The global GMO crops and seeds market displays a highly fragmented vendor landscape with a wide range of medium and large scale companies trying to expand their revenue share, reports Transparency Market Research (TMR). Some of the major players in the market include Syngenta AG, KWS SAAT SE, Bayer Crop Science India Ltd, Land O’ Lakes Inc., and Land O’ Lakes Inc. These companies are engaging in research and developments activities and leveraging technology to expand their frontiers globally. Moreover, they are emphasizing on increasing their production in order to expand their frontiers in the GMO crops and seeds market.
As per
expert analysts, the global GMO crops and seeds market is prophesized to grow
moderately from 2017 to 2022. The market is expected to value at US$36,653.2 by
the end of the forecast period growing at a CAGR of 8.3%.
The global
GMO crops and seeds market is segmented based on crop type, trait, sales
channel, and region. In terms of crop type, the segment of corn is expected to
lead the market during the forecast period which is 2017 to 2022. This segment
accounted for 37.8 % of the market’s share in 2017 owing to its use as an
insecticide.
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On the
basis of geography, North America is expected to dominate the global GMO crops
and seeds market and is perceived to retain its position throughout the
forecast period. This region is expected to burgeon at an excellent CAGR of
7.6% during the forecast period.
Rising Need for Crop
Production to Steer Growth
In
recent times, there has been a tremendous rise in the global population. This
has led to a rise in demand for crop production. However, the conventional
agricultural methods are not enough to meet the growing demand; this has
cropped the need for alternate methods of crop production. As a result, the
demand for GMO seeds has increased, thus expediting the GMO crops and seeds
market’s growth. In addition, extensive use of GMO seeds and crops as insect
repellants have contributed to the GMO crops and seeds market’s progression.
Moreover,
the recent technological developments in the realm of biotechnology have led to
an expansion in the agricultural sector. This has acted as a major propellant
in the growth of global GMO crops and seeds market. Further, the gene
modification processes used in the development of GMO seeds is comparatively
easier than the conventional process. Additionally, the use of these seeds
significantly magnifies the crop yield, thereby fuelling the market’s
expansion.
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On
the downside, there are a few bottlenecks in the growth of global crops and
seeds market, that may hinder its growth. Factors such as mixed reactions of
farmers this new variant of crops and concerns regarding its environmental
impact may cause a shortfall in the market. However, GMO crops offer several
benefits such as high sustainability, better yields, and protection from bugs.
These benefits may attract large number of consumers to the market, thus
stimulating the GMO crops and seeds market’s growth. Moreover, technological
developments and initiatives taken by the government may aid the GMO crops and
seeds market’s growth.
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Diminishing Arable
Land to Present New Market Opportunities
Rapid
urbanization and industrialization have led to a decrease in the arable land.
This has highly driven the need for crops and seeds that have high resilience
to herbicides and vermin. This has led to an increase in demand for GMO crops
and seeds, thereby creating new avenues for the global GMO crops and seeds
market. Moreover, rising incidence of droughts has presented new growth
prospects for the market.
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