Genetically Modified Seeds Market Size, Share, Growth Analysis, By Crop Type(Insect Tolerance, Herbicide Tolerance), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30H2077 | Region: Global | Published Date: April, 2024
Pages: 198 |Tables: 35 |Figures: 76

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Genetically Modified Seeds Market size was valued at USD 24.68 billion in 2022 and is poised to grow from USD 25.99 billion in 2023 to USD 39.28 billion by 2031, at a CAGR of 5.30% during the forecast period (2024-2031).

The genetically modified seeds market is dominated by a few large companies. The genetically modified seeds market is dominated by a few major players. These include Monsanto, BASF, Syngenta, and DuPont. Some companies use mergers and acquisitions, partnerships, and expansions to keep their market share. 'Bayer AG (Monsanto Company)', 'Corteva Agriscience (DowDuPont)', 'Syngenta AG', 'BASF SE', 'Groupe Limagrain Holding SA', 'Land O' Lakes, Inc. (WinField United)', 'Sakata Seed Corporation', 'KWS SAAT SE', 'DLF Seeds A/S', 'Takii & Co., Ltd.', 'United Phosphorus Limited', 'Bejo Zaden BV', 'Rijk Zwaan Zaadteelt en Zaadhandel BV', 'Enza Zaden BV', 'East-West Seed International Limited', 'Seminis Vegetable Seeds, Inc. (Monsanto Company)', 'E.I. du Pont de Nemours and Company (DowDuPont)', 'Mahyco Monsanto Biotech (India) Limited', 'Advanta Limited', 'Harris Moran Seed Company', 'Corteva launched its first crop protection and seed research facility in EMEA in June 2023, fostering innovation and providing farmers with long-term solutions. ', 'Corteva unveiled a gene-editing technique in March 2023 to safeguard the superior corn hybrids. In particular for corn growers in North America, the new method represents the next stage of plant breeding and aims to drive disease-resistant characteristics in the maize genome.'

The Food and Agriculture Organization (FAO) predicts that by 2050, food production will rise by nearly 70% due to rising consumer disposable income and an expanding population. It is anticipated that the expansion of the market will be aided by the increasing demand for food and the decreasing amount of arable land available. As a result, the adoption of various agricultural innovations like GM seeds is expected to rise. From 17 lakh hectares in 1996 to 1917 lakh hectares in 2018, the area under GM crops has increased dramatically worldwide. The governments of a number of developing nations, including APAC and Africa, are also encouraging farmers to use genetically modified seeds rather than conventional seeds to boost crop yields, which is also fueling the expansion of the market for genetically modified seeds. On the other hand, the market for genetically modified (GMO) seeds will expand during the forecast period thanks to an increasing number of R&D efforts and the widespread availability of seeds that are good for the environment.

The projected increase in the population's demand for food is likely to have a significant impact on crop production. Because conventional methods were unable to produce a crop yield that was superior enough to meet the rapidly expanding demand, genetically modified crops have taken their place.The demand for genetically modified plants is likely to rise in the coming years as a result. The agriculture industry is expected to grow as a result of biotechnology-related technological advancements.In addition, this is anticipated to be a driving force behind the expansion of GM crops. Additionally, the adoption of gene modification techniques in GM seeds is contributing to increased crop yield, which is propelling the market for GM seeds.

In 2021, North America accounted for a majority of the market for genetically modified seeds. This was likely due to the high adoption of these crops in the region. Canada was among the top countries in the world producing genetically modified crops. This was evidenced by the area of land that was used to grow these crops, which was 11.55 million hectares. And, since most GM crops are adopted fairly quickly, this means that 93% of these crops were actually put into practice that year. In 2016, five genetically modified crops were grown in Canada—soybean, canola, maize, sugar beet, and alfalfa. This increased the total acreage planted by about 5%. Additionally, the Canadian Food Inspection Agency (CFIA), approved cultivation of SU Canola and innate potato. Increasing government support for the promotion of genetically modified seeds is one of the main factors driving the growth of the market.

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Global Genetically Modified Seeds Market

Product ID: SQMIG30H2077

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