The global GMO crops and seeds market is prognosticated to exhibit a healthy growth in the coming years, as reported by Transparency Market Research (TMR). The vendor landscape of the market is currently fragmented with the vast pool of mid-sized as well as large-sized players. The vendors are expected to be focused on research and development of new technological innovations in order to provide the best possible quality of seeds. This is as key strategy that is expected to be adopted by vendors in order to thrive on in the global, highly competitive market. Market participants are also keen on enhancing their production capacities to meet the colossal demand from consumers.
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According to TMR’s report, the global GMO crops and seeds market is expected to exhibit moderate growth for the forecast period between 2017 and 2022. In terms of revenue, the global GMO crops and seeds market is predicted to be worth US$36,653.2 mn by the end of 2022 rising at a CAGR of 8.3% between 2017 and 2022. The segment is predicted to reach an evaluation of US$13,776.1 mn by 2022.
On the basis of crop type, the segment of corn is predicted to emerge as the leading one over the forecast period. The segment was valued to be at US$9,293.1 mn in 2017 and represented 37.8% of the market in the same year.
Geography-wise, North America was the leading regional market for GMO crops and seeds in 2017, and the trend is expected to continue over the forecast period. The region is predicted to exhibit an attractive CAGR of 7.6% between 2017 and 2022.
Demand for Longer Shelf Life, Anti-Pest Properties to Boost Growth
The genetically-modified seeds offer premium qualities to build yields, empower longer time span of usability, and more prominent protection from bugs. The diminishing size of arable land is the real development driver for the usage of GM crops, which will accelerate the yield generation process. Merchants in the market are thinking of a few new GM crops which offer numerous methods of protection from vermin and maladies and expanded resilience to herbicides, for example, Vitamin enriched rice and wheat, drought tolerant maize, biofortified bananas, and pest-free cowpea and beans. These properties of herbicide resistance have introduced new doors for genetically modified seed in the corn and soybean fragment, which will goad development for this section over the forecast period.
As per the Food and Agriculture Organization (FAO), expanding populace and disposable incomes of consumers are expected to boost the yield generation by roughly 70% by 2050. The surge in demand for food produce and the lessened accessibility of arable land is predicted to augment the adoption of different farming advancements, for example, GMO crops and seeds, which thus, is foreseen to help the global development of the market.
Rising Incidence of Droughts to Provide Lucrative Market Opportunity
In genetic modification process different methods are utilized, for example, quality grafting, quality hushing and utilization of viral transporters. The rising use of genetic modification in horticultural practices is one of the main application, brought about the genetically modified seeds and products.
The genetically modified seeds are advantageous over traditional seeds as they improve the yields developed on the same land, decrease the harvest harm from weeds, infections and insects and conceivably enhance their nutritional value medical advantages. Because of different research and advancements in seeds utilizing hereditary changes, it provides answers for the agriculturists for a few ecological conditions, for example, saltiness, droughts and diseases which are expected to drive the GMO crops and seeds market to a large extent.