Genetically Modified Crops Market to Witness Immense Growth USD 34.46 Billion by 2027 | BASF SE,The Dow Chemical Company

Genetically Modified Crops Market To Witness High Growth Due To Technological Evolution In Farming And Increasing Investment In Biotech Research

SEATTLE, WA, US, December 31, 2021 /EINPresswire.com/ -- Genetically Modified Crops Market¹ To Witness High Growth Due To Technological Evolution In Farming And Increasing Investment In Biotech Research , The global market for genetically modified crops is expected to grow due to the expanding food industry. Another factor driving market growth is the growing demand for GM crops in the food industry. According to the India Brand Equity Foundation (IBEF), India's food industry was worth US$ 39.71 billion in 2017 and increased to US$ 65.4 billion in 2018, a CAGR of 11%.

The global genetically modified market was valued at 18.15 billion in 2018, and is expected to grow at an annual rate of 8.7% from 2019 to 2027, reaching 37.46 billion by 2027.

Overview:

Genetically modified crops are plants which have their DNA been modified through genetic engineering methods. These crops are used in farming. These crops provide longer shelf life, improved nutritional value and yield. GM crops are resistant to insect pests, drought and frost. GM crops of corn have been approved in more than 100 countries. There are many concerns about the safety of the products derived from these crops. However, the government continues to approve them, and their use is increasing exponentially. This is in stark contrast to the largely uncontrolled emergence of weeds.

𝐓𝐨𝐩 𝐊𝐞𝐲 𝐕𝐞𝐧𝐝𝐨𝐫𝐬 : BASF SE, The Dow Chemical Company, Syngenta AG, and Bayer AG..

𝐓𝐨 𝐆𝐞𝐭 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐚 𝐏𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 𝐑𝐚𝐭𝐞 [ 𝐔𝐩-𝐓𝐨 𝟖𝟎% 𝐨𝐟𝐟 ] | 𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.coherentmarketinsights.com/insight/buy-now/3495

Market Dynamics:

Technological evolution of farming practices is expected to propel growth of the global genetically modified crops market during the forecast period. For instance, in March 2019, scientists at Syngenta discovered of a genome-editing technique termed as haploid induction editing (HI-Edit) technology that decreases the time required for the development of commercial varieties of crop and accelerates seed breeding.

However, stringent rules and regulations as well as delayed approvals of GM crop products by regulators is expected to hamper growth of the global genetically modified crops market during the forecast period.

Impact of COVID-19:

The outbreak of the COVID-19 pandemic had a significant impact on growth of the global genetically modified crops market. Several countries adopted strict lockdown policies, in order to control the spread of the COVID-19 virus, due to which manufacturing activities among many sectors including agriculture were on hold temporarily thus rendering a slowdown in economic activities. However, relaxation in the COVID-19 restrictions and decreasing cases is expected to support growth of the global genetically modified crops market.

Key Takeaways:

The global genetically modified crops market is expected to witness significant growth, exhibiting a CAGR of XX% over the forecast period due to increasing investment and funding in Biotech research and development. For instance, in August 2021, Hudson River Biotechnology (HRB), an agricultural biotechnology company focused on mainly CRISPR-based genome editing in plants, raised US5.94 million in series A funding. The company aims to focus on the use of agrochemicals with its nanotech delivery platform, in the in-field applications in plants.

Among regions, Asia Pacific is expected to witness strong growth in the global genetically modified crops market during the forecast period. This is attributed to partnerships between major market players focusing on the development of GM crops for farmers in the region.

Key players active in the global genetically modified crops market are BASF SE, The Dow Chemical Company, Syngenta AG, and Bayer AG.

𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐨𝐟 𝐮𝐬𝐢𝐧𝐠 𝐨𝐮𝐫 𝐫𝐞𝐩𝐨𝐫𝐭?

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In order to gain market share in the global genetically modified crops market, key players are pursuing growth strategies such as acquisitions. For example, in 2016, Bayer AG, a German pharmaceutical and life science company, purchased Monsanto's GM seeds business, which is known for its crop-specific GM seeds. The GM seed business of Monsanto was purchased for $66 billion.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐚𝐧𝐝 𝐠𝐞𝐭 𝐞𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐝𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.coherentmarketinsights.com/insight/buy-now/3495

Detailed Segmentation:

Global Genetically Modified Crops Market, By Crop Type:
Soybean
Maize
Cotton
Canola
Others (Sugar Beat, etc.)
Global Genetically Modified Crops Market, By Trait:
Herbicide Tolerance (HT)
Insect Resistance (IR)
Stacked Traits (ST)

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