- Global demand for increased production capacity with limited existing resources is a key factor driving growth.
- The need to adhere to government regulations could deter the growth of the market.
- The market in North America, especially in the United States, held the largest market for genetically modified food.
Genetically Modified Foods or GM Foods that have been in the news for quite some time have made us think about the effects of such food on all organisms. The high demand for nutritious food items with longer shelf life is estimated to be a major factor behind the expansion of the market over the next decade. By 2021, the global genetically modified GMO food market is estimated to grow at a CAGR of 3.2%. The global genetically modified organism’s food market is segmented on the basis of type into vegetables, crops, animal products and fruits and on the basis of trait, the market is bifurcated into herbicide tolerance, insect resistance and stacked traits.
Some of the factors that are likely to drive the growth of the market in the immediate future can be attributed to global demand for increased production capacity with limited existing resources accompanied by very less or no use of pesticides. It is also predicted that there would be a healthy rise in the production of genetically modified crops from 112million tons in 2015 to 130million tons in the year 2021.
The global genetically modified organism food market is segmented into five regions namely North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Of these, the market in North America, especially in the United States held the largest market for genetically modified food market where presently, 86% of corn, 93% of soybean and 90% of cotton is genetically engineered. Europe being the largest net importer of GM crops, there is growing demand for GM crops in the region, thereby aiding the growth of the market.
Research being undertaken on producing genetically modified plants and animals have met with little success earlier, however, the market is still stuck with fewer alterations that are only confined to a limited variety of crops. Moreover, for growing GMO food, the need to adhere to government regulations must be followed which is viewed as another big challenge that could deter the growth of the market. Additionally, there is lack of awareness prevalent among the general population, which is further anticipated to dampen the growth of the market in the upcoming future.
This report also provides the existing competitive scenario of some of the key players of the genetically modified GMO food market which includes company profiling of Syngenta Switzerland, Monsanto US, Sakata Japan, Bayer Crop Science Germany, BASF GmbH, DuPont US, Groupe Limagrain France, Dow Chemical Company, KWS SAAT SE and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the genetically modified GMO food market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.