Authored By: Sarah
13 Jul 2024

 Genetically Modified Food Market to grow by USD 40.6 billion between 2023-2027

According to a research report “ Genetically Modified Food Market” by Type (Vegetables, Crops, Fruits, Animal products ) Product Type (Herbicide tolerance (HT), Insect resistance (IR), Stacked traits (ST) ) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 40.6 billion at a CAGR of growth_momentum_prefix 6.58% during the forecast period. In the global agricultural landscape, the demand for increased food production to cater to a burgeoning population poses significant challenges for farmers. The Food and Agriculture Organization (FAO) of the United Nations projects a 70% increase in food production by 2050, necessitating the need for more efficient farming methods. Genetically modified crops, with their enhanced capabilities to yield higher produce, resist pests and diseases, and endure environmental stresses, represent a lucrative market solution for farmers to meet these demands sustainably..

Browse market data tables, figures, and in-depth TOC on “Genetically Modified Food Market” by Type (Vegetables, Crops, Fruits, Animal products ) Product Type (Herbicide tolerance (HT), Insect resistance (IR), Stacked traits (ST) ) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2027.

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By Type, the Vegetables segment is projected to dominate the market size in 2024.

In the agribusiness sector, genetically modified foods play a pivotal role in enhancing herbicide tolerance and boosting crop productivity. These foods, engineered to resist specific herbicides like glyphosate and glufosinate ammonium, enable farmers to effectively manage weeds and increase yields. The inhibition of EPSPS enzyme in plants by glyphosate, absent in human and animal cells, underpins the safety and efficacy of this herbicide. Glufosinate ammonium, an equimolar mixture of D- and L-isomers, is another herbicide utilized in genetically modified crops to ensure optimal weed control.

By Product Type, Herbicide tolerance (HT)  segment is expected to hold the largest market size for the year 2024.

The genetically modified vegetables sector holds the largest market share in the global genetically modified food industry. This trend is attributed to the expanding food sector and escalating consumer spending on fresh produce, particularly vegetables. The burgeoning vegan population and growing awareness of health benefits are significant growth catalysts for this segment.

North America is forecasted to hold the largest market size by region in 2024.

The genetically modified food market in North America has experienced significant expansion, driven by technological innovations and urbanization. The US holds a commanding 83.66% market share, with Canada and Mexico trailing. Notable developments include the increase in herbicide-tolerant soybean acreage to 95% in 2021 and herbicide-tolerant cotton acreage surging from 10% in 1997 to 94% in 2021. Mergers and acquisitions, robust research and development, and the escalating adoption of biotechnology have significantly influenced the market landscape in recent years.

The Genetically Modified Food Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • BASF SE
  • Bayer AG
  • Cibus
  • Corteva Inc.
  • FMC Corp.
  • Groupe Limagrain Holding
  • JK Agri Genetics Ltd.
  • KWS SAAT SE and Co. KGaA
  • Rasi Seeds P Ltd.
  • Sakata Seed Corp.
  • Stine Seed Co.
  • Syngenta Crop Protection AG
  • Tata Sons Pvt. Ltd.
  • Terranova Seeds Australia
  • UPL Ltd.
.

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Research Analysis Overview

In the realm of agriculture and food production, the Genetically Modified (GM) food market has experienced significant growth due to advancements in various technological domains. Transgenic crops, such as insecticide-resistant soybeans and herbicide-tolerant soybeans, have been engineered using recombinant DNA technology and genetic engineering techniques. These innovations include the use of microorganisms and living organisms in the genetic structure of plants like corn, sweet potato, and cotton. Stacked traits, including insect resistance and herbicide tolerance, have been introduced to enhance the better characteristics of edible organisms. The GM food market offers nutrition-rich foods with extended shelf life under specific conditions. Gene technology continues to evolve, with potential applications in animals as well as plants, further expanding the market's scope.

Market Research Overview

The Genetically Modified Food (GMF) market encompasses a wide range of organisms, including plants and animals, that have undergone genetic engineering techniques such as recombinant DNA technology, gene guns, microinjection, and electroporation. These organisms exhibit various traits, including insect resistance, herbicide tolerance, and disease resistance, derived from genes sourced from bacteria like Bacillus thuringiensis, methionine and cysteine from bean plants, and even inserted genes from viruses. GMFs include prominent crops like corn, soybeans, cotton, oilseed rape, maize, and sugar beet, which offer health benefits, better texture, and longer shelf life. However, public concerns regarding potential health risks, such as allergic reactions to allergens like crustaceans, molluscs, legumes, wheat, nuts, eggs, milk, and genetically hazardous toxins, persist. Moreover, environmental effects, including the emergence of super weeds and superbugs due to resistance to herbicides and insecticides, and the impact on soil health and biodiversity, are also subjects of debate. Intellectual property rights, safety tests, and labelling are crucial aspects of the GMF market, which continues to evolve with new technologies like gene stacking, gene editing, and biofuel demand.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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