Genetically modified crops are plants which are utilized in agriculture, and their DNA has been modified using genetic engineering methods. The numerous benefits offered by GM crops are currently driving the market growth. Genetically modified crops offer enhanced nutritional value, longer shelf life, improved yield and have high resistivity to frost, drought and insect pests. For instance, Roundup GM soybeans are inserted with the gene that delivers maximum weed control.

The global genetically modified market was valued at 18.15 billion in 2018 and is expected to exhibit a CAGR of 8.7% in terms of value over the forecast period (2019 – 2027), and is expected to reach 37.46 billion by 2027.

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Market Dynamics
The growing agriculture industry has led to growth of genetically modified crops to meet rising demand for food across the globe. According to the Food and Agricultural Organization’s (FAO) report, in 2015, over 11% of the world’s land which accounted for 1.5 billion ha was used for crop production, and over 2.7 billion ha land possesses potential for crop production.

North America is expected to witness significant growth in the global genetically modified crops market by 2021. This is attributed to growing demand for genetically modified food in this region. For instance, according to United States Department of Agriculture, Economic research Service, the percentage of genetically modified corn planted was 88% in 2011 and increased to 92% in 2018.

Major Keyplayers: Bayer AG, BASF SE, Syngenta AG, and The Dow Chemical Company, among others.

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