May 23, 2024
Genetically Modified Crops Market

Genetically Modified Crops Market is Primed for Growth Due to Advancements in Genome Editing Technologies

The global genetically modified crops market is experiencing significant growth due to increasing adoption of genome editing technologies. Genetically modified crops provide higher yield and are resistant to diseases and pests, along with possessing traits like herbicide tolerance. Genome editing enables targeted changes in genomes and has proved helpful in developing crops with improved traits.

The Global genetically modified crops market is estimated to be valued at US$ 126.99 Bn 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 include 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 new traits through genome editing and partnering with other stakeholders to commercialize GM crops.
The rising global population and changing climate conditions have increased food demand, presenting lucrative opportunities for growth of GM crops with improved yield potential. Genome editing is allowing development of biotic and abiotic stress tolerant crops suited for variable climate zones.

Advancements like CRISPR have enabled efficient and precise genome editing. This has accelerated the trait development process and reduced costs. CRISPR and other new technologies are making genetic modification techniques more accessible, spurring innovations in GM crop development.

Market drivers

Growing global population coupled with decreasing cultivable land per capita has intensified the need to boost agricultural productivity. As GM crops can withstand biotic and abiotic stresses better than conventional varieties, their adoption is growing steadily. This rising demand is a key driver for the genetically modified crops market.
Environmental concerns over excessive fertilizer and pesticide use are also propelling the GM crops industry. Crops developed through genetic engineering often require fewer agrochemical inputs. This makes them more sustainable and environmentally friendly. Their eco-friendly production attributes are attracting more farmers globally.

Challenges in Genetically Modified Crops Market

The Genetically Modified Crops market is facing significant challenges due to stringent government regulations across regions. Environmental concerns related to impact on biodiversity is the major challenge restricting the growth of GM crop cultivation. Lack of public acceptance is another hurdle for the widespread adoption of GM crops. Differing policies across countries and complex international trade policies have slowed down the commercialization of new GM crop technologies as well. High research and development investment required to develop new GM seed varieties is also a notable challenge for players in this market.

SWOT Analysis

Strength: GM crops helps boost crop yields and reduce dependency on chemicals and pesticides. It also helps develop crops resistant to biotic and abiotic stresses.
Weakness: High costs involved in R&D and product development. Potential risks to environment biodiversity and human health raise concerns.
Opportunity: Developing drought, salinity and nutrient stress resistant crops opens up opportunities. Application of gene editing technology also presents growth prospects.
Threats: Stringent regulations and varying acceptance levels across regions pose threats. Impact of climate change on crop yields also threatens market growth.

Geographical Regions in Genetically Modified Crops Market

North America currently dominates the market in terms of value led by USA, where majority of GM crop area includes soybean, maize, cotton, and alfalfa. Asia Pacific is the fastest growing regional market due to rise in demand from China and India. South America is another major region where GM crops such as soybean are widely cultivated in Brazil and Argentina. Europe lags in GM crop adoption due to strict regulatory environment.

Fastest Growing Region in Genetically Modified Crops Market

Asia Pacific region is poised to witness strongest growth during the forecast period attributed to rising population and increasing demand for food in countries such as China and India. Rising living standards coupled with growing preference for protein-rich diets will drive the need to boost crop yields using advanced GM technologies in the Asia Pacific region. Government support for agricultural biotechnology adoption also supports the market expansion.

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