by Genetically modified seeds technology helps in developing crop plants that have desirable traits which include resistance to pests, diseases and herbicides or better nutritional contents. Genetically modified crop seeds helps farmers in getting higher yields, lower costs of production and resistance against hostile weather conditions and pests. Thus genetically engineered crops play a crucial role in meeting the growing demand for food in sustainable manner. The global Genetically Modified Seeds Market has witnessed strong growth in the recent years owing to factors such as rising population, declining cultivated land, growing disposable income and changing consumer preference towards food with lower residual toxicity from agrochemicals.
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:
One of the key trend gaining significant popularity in the Genetically Modified Seeds Market is the development of drought-resistant crops. Rising concerns over water scarcity and changing climate patterns have necessitated the development of drought-resistant transgenic crops. Numerous biotech companies are engaged in reprogramming plant physiology for improving drought resistance through genetic engineering techniques. For instance, Bayer CropScience is working on drought-resistant corn varieties along with Monsanto. Drought-resistant transgenic crops play a vital role in agriculture through minimizing crop failures and helping farmers to adapt to changing weather patterns. This emerging trend of developing climate-resilient transgenic crops through advanced gene-editing is expected to drive significant growth in the Genetically Modified Seeds Market over the forecast period.
Porter’s Analysis
Threat of new entrants: The genetically modified seeds market has high R&D and capital costs for new entrants, making the threat low. Bargaining power of buyers: Individual buyers have low bargaining power against dominant firms controlling a large share of the market. Bargaining power of suppliers: A few multinational companies control major patented seed technologies, increasing their bargaining power over other players. Threat of new substitutes: No direct substitutes exist for genetically modified seeds from conventional or organic seeds, keeping the threat low. Competitive rivalry: Major players like Bayer CropScience, BASF SE and Syngenta compete intensely on pricing, patents and new product development driving the rivalry high.
Key Takeaways
The global genetically modified seeds market is expected to witness high growth. Regional analysis: North America dominates the market due to large cultivated acreage of GM crops in countries like US and Canada. Asia Pacific is the fastest growing region on account of rising population and requirement for food security.
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 market and focuses on developing herbicide-tolerant and insect-resistant seeds for major crops. BASF SE offers a wide range of genetically modified vegetable seeds for traits like virus and herbicide resistance.
The global genetically modified seeds market size for 2023 is US$ 20.34 Bn. Regional analysis focuses on North America dominating and Asia Pacific as the fastest growing region. Key players operating in the market are Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co. Bayer CropScience leads the market.
