The genetically modified (GMO) food market is estimated to garner an enormous revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as the growing demand for nutritional and functional foods, escalating production of genetically engineered crops and the rising investment for conducting research and development activities in the field of biotechnology. It is calculated that the functional food market will generate a revenue of approximately USD 320 million in 2022, up from USD 265 million in 2020. Apart from these, the cultivation of genetically modified foods is possible with minimal consumption of pesticides, which is also anticipated to drive growth to the market in the near future.
The market is segmented by type into vegetables, crops, fruits, and animal products, out of which, the crops segment is anticipated to hold the largest share in the genetically modified (GMO) food market on account of the rising usage of biotechnology in crop production. Along with this, the crops segment is anticipated to grow at the highest CAGR during the forecast period as well. The growth of this section is led majorly by crops, namely, modified corn and soybean owing to their high consumption globally and the fact that they are resistant to the chemicals used to kill weeds. Additionally, based on trait, the segment for stacked trait (ST) is projected to witness notable growth in the coming years as foods with stacked traits are considered to be rich in nutritional content and disease resistant properties.
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On the basis of geographical analysis, the genetically modified (GMO) food market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is estimated to garner the largest market share over the forecast period on the back of increasing cultivation of soybean and corn, rise in adoption of biotech crops, and the growing demand for modified food products produced in this region from other parts of the world. The United States was the largest producer of maize in 2020, amounting to more than 360 million thousand tons. Furthermore, Europe is evaluated to be the second largest shareholder in the market during the forecast period accounting to the intensifying number of imports of genetically modified food products in this region, especially cotton, maize and sugar beet. However, Asia Pacific’s market is expected to witness the highest growth in the future, which can be credited to the intensifying implementation of new technologies for cultivation and the surge in population growth in the region.
The genetically modified (GMO) food market is further classified on the basis of region as follows:
Our in-depth analysis of the genetically modified (GMO) food market includes the following segments:
Stine Seed Company
FREQUENTLY ASKED QUESTIONS
Growing demand for nutritional foods and increasing R&D activities in biotechnology are the major growth drivers for market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Stringent government regulations regarding approval of genetically modified food and toxic residuals of genetically modified crops are estimated to hamper the market growth.
Asia Pacific region is estimated to provide more growth opportunities to the market owing to the implementation of new technologies for crop production.
The major players in the market are BASF SE, Bayer AG, Syngenta Crop Protection AG, Sakata Seed America, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, trait, and by region.
The crops segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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