November 2022, Market Research Future has published a Report on the Global Transgenic Seeds Market
Global Transgenic Seeds Market size is expected to cross USD 79.03 Billion by 2032 at a CAGR of 12% during the forecast period of 2023 to 2032. Seeds developed through genetic modification with certain desirable traits are known as transgenic seeds. Prominent players active in the global transgenic seeds market are adopting various business strategies to strive in such a competitive market. Product launches, mergers & acquisitions, and expansions are the major strategies adopted by the market players. For instance, in February 2019, DowDuPont launched a new product line of genetically modified soybean, post receiving approval from the Philippines governemnt.
Widening Application Scope of Transgenic Crops
Growth Opportunities in the Market
Soybean segment to register the highest growth rate during the forecast period: The growth of the segment can be attributed to the rising application of soybean and its derivatives. South American countries such as Brazil and Argentina are among the major country-level markets contributing to the growth of the segment. Brazil is registering an increase in the area cultivated with transgenic soybean owing to the high demand for transgenic soybean in both domestic and export markets, along with the availability of suitable seed technologies.
Rising need to limit pesticide use is expected to boost the growth of the insecticide resistant segment: Pesticides are often used to control insect population with variable effectiveness and considerable expense. Limiting the use of pesticides in agriculture benefits both farmers and the environment. The cultivation of insect-resistant crops such as cotton and maize have led to a reduction in the volume of chemical insecticides used around the world by 107 million kg between 2009 and 2018. Thus, the insecticide resistant segment is projected to register the highest growth rate during the forecast period.