Genetically Modified Seeds Market Size, Share, Opportunities, And Trends By Crop Type (Corn, Soybean, Cotton, Canola, Others), By Resistance (Herbicide-tolerant, Insect-resistant), And By Geography - Forecasts From 2024 To 2029

The genetically modified seeds market is projected to grow at a CAGR of 8.68% to reach US$63.555 billion in 2029 from US$35.492 billion in 2022.

GMO seeds are created in a laboratory by biological engineers using contemporary biotechnology techniques, sometimes known as "genetic engineering," as opposed to being produced in a garden. Individual genes can be chosen and transferred from one organism to another using recombinant DNA techniques, resulting in a genetically modified organism that would not have happened naturally or by conventional crossbreeding techniques. They can raise the degree of crop protection by strengthening plants' resilience to pesticides, infections, and other pathogens, thereby increasing the overall crop yields, which can lower the cost of production. GMO seeds can harvest more quickly, allowing for more crop rotation, and can more easily withstand situations such as drought, cold, high salt concentrations, or the presence of aluminium elements. Rapid urbanization, technological innovations in farming coupled with high demand for nutrition-rich food items has bolstered the overall market growth.

Market Drivers

• The rise in nutrition concerns and rapid urbanization, are expected to boost the GMO seeds market growth.

A large increase in the use of genetically modified seeds has been seen to increase crop output. The market is expected to develop at a faster rate due to additional factors such as the rising need for animal feeds and the growing use of biofuels made from GMO energy crops like corn, soybeans, wheat, and sugarcane. Various countries are investing in GMO seeds to enhance the overall crop productivity. For instance, in August 2023, Philippines approved Bt cotton for commercial propagation, and the crops it’s the fourth genetically engineered approved after corn, rice, and eggplant. Additionally, in 2022, the planted area for biotech corn in the country reached 5,76,000 hectares. The country is emphasizing on “New Plant Breeding” Techniques and is drafting policies in that accordance.

• Favorable initiatives and developments are expected to drive the market growth.

Governments in a number of developing nations, including those in APAC and Africa, are enticing farmers to use genetically modified seeds rather than conventional ones to boost agricultural yields while an increase in R&D activities and the use of seeds that are environmentally friendly is fueling the expansion of the genetically modified seeds market. For instance, in October 2022, Indian-developed genetically modified mustard seeds received environmental authorization by the government, enabling the commercialization of the country's first GM food crop. The transgenic mustard crop, often known as rapeseed, has received the level of clearance for production by the government. The Science and technology ministry announced that India is simplifying rules for creating genome-edited plants, calling the technology promising due to its significant economic potential.

• By crop type, corn production is projected to accelerate the GMO seeds market.

A sizable fraction of the genetically modified seeds comes from corn. This is due to the increase in corn demand because corn is widely employed in ethanol production and livestock feed. The US Department of Agriculture reported that American maize farmers produced 15.1 billion bushels in 2021, which is 7% more than in 2020 and the second-highest amount on record. The expected corn yield in the United States is 177.0 bushels per acre, which is 5.6 bushels more than the anticipated output of 171.4 bushels per acre for 2020. At 85.4 million acres, the area harvested for grain represents a 4% increase over 2020. This rise is also attributed to the after-effect of the COVID-19 pandemic.

North America is anticipated to hold a significant proportion of the market.

Due to increased farmer awareness of the advantages of GMO seeds in this region followed by government initiatives and strict standards, North America accounts for a sizeable percentage of the global market for GMO seeds and is anticipated to rise throughout the forecast period. According to the USDA, in 2023, 93% of the Wisconsin’s corn planted was of a biotech variety, and 91% of the soybean acres were herbicides-resistant genetically modified seed. Furthermore, the same sources stated that in 2023, 89% of the US cotton acres were planted with genetically engineered insect-resistant seeds. The booming technological innovation and implementation of new schemes and policies are further acting as an additional driving factor for the regional market growth.

Over the forecast period, growth in Asia Pacific is anticipated to be strong. In developing nations like India and China, biotechnology in the agriculture sector is expanding quickly in order to increase crop productivity in the face of varying environmental circumstances like salt and drought. The use of genetic seeds is associated with many benefits, including reduced pesticide application costs and increased agricultural yields which have increased the demand for genetically modified seeds throughout Asia Pacific countries.

Key Developments

• In March 2023: Corteva introduced a gene-editing technology to protect the elite corn hybrids. The new technology aimed to drive disease-resistant traits in corn genome and represents next-generation of plant breeding, especially for North American corn growers.
• In September 2022: The USDA authorized the purchase of Norfolk Plant Science's (NPS) nutritionally improved, high-anthocyanin purple tomato seeds for home gardeners starting in spring 2023. Beginning in 2023, Americans will be able to cultivate purple GM tomatoes in their gardens.

Genetically Modified Seeds Market Scope:

Segmentation:

• By Crop Type
  • Corn
  • Soybean
  • Cotton
  • Canola
  • Others
• By Resistance
  • Herbicide-tolerant
  • Insect-resistant
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East And Africa
    • Saudi Arabia
    • Israel
    • Other
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others