Market Overview
The high variability in global climatic conditions is estimated to create momentum for the transgenic seeds market in the coming period. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The market stands to earn USD 77 Billion with the support of a CAGR of 12% by 2027.
The losses faced by farmers due to pests and loss of harvest due to unsuitable growing condition has become more common, and this influence is estimated to further augment the transgenic seeds market in the near future. Furthermore, improvement in agricultural sciences is predicted to enhance the transgenic seeds market companies share in the upcoming period.
Key Players
The notable contenders in the transgenic seeds market are Suntory Holdings Ltd (Japan), DowDuPont (US), Vilmorin & Cie SA (France), Maharashtra Hybrid Seed Company (India), Bayer CropScience AG (Germany), Monsanto (US), BASF SE (Germany), Syngenta AG (Switzerland), R.Simplot Co. (US) and JK Agri Genetics Ltd (India).
Market Segmentation:
The segmental investigation of the transgenic seeds market is carried out on the basis of trait, crop, and region. The trait segment of the transgenic market consists of insect- resistance, herbicide tolerance, and others. The regions included in the transgenic market are North America, Asia Pacific, Europe, and other regional markets. The crop segment of the transgenic seeds market consists of cotton, maize, soybean, canola, rice, and others.
Industry Updates:
Feb 2021 Cuba bidding to have its primary regulatory laboratory for transgenic foods, in the National Institute of Hygiene, Epidemiology, and Microbiology (INHEM), in Havana. The reason for the installation is to screen countrywide developed or traded in genetically modified organisms (GMOs). The system will have high technology and reliability and must have the endorsement of the consequent international organizations for its operation.
Oct 2020 Argentina has developed into the first nation to support the development and use of genetically modified wheat. The ministry's scientific commission in Buenos Aires stated that it had permitted a drought-resistant type of wheat in the world's fourth major exporter of the crop. CONICET stated the genetic alterations to Argentina's wheat crop would have to be permitted in Brazil, traditionally the country's chief export market, to be commercially feasible.
Sep 2020 An endorsement provided for limited field trials to two novel Bt brinjal varieties for biosafety assessment by the Genetic Engineering Appraisal Committee (GEAC) in seven States in India has created ambiguity about the government’s opinion on genetically modified (GM) crops. GEAC in a meeting chose to permit a Jalna-based, relatively-unknown seed company Beejsheetal Research Private Ltd to conduct biosafety research experiments of its two Bt brinjal assortments, transmitting a new bacterial gene Bt CryiFa1 — in Jharkhand, Bihar, Chhattisgarh, Odisha, Karnataka, Tamil Nadu and West Bengal between 2020 and 2023 with the support of the State agricultural section.
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Regional Analysis
The regional assessment of the transgenic market includes North America, Asia Pacific, Europe, and other regional markets. The North American transgenic seeds market is anticipated to advance a bigger share in the global transgenic market and record an outstanding CAGR in the forecast period. The US is the chief market backing the regional market progress. Technical innovations and high investing in agricultural pursuits are boosting the requirement for transgenic seeds in the region. Canola, soybean, maize, and cotton are estimated to appear as the major transgenic crops cultivated in the US. The Asia Pacific transgenic seeds market is developing due to the ability of the region to offer strong development prospects to the market companies in the forecast period. The contemporary traits introduced in various yields are anticipated to back the development of the transgenic seeds market in the forecast period.
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