(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Global Genetically Modified Food (GMO) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Genetically Modified Food (GMO) Market products.
Since, times the genetically modified food have been approved by FDA for the consumption, there has been a lot of debate over the food for its safety for humans. Despite of all criticism and hindrances, the GMO food market has started picking up in recent years due to the nutritional value it offers. However, the GMO food market is in its nascent stage and has a long way to go to reach on every shelf in the market. As, the demand for GMO food is on a continuous rise, stacked traits, a mix of more than one transgene, is expected to see the highest growth when compared to Herbicide Tolerance (HT) and Insect Resistance (IR).The global genetically modified organism's food market will grow at a compound annual growth rate (CAGR) of 3.2% by the end of 2021. The production of genetically modified crops will increase from 112 million tons in 2015 to 130 million tons in the year 2021.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Size and Forecast
North America was the largest market for genetically modified food market in the year 2014. Currently in the U.S, 86% of corn, 93% of soybean and 90% of cotton are genetically engineered. However, in Canada only four kinds of GM crops are grown; corn, soy, canola, sugar beet. At present, Europe imports approximately 60 GM products from other countries, especially maize, soy bean, cotton and sugar beet. In addition to that, Seventeen new genetically modified food items have been given a green signal to be imported in Europe. Citing, the reforms in the region and demand for GMO foods, Europe is expected to become one of the net imported of the GMO foods in near future. Furthermore, in Asia-Pacific region the countries are witnessing a strong growth in GDP figures in recent years. India and China are projected to be the emergent countries for the genetically modified food market.
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Market Segmentation
By Type
On the basis of type the genetically modified organism's food market is segmented into:
Vegetables
Crops
Animal products
Fruits
By Trait
Based on the type of traits, GMO food market is studied on:
Herbicide Tolerance (HR)
Insect Resistance (IR)
Stacked Traits (ST)
By Region
On the basis of region the genetically modified organism's food market can be segregated into:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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Growth Drivers and challenges
A global demand for increased production capacity with limited existing resources along-with very less or no use of pesticide is the major factor that is projected to drive the demand for the GMO food in near future. In addition to this, spiked demand for nutritious food items with long shelf life is yet another reason to help GMO food market to expand in coming 7-8 years of time.
However, genetic pollution creation in the soil is the major setback for GMO food producers; government regulations to be met very strictly to grow GMO food. Further, lack of awareness amongst people and socially not accepted factor are projected to dampen the global genetically modified food market in coming years.
Key Players
Syngenta Switzerland
Monsanto US
Sakata Japan
Bayer Crop Science Germany
BASF GmbH
DuPont US
Groupe Limagrain France
Dow Chemical Company
KWS SAAT SE and
Others
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