The Global Genetically Modified Seeds Market Fueling Growth Of The Global Genetically Modified Seeds Market

 

                

Genetically modified seeds help increase crop yields and provide resistance against pests and herbicides. These seeds allow farmers to grow more crops on less land, reducing environmental impact. They offer drought tolerance to address food security concerns. The global Genetically Modified Seeds Market is estimated to be valued at US$ 20.34 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growth of the Genetically Modified Seeds Market is accelerated by The global Genetically Modified Seeds Market. Genetically modified crops with added herbicide-tolerance allow farmers to spray weed-killers over the top of an entire field without damaging the crop. This provides improved weed management and higher crop yields. Farmers prefer GM crops such as soybean and corn which are modified to be herbicide-tolerant. Growing adoption of these crops is driving significant revenue in the market. The Roundup Ready system with soybeans tolerant to glyphosate herbicide is widely popular among farmers globally. Adoption of GM crops with stacked traits providing multiple advantages is another key trend gaining traction in the industry.
Segment Analysis

The global genetically modified seeds market is dominated by soybean seeds segment. Soybean is the primary oilseed crop and has wide applications in food industry. Additionally, soybeans can tolerate herbicides effectively making it easy to control weeds and boost soybean farming. Maize/corn segment is also gaining traction as genetically modified corn has efficient resistance against pests and diseases. Corn remains a staple food and feed grain.

Key Takeaways

The global genetically modified seeds market is expected to witness high growth over the forecast period 2023 to 2030. North America held leading share of over 35% in 2023 owing to high adoption of GM crops in countries like United States and Canada. However, Asia Pacific is expected to surpass North America and register fastest growth through 2030 driven by increasing demand from major countries including China and India. Challenging climate conditions and growing population have increased farm acreage under biotech crops in the region.

Key players operating in the Genetically Modified Seeds market are Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co. The global market leaders have strong focus on research and development activities to launch new seed varieties with traits like herbicide and insect resistance. Established players are engaged in strategic collaborations with regional players to expand geographic footprint.



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