Genetically Modified Seeds Market Value 2023 Is Predicted to Propel Owing to Growing Geriatric Population

Posted by Roger on February 10th, 2023

Genetically modified seeds offer increased crop yields. While GM crops can reduce the cost of pesticides and fertilizers, many farmers still question whether or not these technologies are safe. Although most of these products are backed by research, there are many controversies about them. The debate surrounding the use of Genetically Modified (GM) seeds continues to be one of the biggest issues of the time.

Market Dynamics:

The adoption of genetic modification in agricultural processes is increasing, which in turn is expected to propel growth of the Genetically Modified Seeds Market over the forecast period. Genetically modified seeds are known to be beneficial compared to normal seeds. These modified genes boost the yields grown on the same land, decreased the damage to crops from weeds, insects and diseases. For instance, in August 2021, Corteva Inc. launched a novel genetically modified soybean seed in Brazil after the approval of the product in the European Union.

However, monopolizing of the seed market, elimination of farmer choice of seed, and escalating seed prices are likely to hamper growth of the global genetically modified seeds market over the forecast period.

Impact of COVID-19:

The COVID-19 pandemic affected more than 100 countries around the world. The outbreak of virus spread across many countries which led to implementation of stringent regulations to control the virus spread. Due to these countrywide lockdowns, various market activities were closed down. Research and development activities were also hindered due to the pandemic. The demand for genetically modified seeds declined during this period, which hampered growth of the global genetically modified seeds market during the COVID-19 pandemic.

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Key Takeaways:

• The global genetically modified seeds market is estimated to grow, with a CAGR of % over the forecast period due to market players increasingly adopting collaborative growth strategies for R&D. For instance, in May 2022, The University of Cologne won a funding for a new Collaborative Research Center (CRC) from the German Research Foundation (DFG), for Plant Breeding Research.
• North America among regions is anticipated to witness high growth in the global genetically modified seeds market over the forecast period. This growth can be attributed to high rate of adoption of biotech or genetically modified crops across the region.
• Key players operating in the global genetically modified seeds market are AgReliant Genetics LLC, Syngenta A.G., Takii and Co. Ltd., BASF S.E., Canterra Seeds Holdings Ltd., Bayer A.G, DLF Seeds A/S, Monsanto Company, Bejo Zaden B.V., DowDupont Inc., and Groupe Limagrain Holding S.A.

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