Foods generated from genetically modified (GM) species have had their genetic material (DNA) altered in a way that does not occur naturally, for as by introducing a gene from another creature. The technology is known as "modern biotechnology," "gene technology," "recombinant DNA technology," and "genetic engineering." Plant-based GM foods are currently accessible, but foods generated from GM microbes or GM animals are anticipated to be introduced in the future. The majority of present genetically modified crops have been engineered to increase output by introducing disease resistance or increased herbicide tolerance. GM foods can potentially help to lower food prices by increasing yields and ensuring consistency. In the future, genetic modification could be used to change food's nutritious content, reduce allergenic potential, or increase the efficiency of food production systems.
COVID-19 Impact Analysis
- COVID-19 is a global public health issue that has harmed practically every industry, and its long-term consequences are expected to have an impact on the growth of the genetically modified food market over the projection period.
Furthermore, COVID-19 has disrupted the supply chain. As a result of the closure, many manufacturers were unable to operate efficiently, and many of them were unable to receive the raw materials they wanted on time. Sales were lost as a result of the inventory shortage.
The tight limits imposed by COVID-19, combined with a manpower deficit, resulted in a decrease in GMO food production and sales.
Top Impacting Factors
The market's expansion can be due to factors such as rise in demand for nutritional and functional foods, increased production of genetically altered crops, and increased expenditure in biotechnology R&D.
Apart from that, the production of genetically modified crops can be done with low pesticide use, which is expected to boost market expansion in the near future.
Stringent controls on genetically modified seeds or crops, on the other hand, have stifled the worldwide market for genetically modified crops.
Market Trends
Market Growth to be Boosted by Increased Demand for Functional Foods
Emerging economies have shown a growth in interest in genetically modified foods in the previous five years, resulting in an increase in bioengineered food production. The surge in number of health implications and nutrient insufficiency among people all over the world is also thought to be a major reason that drives GMO food demand, which is expected to fuel market expansion in the near future.
Corn and soybeans are two commodities that have gained a lot of attention since GM technology was introduced to the agriculture industry. Key maize and soybean-growing countries such as the U.S., Brazil, and Argentina have adopted GM crops, and GM crops now account for about 85-95 percent of total soybean and corn crop harvested area. The GM canola crop is mostly grown in Canada, Australia, and the U.S., and is expected to grow at a rapid rate during the forecast period. Other GM crops, such as alfalfa and potato, are expected to gain more importance during the projected period, owing to their importance and development potential.
North America is the Largest Market for GM Crop Seeds; whereas Asia-Pacific is Expected to Offer GM Seed Companies Growth Opportunities
The major markets for GM agricultural seeds are North America and South America, which together account for more than 90% of the global GM seed industry. Nearly 85-95 percent of the soybean and maize crop grown in North and South America is genetically modified. Demand for America's produced corn and soybean produce from other countries (particularly China) is a major factor that determines planted acreage and seed demand. China permitted the import of five genetically modified crops from the U.S. in January 2019, which has boosted the planted area of GM crops and the demand for planting seeds.
Asia-Pacific is the fastest-growing market for GM crops, and the region is expected to provide significant development prospects for market participants during the forecast period. Bangladesh, for example, began cultivating GM eggplant in the 2013-14 seasons and saw a 485 percent increase by Vietnam began cultivating the GM maize crop, which saw a 13-fold increase in planted area by 2017. During the forecast period, the introduction of new features in various crops is expected to promote the growth of the genetically modified seeds market.
Key Benefits of the Report
This study presents the analytical depiction of the genetically modified food industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the genetically modified food market share.
The current market is quantitatively analyzed to highlight the genetically modified food market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed genetically modified food market analysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Genetically Modified Food Market Research Report
Which are the leading players active in the Genetically Modified Food Market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?
What is genetically modified food market prediction in the future?
Which will be the niches at which players profiling with recent advancements should set a presence?
What are the driving factors and opportunities in the market?
What are the current trends and predicted trends?
What are the challenges faced in the genetically modified food market?
Genetically Modified Food Market Report Highlights
| Aspects | Details |
 By Type |
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 By Trait |
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 By Crop Type |
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 By Region |
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 Key Market Players | KWS SAAT SE & Co. KGaA, Sakata Seed America, Bayer AG, Syngenta Crop Protection AG, DuPont de Nemours, Inc., J.R. Simplot Company, Groupe Limagrain Holding, Stine Seed Company, Okanagan Specialty Fruits Inc., BASF SE |
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