According to a new market report published by Lucintel, the future of the global genetically modified seed market looks promising with opportunities in the corn, soybean, cotton, and canola segments. The global genetically modified seed market is expected to reach an estimated $43.57 billion by 2022 and is forecast to grow at a CAGR of 9.8% from 2017 to 2022. The major growth drivers for this market are increasing global population and food requirements, rising demand for animal feed, and rising adoption of bio-fuels and oleo-chemicals.
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In this market, corn, soybean, cotton, and canola are the major crop types of genetically modified seed. On the basis of its comprehensive research, Lucintel forecasts that the corn seed is expected to remain the largest segment due to increase in demand of bio-fuels, growth in demand of food and feed, and increase ethanol production. Lucintel predicts that the demand for soybean is likely to experience the highest growth in the forecast period supported by increasing demand for soybean oil, oleo-chemicals, and livestock feed.
Within the global genetically modified seed market, the herbicide tolerance segment is expected to remain the largest market by trait type because it offers flexibility to use herbicides, fight against unwanted weeds, and lowers the cost of herbicides used in agriculture. These properties of herbicide tolerance have presented sound opportunities for genetically modified seed in the corn and soybean segment, which will spur growth for this segment over the forecast period.
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North America is expected to remain the largest region due to an increase in the population and food requirements, growth in the demand of bio-fuels and oleo-chemicals, and an increase in the demand for livestock feed.
Rest of the world is anticipated to see above average growth over the forecast period due to increasing population and food requirements and growing adoption of genetically modified seed in Brazil and Argentina.
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Emerging trends, which have a direct impact on the dynamics of the market, include the increasing adoption of biotech drought-tolerant crops and growing demand for high yield crops. Monsanto, DuPont, Syngenta, Dow, and Bayer are among the major suppliers of genetically modified seed.
The study includes a forecast for global genetically modified seed market by crop type, trait type, and region as shown below:
Genetically modified seed market by crop type [Volume (Billion Pounds) and $ billion shipment from 2011 to 2022]:
Genetically modified seed market by trait type [Volume (Billion Pounds) and $ Billion shipment from 2011 to 2022]:
- Herbicide tolerance
- Insect resistance
Genetically modified seed market by region [Volume (Billion Pounds) and $ Billion shipment from 2011 to 2022]:
- North America
- United States
- Asia Pacific
- The Philippines
- The Rest of the World
- South Africa
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This report answers the following 11 key questions:
Q. 1 What are some of the most promising, high-growth opportunities for the genetically modified seed market by crop type (corn, soybean, cotton, canola, and others), trait type (herbicide tolerance, insect resistance, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which product segments will grow at a faster pace and why?
Q. 3 Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and competitive threats in this market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What merger and acquisition activities have occurred in the last 5 years in this market and how have they impacted the industry?
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