Genetically Modified Crops, often referred to as GMOs (Genetically Modified Organisms), are plants that have been altered at the genetic level to exhibit specific traits such as resistance to pests, tolerance to herbicides, or enhanced nutritional value. The Genetically Modified Crops Market has witnessed significant growth in recent years due to several key drivers that are shaping the industry landscape.
The global genetically modified market was valued at $23.6 billion in 2024 and is expected to exhibit a CAGR of 5.7%. in terms of value.
Major players in the global Genetically Modified Crops Market include Bayer AG, BASF SE, Syngenta AG, and The Dow Chemical Company, among others.
Market Drivers
One of the primary drivers fueling the growth of the Genetically Modified Crops Market is the increasing global population coupled with rising food demand. As the world population continues to grow, there is a pressing need to enhance agricultural productivity and efficiency, which GMOs facilitate through their ability to improve crop yields and reduce losses due to pests and diseases. Moreover, the adoption of genetically modified seeds by farmers has also been driven by their potential to withstand adverse environmental conditions, such as drought or salinity, thereby contributing to food security.
PEST Analysis
A PEST analysis of the Genetically Modified Crops Market reveals several factors influencing its growth. In terms of Political factors, regulatory frameworks and policies governing GMOs vary across countries, impacting market access and adoption rates. Economic factors include the cost-effectiveness of GM seeds compared to conventional seeds, with GM crops often offering higher yields and requiring fewer inputs. Social factors encompass consumer perceptions and attitudes towards GMOs, with debates revolving around safety, ethics, and labeling transparency. Technological factors highlight ongoing advancements in genetic engineering techniques and biotechnology, driving innovation in crop traits and functionalities.
