GMO Crops and Seeds Market Rising Need for Crop Production to Steer Growth by 2017 - 2022
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%.
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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.
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.
The global GMO crops and seeds market is treading a growth path for the dire need to expand crop production globally. Due to the exploding global population, crop production via conventional agriculture is insufficient to fulfill the food needs. This has necessitated alternate means of crop production that are viable and sustainable. To that end, GMO seeds have served to not only magnify crop yield, but develop robust crop varieties.
In recent years, breakthrough developments in biotechnology has aided the growth of the agricultural sector. With extensive R&D, researchers have been successful to modify genes in laboratory environments. Unlike traditional method of natural process of modifying gene over generations of cross-fertilization, GMO crops and seeds are developed by modifying genes by directly inserting them into the DNA of the seed. These genetically modified seeds when used in commercial agriculture produces much higher crop yield. Such successful outcomes are boosting the demand for GMO crops and seeds.
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On the downside, emergence of GMO crops and seeds has led to the elimination of large varieties of heirloom crop. Due to sentiments of some ethnic communities that are not in favor of artificially modifying genes, the growth of GMO crops and seeds market is restrained to some extent.
Nevertheless, the advantages of GMO crops and seeds outweigh their drawbacks, for the GMO crops and seeds market to display solid growth in the forthcoming years.
According to a market study by Transparency Market Research, the global GMO and seeds market is likely to expand at 8.3% CAGR from 2017 to 2022. At this pace, the market is likely to be worth US$36,653.2 mn by 2022 vis-à-vis revenue.
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