The Genetically Modified Seeds Market is transforming agriculture trends by increasing sustainable farming
The genetically modified seeds market has revolutionized agriculture globally by introducing seeds that are resistant to herbicides and resistant to pests and diseases. Genetically engineered crops have enhanced agronomic characteristics like drought tolerance, higher nutritional value, and increased productivity. The global Genetically Modified seeds market is estimated to be valued at US$ 20.34 billion in 2024 and is expected to exhibit a CAGR of 10 percent over the forecast period from 2023 to 2030.
Key players operating in the genetically modified seeds market are Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co. Genetically engineered traits enable farmers to maximize crop yields and minimize crop losses. Some key advantages of genetically modified seeds include herbicide tolerance, insect resistance, drought tolerance, and disease resistance. The growing need to meet the rising global food demand is driving adoption of genetically modified crops globally.
Key Takeaways
Key players: Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co are among the major players in the genetically modified seeds market. Bayer CropScience offers genetically modified maize, soybean and cotton seeds with traits like insect resistance and herbicide tolerance. BASF SE provides drought-tolerant and insect-resistant GM seeds for corn and soy.
Growing demand: The rapidly growing global population is increasing the demand for food. Genetically modified seeds can help boost agricultural productivity to meet rising food demand. Developing nations are increasingly adopting GM crops to ensure food security.
Global expansion: Leading seed companies are expanding their GM seed portfolio and geographical presence globally. International collaborations and partnerships are helping transfer biotechnology to developing nations and expand usage of GM seeds in new markets.
Market Key Trends
A key trend in the genetically modified seeds market is the development of stacked traits. Seed developers are engineering seeds with multiple genetic traits like insect resistance, herbicide tolerance and drought tolerance. Stacked trait seeds offer farmers better pest protection and higher yields. Emerging biotechnologies like gene editing are also allowing more precise genetic modifications while avoiding regulatory hurdles faced by transgenic seeds. This is expected to drive innovation and adoption of new genetically modified crop varieties in the coming years.
Porter’s Analysis
Threat of new entrants: Low cost of production and existing intellectual property rights prevents new competitors from entering the market.
Bargaining power of buyers: Large seed companies possess strong bargaining power as the market is concentrated, allowing them to negotiate lower prices.
Bargaining power of suppliers: Suppliers of biotechnology have some bargaining power in the market due to their specialized expertise and access to new technologies for seed development.
Threat of new substitutes: There is low threat of substitute crops as genetically modified seeds provides higher yields, pest resistance and suitability to varied climatic conditions.
Competitive rivalry: Strong competition exists between major players to invest in seed research and distribution networks to enhance market share.
Geographical Regions
North America accounts for the largest share in the global market as countries like the US, Canada are highly adopting genetically modified crops. Major GM crops grown are soybean, corn and cotton.
Asia Pacific region is witnessing the fastest growth in genetically modified seeds market. Emerging economies like India, China and countries in Southeast Asia are increasingly cultivating Bt cotton and other GM crops to meet rising food demand of growing population. Supportive policies by governments is propelling market expansion in the region.
