Genetically Modified (GM) Crops Market: —
The global genetically modified (GM) crops market is expected decline from $21.73 billion in 2019 to $20.69 billion in 2020 at a compound annual growth rate (CAGR) of -4.76%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $26.72 billion in 2023 at CAGR of 8.9%.
The genetically modified crops market consists of sales of genetically engineered crops and related services. The term genetically modified refers to the transfer of genes between the organisms using a series of laboratory techniques known as recombinant DNA technology. Genetically modified (GM) or genetically engineered crops are plants with new trait which does not occur naturally such as resistance to pests, improved nutrient profile, reduction in spoilage and resistance to chemical treatments. The GM crops which are grown commercially include sugar beet, papaya, maize, potato, oilseed rape, cotton and others.
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North America was the largest region in the GM crops market. Asia Pacific is expected to be the fastest growing region in the market in forecast period.
In September 2019, Bayer CropScience Limited completed the acquisition of Monsanto India Limited for an amount of $63 billion. This acquisition was aimed towards expanding Bayer’s business and consumer base in India. The companies plan to retain the brand name of Monsanto products with their inclusion under the Bayer’s product portfolio. Monsanto India Limited was founded in 1949 and was a subsidiary of Monsanto, a research-based biotechnology company based in the USA before the acquisition.
The GM crops market covered in this report is segmented by trait into herbicide tolerance (HT); insect resistance (IR); stacked traits (ST); others and by crop into soybean; cotton; maize; oilseed rape; tobacco; others.
The exponential increase in population around the globe drives the need to implement genetically modified crops. Farmers have to adopt new technologies to produce crops that can meet the demand of the growing population. GM crops help reduce food loss and waste, improve soil and water management, and improve the yield alongside protecting the environment. According to the UN, it is expected that the world population will be around 10 billion by 2050. Genetically modified crops are thereby important to feed this growing population and maintain food security.
Stringent regulations imposed on the approvals of GM crops limit the growth of the genetically modified crop's market during the period. For instance, in India, only Bt Cotton is permitted by government for cultivation. Genetically modified brinjal was not approved by the environment ministry. Therefore, the stringent regulations imposed by the government of various countries on the approvals of GM crops impacts the growth of the market.
The genetically modified (GM) crops have traits such as insect tolerance and herbicide tolerance that contribute to the high demand for such crops. Other benefits offered by genetically modified crops include high nutritional value, improved yield, and longer shelf life. Owing to these reasons, farmers are resorting to GM crops to increase their yields and profits. According to the U.S. Department of Agriculture (USDA), genetically engineered insect-resistant cotton has helped for a significant reduction in the use of synthetic pesticides that are contaminating groundwater and the environment. The environmental concerns and benefits offered by GM crops propels the demand for the market over the forecast period.
Major players in the genetically modified (GM) crops market are Bayer AG, BASF SE, Syngenta AG, The Dow Chemical Company, Dupont, Groupe Limagrain, JR Simplot Co., JKAgri Genetics Ltd., Maharashtra Hybrid Seed Company (MAHYCO), and Calyxt Inc.
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