GENETICALLY MODIFIED SEEDS MARKET ANALYSIS

Genetically Modified Seeds MarketSize and Trends

According to the Food and Agriculture Organization (FAO), increasing population and rising disposable income of consumers would result in an increase in food production by almost 70% by 2050. The steadily growing demand for food and the reduced availability of arable land is expected to increase the adoption of various agricultural developments such as GM seeds, which in turn, is anticipated to support the global growth of the market. According to the Department for Environment Food and Rural Affairs, total agricultural land in UK was reduced from 17,240 thousand hectares in 2014 to 17,147 thousand hectares in 2015.

Among crop type, corn segment dominated the GM seeds market in 2016 and is expected to maintain its dominance throughout the forecast period. This is attributed to rising demand for corn, as it is extensively used in production of ethanol and also as a feed for livestock. According to the US Energy Information Administration (EIA), corn is used as a primary feedstock of ethanol production and according to the estimation based on United States Department of Agriculture (USDA), U.S. produced 15.1 billion bushels of corn in 2016–2017 harvest year, which was 11% higher than the 2015–2016 harvest year. Moreover, according to the Renewable Fuel Association, the total ethanol production of the U.S. increased from 14.30 billion gallons in 2014 to 14.81 billion gallons in 2015.

Genetically Modified Seeds Market Taxonomy

Based on crop type, the global genetically modified seeds market is segmented into:

• Corn
• Soybean
• Cotton
• Potato
• Sugar Beets
• Zucchini
• Others

Based on trait, the global genetically modified seeds market is segmented into:

• Insect Tolerance
• Herbicide Tolerance

Genetically Modified Seeds Market Outlook

• North America dominated the genetically modified seeds market in 2016, owing to high adoption of genetically modified or biotech crops in the region. According to the International Service for the Acquisition of Agri Biotech Applications (ISAAA), in 2016, Canada was reported as one of the major countries producing genetically modified crops with an area of 11.55 million hectares, with an average adoption rate of 93%. In the same year, five majorly produced genetically modified crops in Canada were soybean, canola, maize, sugar beet, and alfalfa and the total planting of these crops increased by about 5% from 2015.
• Additionally in 2016, the Canadian Food Inspection Agency (CFIA), approved cultivation of SU Canola and innate potato. Increasing support from government with respect to promotion of genetically modified seeds is one of the major factors fueling growth of the market.
• Asia Pacific is expected to exhibit fastest growth over the forecast period. Biotechnology in the agricultural field segment is exhibiting strong growth in emerging countries such as India and China, to provide enhanced crop yield against fluctuating environmental conditions such as drought and salinity. In 2016, according to the International Service for the Acquisition of Agri-Biotech Applications (ISAAA), around 7.2 million farmers adopted the IR cotton, in order to increase cotton productivity per hectare. In China, virus resistant papaya was planted on 8,550 hectares of land and IR cotton on 2.8 million hectares of land in 2016. The adoption of genetic seeds is associated with various advantages such as cost savings on the application of insecticides and improved crop yields. These factors have led to increasing demand for genetically modified seeds in Asia Pacific.