GENETICALLY MODIFIED SEEDS MARKET ANALYSIS

Regional Analysis

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.