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May 27, 2019 | Agriculture
The Global Genetically Modified Seed Market is anticipated to gain from the rising awareness about the benefits of cultivating genetically modified or GM crops. These seeds are herbicide tolerant, ensure improved crop quality and insect resistance seen in cultivated crops. Fortune Business Insights in a new study, titled “Genetically Modified Seeds: Global Market Analysis, Insights and Forecast, 2019-2026” predicts that the information mentioned above may create promising opportunities in the global market. According to the report, the global market covered the value of US$ 20.07 Bn in 2018 and is anticipated to reach US$ 30.24 Bn by 2026. Furthermore, advancements in biotechnology are supporting the growth of the agriculture sector. This is expected to further register a healthy CAGR of 5.3% by 2026 in the global market.
Strategic Collaborations to be Adopted by Leading Companies to Develop Product Portfolio
Companies are collaborating with agricultural research institutions and actively investing in research and development (R&D) activities to offer further improvements in GM seeds. Fortune Business Insights has found that collaboration is one of the key strategies adopted by leading companies to expand their stronghold. Companies such as DowDuPont, BASF, Monsanto, and Syngenta are continuously putting R&D efforts to launch new genetically modified seeds with novel traits. Moreover, DowDuPont received regulatory approval for the launch of genetically engineered soybeans. The company received approval in February 2019 from the Philippines to develop this new line soybean. Other leading players operating in the global GM seed market include J.R. Simplot Co., Maharashtra Hybrid Seed Company (MAHYCO), JK Agri Genetics Ltd., Stine Seed Farm, Inc., Calyxt Inc., and Nuseed Pty Ltd.
Demand for GM Seeds to Increase Owing to their Numerous Benefits
The global genetically modified seeds market is likely to expand as the majority of farmers are choosing to grow these seeds. The effective management of resources is encouraging farmers to cultivate GM crops. Genetically modified seeds help to save harvests in the scarcity of water conditions. Also, these crops reduce the work burden of farmers as it helps to keep more moisture in the soil. In addition to this factor, genetically engineered crops have the ability to fight pests and insects. They can help farmers to reduce the burden of weeds with limited efforts and costs. This is further driving the need for genetically modified plants among farmers.
Fortune Business Insights predicts these factors to stimulate significant growth in the market. However, strict government guidelines and some social concerns may hamper the growth to an extent.
North America and South America to Account for 90% of the Share in the Global Market
Among regions, North America and South America are anticipated to lead the global GM seed market. These two regions cover for more than 90% of the share in the market. A major factor driving the market in two regions is rising overseas demand for GM crops especially corn and soybean crops. Furthermore, the rising demand for planting seeds is another factor creating growth opportunities for the market. Moreover, North America covered the value of US$ 9.94Bn in 2018 and is expected to increase during the forecast period. China approved to import five GM crops from the U.S. to expand its planted area. On the other hand, Asia Pacific is likely to be the fastest and emerging market in the coming years. Rising technological advancements in agriculture and awareness among farmers are encouraging growth in this region.
Browse Complete Report Details @ https://www.fortunebusinessinsights.com/industry-reports/genetically-modified-seeds-market-100389
The global genetically modified seed market can be segmented into the following categories:
· 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)
· The Middle East & Africa (South Africa and Sudan)
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