LONDON, July 07, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the GM crops market, the global genetically modified crops market size is expected grow from $20.09 billion in 2020 to $21.47 billion in 2021 at a compound annual growth rate (CAGR) of 6.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $29.5 billion in 2025 at a CAGR of 8%.
Global Market Share
North America has the largest genetically modified crops market share, accounting for 53.8% of the total in 2020. It is followed by South America, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the genetically modified crops market will be the Asia Pacific and North America, where growth will be at CAGRs of 7.3% and 6.5% respectively during 2020-2025. These will be followed by South America and Middle East, where the markets are expected to grow at CAGRs of 6.2% and 3.1% respectively.
Increase In Biofuel Demand Is A GM Crop Market Driver
The GM crops market is expected to be supported by the growing demand for biofuel manufactured through genetically modified crops in the forecast period. Genetically modified (GM) plants have been promoted as a new option for biofuel production as they promise higher yield or higher quality feedstock. As countries slowly shift from fossil fuels to more eco-friendly means of transportation, biofuels are expected to increasingly gain popularity, thus supporting the demand for GM crops in the forecast period. For instance, the revised Renewable Energy Directive (REDII) in Europe of 2021, setting the EU policy framework until 2030, which is expected to support the market for biofuels, thus driving the GM crops market.
The Business Research Company’s report titled Genetically Modified Crops Global Market Report 2021: COVID 19 Growth And Change to 2030 covers major genetically modified crops companies, genetically modified crops market share by company, genetically modified crops manufacturers, genetically modified crops market size, and genetically modified crops market forecasts. The report also covers the global genetically modified crops market and its segments.
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COVID-19 Impact
The pandemic has impacted domestic food supply chains stemming from loss of income and remittances in many countries. Additionally, climate-change-related environmental stresses, including devastating bushfires in Australia and locust attacks in Africa and South Asia during last year decreased agricultural productivity worldwide. The supply of basic necessities was normally assured, but for goods which are imported or exported, there was a lot of hassle owing to closure of borders as international trade was interrupted. Problems with the agriculture market included labor availability and inability to access markets for produce due to issues in transportation as well as with the operation of markets. Commercial crop production, which relies more on migrant labor, suffered due to unavailability of manpower.
With the pandemic impacting farmers, their resources and supply chain, orders were being cancelled or returned and the demand for genetically modified crops was also hit as less farmers were willing to invest resources in these crops, owing to the unclear situation on demand and flow of goods.
Competitive Landscape
The global genetically modified crops industry is mostly consolidated, with small number of large players. The top ten competitors in the market made up to 47.76% of the total market in 2020. Major players in the market include Bayer AG, BASF SE, DuPont, Syngenta AG, The Dow Chemical Company, JR Simplot Co., Groupe Limagrain, Stine Seed Farm, Inc., Calyxt Inc., and Maharashtra Hybrid Seed Company (MAHYCO).
Genetically Modified Crops Global Market Report 2021: COVID 19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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