Global Genetically Modified Seeds Market 2016-2020
About Genetic Modification
Genetic modification (GM), also called genetic engineering (GE), is a technology where new traits are introduced into an organism by directly manipulating its genetic makeup. For instance, Deoxyribonucleic acid (DNA), is introduced or manipulated through intervention at the molecular level using biotechnology. In the process of this technology, scientists manipulate the characteristics of plants and animals by introducing DNA fragments, whole genes, or long stretches of DNA segments from different organisms. Scientists can also remove or exchange sequences of DNA in organisms or introduce genetic material to silent genes. GM seeds have a larger shelf life and pest resistance as compared to the conventional or non-GM seeds.
Technavio’s analysts forecast the global genetically modified (GM) seeds market to grow at a CAGR of 9.83% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global genetically modified (GM) seeds market for 2016-2020. To calculate the market size, the report considers the revenue generated through the sale of corn seeds, soybean seeds, cotton seeds, canola seeds, and other seeds (sugar beets, wheat, tomato, papaya, and alfalfa) to the agricultural farmers of GM crops in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Genetically Modified (GM) Seeds Market 2016-2020
Technavio recognizes the following companies as the key players in the global genetically modified (GM) seeds market: Bayer CropScience, DowDuPont, Groupe Limagrain, Monsanto, and Syngenta.
Other Prominent Vendors in the market are: BASF, DLF Seeds and Science, Kleinwanzlebener Saatzuch SAAT SE, Land O'Lakes, Sakata Seed, and Takii Seed.
Commenting on the report, an analyst from Technavio’s team said: “Increased demand for oleo-chemicals will be a key trend for market growth. Oleo-chemicals are used in a number of industries like construction, animal feed, cosmetics, paper and pulp, soaps and detergents, personal care, and foods and beverages. Other applications of oleo-chemicals are the production of lubricants, solvents, biodiesel, and bioplastics. Due to the multiple applications of oleo-chemicals, there is a strong demand for sustainable and biodegradable chemicals from the respective industries over the last 10 years. This, in turn, is augmenting the growth of GM seeds market. Industries are shifting from petrochemicals to oleo-chemicals due to its cheaper cost and eco-friendly nature.”
According to the report, premium pricing of non-GM food products is one of the major growth drivers for the global GM seeds market. Although the population today is more health-conscious, the purchasing decision of non-GM foods is often based on price. It is estimated that more than 68% of all primary grocery shoppers are not willing to pay a higher price for non-GM foods, whereas only 11% were willing to pay more. Over half of the consumers in the US have concerns about GM food products, but they are not sure about the health effects. It is expected that with the continuous increase in the pricing of non-GM food products, consumers will switch to GM food products. This is because the pricing is reasonable, and the health effects are unclear to most consumers.
Further, the report states that increase in demand for organic food products will be a challenge for the market. Due to a shift in consumer preferences, the market for organic food products is growing at a significant rate, i.e., 25%-30%. Major factors behind the increase in the demand for organic food are a rise in the number of health conscious individuals, growing environmental concern, and government support toward awareness and use of organic products. Organic food products are produced from organic crops cultivated in soil with no modifications. In addition, these food products are free from synthetic pesticides, GM, and petroleum-based fertilizers.
Bayer CropScience, DowDuPont, Groupe Limagrain, Monsanto, Syngenta, BASF, DLF Seeds and Science, Kleinwanzlebener Saatzuch SAAT SE, Land O'Lakes, Sakata Seed, and Takii Seed.
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