May 22, 2024
Genetically Modified Crops

The Global Genetically Modified Crops Market Is Estimated To Driven By Rising Global Food Demand Owing To Continuously Increasing Population

Genetically modified (GM) crops or genetically engineered (GE) crops are plant varieties that have been genetically altered using modern biotechnology methods to enhance desired traits such as increased resistance against diseases, insects, herbicides, or environmental stresses as well as improvements in nutritional contents. Common genetically engineered crops include soybean, maize, potatoes, cotton and canola. GM crops allow farmers to increase yield, reduce wastage, cultivate crops in different environmental conditions and enhance nutritional content.

The global genetically modified crops market is estimated to be valued at US$ 126.99 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Key Takeaways:

Key players operating in the Genetically Modified Crops Market are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others. These players are focusing on developing advanced seed technologies to introduce genetically engineered traits and hybrids in major food and cash crops.
Various GM crop producers are also expanding their global footprint by cultivating GM seeds in new markets and geographies. Companies are conducting multi-location trials of new GM seed varieties to evaluate performance across different agro-climatic conditions and receiving approvals from new countries and regions. This global expansion is anticipated to drive market revenues over the coming years.

Market Key Trends:

One of the major trends gaining traction in the genetically modified crops market is the development of gene editing technologies like CRISPR. Unlike transgenic techniques, gene editing enables introduction of new traits without foreign DNA and is more precise and efficient. Many agtech companies are actively developing gene-edited crop varieties with enhanced climate resilience, nutrition and disease resistance. Wider commercialization of these advanced gene-edited seeds will likely accelerate GM crop adoption worldwide in the near future.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the genetically modified crops sector require huge R&D investments and facilities.

Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of substitute crops.

Bargaining power of suppliers: Suppliers have moderate bargaining power as they are dependent on few biotech companies for seeds and traits.

Threat of new substitutes: Threat of substitutes is moderate as conventional crops still have a major market share.

Competitive rivalry: The competition in the market is high as major players compete on quality, traits, and price.

Geographical Regions

North America holds the major share of the genetically modified crops market in terms of value owing to the large-scale cultivation of major GM crops like soybean, cotton, and maize. Countries such as the US and Canada have approved more GM crop varieties than any other region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. Developing nations like India and China are observed to increase the penetration of GM crops to meet the growing demand of food due to rising population. Moreover, Asia Pacific countries are approving new GM crop traits which is supporting the market growth. The population in Asia Pacific is highly dependent on agriculture, which is boosting the adoption of biotech crops. Government initiatives are also promoting research on new GM varieties.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.