Genetically Modified (GMO) Food Market size is set to grow by USD 46.8 billion from 2024-2028, High demand for crop production boost the market,…

NEW YORK, July 17, 2024 /PRNewswire/ -- The globalgenetically modified (GMO) food marketsize is estimated to grow by USD 46.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.07% during the forecast period. High demand for crop productionis driving market growth,with a trend towardsinnovations in gene-editing technologies. However,increase in demand for organic food products poses a challenge. Key market players include BASF SE, Bayer AG, Cibus, Corteva Inc., FMC Corp., Groupe Limagrain, 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, and UPL Ltd..

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Genetically Modified (GMO) Food Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 - 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 7.07%

Market growth 2024-2028

USD 46.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.43

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 35%

Key countries

US, China, Japan, Canada, and France

Key companies profiled

BASF SE, Bayer AG, Cibus, Corteva Inc., FMC Corp., Groupe Limagrain, 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, and UPL Ltd.

Market Driver

The global genetically modified food market is experiencing significant growth due to the premium pricing of non-genetically modified food products. Consumers, while health-conscious, often base their purchasing decisions on affordability. In the US, over half of the population expresses concerns about genetically modified food, but the health effects remain unclear. As non-genetically modified food prices continue to rise, consumers may switch to genetically modified alternatives during the forecast period. Reasonable pricing and uncertainty surrounding the health effects of genetically modified food are key factors driving market growth.

Genetically Modified (GMO) food market is witnessing significant trends in food security through the use of gene technology and genome editing. Key crops like herbicide resistant soybeans, insecticide resistant soybeans, corn, canola, sweet potato, rice, and others are being modified to increase yield and reduce reliance on harmful pesticides. New innovations include the addition of essential nutrients like iron and vitamins in foods, such as bananas and rice. Recombinant DNA technology and transgenic crops are revolutionizing the industry, leading to the production of vaccines for infectious diseases like Hepatitis B, and even new plastics. However, there are risks and controversies surrounding GMOs, including health concerns, consumer choice, ethics, and environmental impact. Mechanisms for labeling and public education are crucial to address these issues and ensure food safety. New technologies, such as gene manipulation, continue to emerge, raising questions about potential allergens and antibiotic resistance. The market for genetically modified foods, also known as transgenic and genetically engineered foods, is expected to grow, but addressing public concerns and ensuring safety remains a top priority. The potential for poverty reduction and advancements in fish farming and human health are also significant opportunities for the industry.

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MarketChallenges

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Segment Overview

This genetically modified (gmo) food market report extensively covers market segmentation by

1.1 Vegetables- Genetically modified vegetables offer advantages such as faster growth and higher yields, making them valuable in meeting the increasing food demand. These modifications also provide resistance to pests and diseases, reducing the need for chemical pesticides and minimizing crop losses. Additionally, genetically modified vegetables can withstand extreme weather conditions, enhancing their resilience to climate change. The global vegetable market is expected to grow due to factors like the expanding food industry, rising consumer expenditure, and increasing health consciousness. The vegetable segment is particularly driven by the growing vegan population and the demand for exotic vegetables. Consumers in both developed and developing nations have higher disposable incomes, leading to increased demand. Genetically modified vegetables are accessible through offline and online retail channels, with the latter gaining popularity due to the convenience and wide variety of offerings, including exotic vegetables. The growing disposable income, especially in emerging economies, and the demand for exotic vegetables will fuel the growth of the vegetable segment in the global genetically modified food market.

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The global plant-based protein products market is witnessing robust growth due to rising health consciousness and increasing veganism trends. Key players are innovating to meet the demand for sustainable and nutritious alternatives. Similarly, the global non-GMO food market is expanding as consumers seek healthier and more natural food options. The demand for transparency and food safety is driving this market, with significant contributions from major food brands and organic producers. Both markets are poised for substantial growth, driven by consumer preferences and evolving dietary trends.

Research Analysis

The genetically modified (GMO) food market refers to the production and consumption of nutrition-rich foods derived from organisms with altered genetic structures. This involves the use of genetic modification techniques, such as gene technology and recombinant DNA technology, to introduce better characteristics into plants and animals. Edible organisms, including soybeans, cotton, corn, canola, and sweet potato, are commonly modified to enhance traits like herbicide tolerance, insect resistance, and stacked traits. These modifications aim to improve conditions for farmers, such as increased shelf life and resistance to pests, while maintaining or enhancing the nutritional value of the food. Microorganisms are also used in the production of GMO foods through various genetic engineering techniques. The result is a diverse range of transgenic crops and herbicide resistant soybeans, insecticide resistant soybeans, and other GMO foods that offer improved characteristics for farmers and consumers alike.

Market Research Overview

The Genetically Modified (GM) food market encompasses a wide range of nutrition-rich foods derived from genetically modified organisms (GMOs), including plants and animals. These edible organisms exhibit better characteristics under specific conditions, such as longer shelf life, sweet flavor, and better texture, making them highly sought-after in today's global market. The demand for GM foods continues to grow due to their health benefits, which include combating diseases like cancer and gastrointestinal discomfort, as well as addressing allergies caused by pesticides and toxic substances. Innovative products in the GM food market include beverages, food processing techniques, and taste preferences. Genetic engineering techniques, such as gene guns, electroporation, microinjection, Agrobacterium, transgenic, cis-genic, and sub-genic methods, are used to introduce desirable traits like herbicide tolerance, insect resistance, and stacked traits into agricultural crops, animal feed, and even food waste reduction. Trait types include nitrogen fixing crops, haploid induction techniques, and gene stacking, among others. Companies like Origin Agritech, Monsanto, COODETEC, Nidera, Sensako, and others are at the forefront of this industry, driving food security through genome editing, gene technology, and the development of living organisms and microorganisms using recombinant DNA technology. GM foods extend beyond crops to include transgenic soybeans, corn, canola, sweet potato, rice, and even human vaccines for infectious diseases like hepatitis B. The future of the GM food market holds exciting possibilities, with the advent of CRISPR technologies and the development of iron-fortified bananas and vitamin-enriched rice.

Table of Contents:

1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation

7Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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

SOURCE Technavio

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Genetically Modified (GMO) Food Market size is set to grow by USD 46.8 billion from 2024-2028, High demand for crop production boost the market,...