Genetically modified (GM) seeds are seeds that have been altered at the DNA level and have introduced traits which are not naturally present. GM seeds are engineered to resist insects, drought, herbicides and disease to bolster agricultural productivity. Corn and soybean are the most common genetically modified food crops grown in many countries around the world. The global genetically modified seeds market has witnessed steady growth in recent years driven by growing concerns to meet increasing global food demand driven by rising population.

The global genetically modified seeds market is estimated to be valued at US$ 20.34 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing food demand owing to rising global population has been a key driver augmenting demand for genetically modified seeds globally. As per UN estimates, world population is expected to reach around 9.7 billion by 2050 from current 7.7 billion which will substantially increase demand for food. Genetic engineering helps in improving crop yields and resistance to stresses such as drought, floods and pests, thereby making it an important tool to boost agricultural productivity to feed growing population. Furthermore, increasing usage of herbicide tolerant genetically engineered crops has augmented their adoption by farmers for effective weed management.

SWOT Analysis

Strength: Genetically modified seeds offer higher yields and resistance to pests and diseases which helps farmers increase their crop output. The GM seeds are less labor intensive and require less pesticide spray which reduces the production costs for farmers. Moreover, GM seeds adapted to extreme weather conditions have boosted crop cultivation in regions that were previously unsuitable for farming.

Weakness: There is a risk of gene flow from GM crops to conventional and organic crops which can have an impact on biodiversity. Some studies have also indicated potential health risks associated with GM food consumption. Additionally, many countries have policies restricting the cultivation of certain GM crops due to environmental and food safety concerns.

Opportunity: The rising global population and reducing availability of cultivable land presents an opportunity for genetically modified seeds that boost crop yields. Demand for food grains is surging which can be met through higher adoption of high yielding GM seeds. Additionally, seeds modified for special traits like drought resistance have potential in regions impacted by climate change.

Threats: Stringent regulations around the world and negative public perception continue to pose challenges. Furthermore, the high development costs of GM seeds put pressure on pricing which impacts demand. Piracy of protected GM seeds also threatens research and development investments in this sector.

Key Takeaways

The global Genetically Modified Seeds market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows North America currently dominates with large acreage of herbicide tolerant and insect resistant crops. The United States and Canada are major markets where GM crops account for over 80% of total corn, soybean and cotton cultivation.

Asia Pacific is emerging as the fastest growing regional market for GM seeds driven by countries like India, China, Indonesia and the Philippines. supportive regulatory environment and need to boost farm productivity to meet the demand of growing populations in these nations is fueling adoption.

Key players operating in the Genetically Modified Seeds market are Bayer CropScience, BASF SE, Syngenta, and JR Simplot Co. These companies have robust research capabilities and extensive GM seed product portfolios for major crops. Strategic collaborations and acquisitions have enabled them to strengthen market position and global footprint.