GMO Corn Market
GMO corn market is projected to expand at a rate of 9.2% during the forecast period. The surging demand for high production of corn seeds as insecticides due to its function as insect repellent and innovations in genetic engineering will strengthen the market growth.
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GMO Corn Market Dynamics
Corn is grown as a genetically modified organism to cater the growing demand of consumers as it is a major source of energy. The uncertain weather conditions have down the faming product, thus farmers are compelled to adopt new techniques. The adoption of bioengineering technologies by famers and increasing collaboration of leading biotech companies with agriculture sector players has encouraged the production of GMO corn, thereby steering the market growth. In addition, the strategic initiative enforced by the government to raise the penetration of GMO techniques in the agriculture industry is another factor compelling the GMO corn market size. However, the increasing awareness regarding the presence of biotoxins in GMO crops is a key factor restraining the market growth.
Trait Segment Drivers
Based on the Trait, the stacked segment is projected to expand at a faster rate over the forecast period. The Stacked hybrids offer resilience from both weed and insect, which raises the productivity. As per the researchers, it is gauged that insects are responsible for nearly 31.2 percent loss of productivity and weeds reduce yields by 10.5 percent in corn across the globe. In addition to that, over the past 10–15 years, a significant increase in the number of stacked trait products were developed and released because of their unique characteristics.
Application Segment Analysis
By Application, the Feed & Residual segment is likely to seize a prominent share in the market during the forecast period. At present, more than 340 GMP crop events/lines have been accepted for feed use. GMO corn has enhanced the livestock sector as they offer higher yields of a feed ingredient, possess better quality traits, and are safer for livestock. Furthermore, the GMO crops include canola, corn, cottonseed, soybean, and potato. These crops are primarily used in livestock feed rations as an energy and protein source.
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