Genetically Modified Seeds Market Growth Accelerated by Fast Adoption of Latest Agriculture Technologies

 

Genetically modified seeds are gaining popularity among farmers as they help increase crop yields and productivity while reducing risks from pests and weeds. Seeds are modified using latest gene-editing techniques to make crops resistant to diseases, herbicides and pesticides. Traits like drought or salinity tolerance are also being added that helps plants withstand adverse environmental conditions. With rising population and changing climate patterns, genetically modified seeds are critical to ensure global food security. The global Genetically Modified Seeds Market is estimated to be valued at US$ 20.34 Billion 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 fast adoption of latest agriculture technologies is one of the major trends driving the growth of genetically modified seeds market. Farmers across the world are readily replacing conventional seeds with GM varieties to take advantage of new biological traits and higher farm yields. Gene-editing techniques like CRISPR have made genetic modifications cheaper, more efficient and precise. Leading seed companies are developing seeds tailored for specific geographies using such advanced gene technologies. As a result, GM seed acreage is rapidly increasing in both developed and developing nations, further propelling the demand. With many more bio-engineered traits in the pipeline, the genetically modified seeds market is projected to witness robust gains over the forecast period.

Segment Analysis
The global genetically modified seeds market is segmented by type into corn, soybean, cotton and canola. The corn segment currently dominates the market due to high demand for genetically modified corn seeds in Americas region. The genetically modified corn seeds help in decreasing pest infestation and also provide increased yield, which is a key factor for its large scale adoption among farmers.

Key Takeaways
The global genetically modified seeds market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: The Americas region is expected to continue its dominance in the genetically modified seeds market during the forecast period. High adoption of genetically modified seeds among large scale farmers in countries like U.S. and Brazil drive the market growth in this region. Key players operating in the Genetically Modified Seeds market are Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co.

Key players: Key players operating in the Genetically Modified Seeds market are Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co. Bayer CropScience leads the global market with strong product portfolio of genetically modified corn and soybean seeds. BASF SE holds significant share in cotton seeds segment. Syngenta is focusing on developing drought and pest resistant traits for different crops. JR Simplot Co specializes in potatoes segment.

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