved the soybean event FAD2KO for food and feed use

Genetically Modified Seeds Market Size, Share and Global Industry Trend Forecast till 2026
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