The genetically modified crops market has witnessed significant growth over the past few years owing to the various advantages associated with genetically engineered crops compared to conventional crops. Genetically modified crops are plants or organisms that have had changes introduced into their DNA using the techniques of genetic engineering. Such crops have desirable traits like herbicide tolerance and pest resistance, allowing farmers to increase crop yields, reduce chemical use, and help feed a growing global population.
The Global genetically modified crops market is estimated to be valued at US$ 769.91 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031. Key Takeaways
Key players operating in the genetically modified crops market are Kentek Corporation, Honeywell International Inc., VS Eyewear, uvex group, Global Laser Ltd., Phillips Safety Products, Inc., NoIR Laser Company LLC, Thorlabs, Inc., Laser Safety Industries, and Univet Optical Technologies. The growing population globally is increasing the Genetically Modified Crops Market Demand for food grains. Genetically modified crops help in increasing crop yields and reducing crop losses caused by pests and weeds. Countries across North America, Asia Pacific and Latin America are increasingly adopting GM crops, which is opening lucrative growth opportunities in these regions. With rapid urbanization, a shift towards processed and packaged foods is being witnessed globally. Genetically modified crops help ensure a steady supply of raw materials for the food processing industry, driving the need for GM crops cultivation on a large scale. Market Drivers
One of the key drivers for the genetically modified crops market is the growing population globally. The global population is expected to reach around 9.7 billion by 2050 from the current level of around 7.7 billion. With rising incomes, consumption levels are also increasing in developing nations. Feeding such a huge global population in a sustainable manner requires significant increase in agricultural productivity, which makes genetically modified crops vital. Genetically modified crops with traits like herbicide tolerance and pest resistance help boost crop yields significantly compared to conventional crops. This drives their increased adoption amongst farmers globally.
PEST Analysis Political: Changes in environmental regulations could impact the adoption of Genetically Modified Crops Market Regional Analysis. Stringent rules may reduce approvals for GMOs while favorable laws can boost their cultivation. Economic: Factors like commodity prices, agriculture subsidies, and global trade agreements influence the profitability of GM crops for farmers. A stable economy supports higher investment in agricultural biotechnology research. Social: Public debates around food security, ethics, and environmental safety affect social acceptance of GM foods. Wider consumer awareness and education can shape demand positively or negatively. Technological: Continued R&D is developing GM varieties with new agronomic traits like herbicide tolerance, pest resistance and improved nutrition. Gene editing tools accelerate product development compared to traditional hybridization methods.
Geographical concentration
North America accounts for over 40% of the global Genetically Modified Crops Market value, led by the US where soybean, corn, cotton and canola are major GM crops. Favorable farm policies and agricultural industry growth sustain high adoption rates.
Fastest growing region
Asia Pacific is witnessing rising GM Crop cultivation to address issues of food security and environmental sustainability. Countries like India, China, Philippines and Indonesia are investing in biotech research customized to local conditions. Their market is projected to expand at over 15% CAGR through 2031.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
