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The genetically modified (GM) seeds market is estimated to grow at a CAGR of 10.69% between 2022 and 2027. The size of the market is forecast to increase by USD 18.38 billion. The growth of the market depends on several factors, including a rise in the adoption of biofuels, advances in genetic engineering, and the premium pricing of non-genetically modified food products.
This report extensively covers market segmentation by product (corn, soybean, cotton, canola, and others), type (herbicide tolerance and insect tolerance), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in the adoption of biofuels is notably driving market growth, although factors such as an increase in demand for organic food products may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the adoption of biofuels is notably driving the market growth. Due to the high price of crude oil, the erratic supply of fossil fuels, and the political and environmental problems associated with fossil fuels, interest in and funding for renewable energy has recently increased. Additionally, consumers are becoming more environmentally conscious, which is fueling the demand for biofuels.
Energy crops like wheat, soybeans, sugarcane, and corn are used to make biofuels. They ensure environmental sustainability, lower the world's reliance on fossil fuels, and reduce pollution. The IEA estimates that biofuels supplied 3.6% of the world's transportation energy demand in 2021, primarily for road transportation. In order to maximize yields, farmers in European regions have increased their use of biofuel crops, which will boost the growth of the global genetically modified (GM) seeds market during the forecast period.
The rise in molecular breeding is an emerging trend in the market. Depending on the regulatory approval procedure, new genetically modified seeds are likely to be introduced and are anticipated to be available during the forecast period. Indian institutions are heavily involved in the development of genetically modified seeds for 13 crops, including rice, wheat, and sugarcane, to increase yield and quality.
These products, including vitamin A-enhanced rice and wheat, drought-tolerant maize, biofortified bananas, and pest-resistant cowpeas and beans, have multiple modes of resistance to pests and diseases as well as tolerance to herbicides. The introduction of such varieties into the product line will undoubtedly boost the growth of the global market for genetically modified seeds over the course of the forecast period.
The increase in demand for organic food products is a major challenge impeding the GM seeds market growth. Growing environmental concerns, an increase in the population of health-conscious people, and government support for raising awareness and using organic products are the main causes of the rise in demand for organic food products. These food items are free of synthetic pesticides, genetically modified organisms, and fertilizers derived from petroleum. Consumer demand for organic food products is also being fueled by rising health concerns and consumer awareness of the advantages of eating organic food.
Additionally, the restaurant industry in the majority of developed nations offers organic options on their menus to cater to health-conscious diners. As a result, the growth of the organic food industry during the forecast period is further boosted by a robust supply chain in the market for organic foods. Therefore, the growth of the organic food industry is anticipated to impede the demand for genetically Modified Seeds, which in turn, will hinder the genetically modified (GM) seeds market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Genetically Modified Seeds Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
JK Agri Genetics Ltd. - The company offers high-quality hybrid seeds. The key offerings of the company include genetically modified seeds that include Corn, wheat, rapeseed, sunflower seeds, etc.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the corn segment will be significant during the forecast period. Corn dominated the global genetically modified seed market due to increased demand for corn, which is widely used in the production of ethanol as well as livestock feed.
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The corn segment was valued at USD 7.44 billion in 2017 and continued to grow until 2021. According to USDA estimates, the United States produced 15.1 billion bushels of corn in the harvest year of 2022, which was 7% more than the harvest year of 2020. Corn is the main feedstock used to produce ethanol. A record-breaking 177.0 bushels of corn were produced per acre in the United States in 2022, which is 5.6 bushels more than the 171.4 bushels produced per acre in 2020. Additionally, corn is utilized in the manufacturing of plastics, biofuels, and medications. Due to its versatility, corn is now produced on the second-most acres worldwide, behind wheat. These elements will fuel the market for genetically modified seeds worldwide.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The development of the market in North America is primarily ascribed to urbanization and technological advancements. The US commands a 70% share of the industry, followed by Canada and Mexico. The industry in North America underwent significant changes over the past few years as a result of M&A, rapid R&D growth, and the development and widespread use of biotechnology. The market has become inventive as a result of the development of genetically modified seeds and is now providing producers with solutions for a wide range of environmental issues, including drought, salinity, disease stress, and other elements that affect the yield and production of many crops. Such factors will boost the regional genetically modified (GM) seeds market growth during the forecast period.
In 2020, the COVID-19 outbreak affected the market negatively in the region. However, in 2021 the region witnessed ramping up and expansion of COVID-19 vaccination drives which resulted in the lifting of bans and other restrictions. This has led to the resumption of supply chain activities of genetically modified seeds in the region. Due to this, the manufacturers can produce genetically modified seeds and transport their products to respective vendors. This has increased the sales of genetically modified seeds at offline retail units, which, in turn, will support the growth of the regional genetically modified (GM) seeds market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global genetically modified seeds market as a part of the global agricultural products market under the global food products market of the global food, beverage, and tobacco market. The global agricultural products market covers crop growers, owners of plantations, and companies that produce and process foods but do not package and market them. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Genetically Modified Seeds Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.69% |
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Market growth 2023-2027 |
USD 18.38 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.43 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 31% |
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Key countries |
US, Canada, India, Brazil, and Argentina |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Cibus, FMC Corp., Groupe Limagrain Holding, HSR Seeds, JK Agri Genetics Ltd., KWS SAAT SE and Co. KGaA, Land O Lakes Inc., Pioneer, Rallis India Ltd., Rasi Seeds P Ltd., Royal Barenbrug Group, Stine Seed Co., Syngenta Crop Protection AG, Takii and Co. Ltd., Terranova Seeds Australia, UPL Ltd., Bayer AG, Corteva Inc., and Sakata Seed Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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