Transgenic Seeds Market Global to Witness Robust Growth at a CAGR of 12% During 2023-2032
Transgenic Seeds Market Analysis
The
global transgenic seeds market will touch USD 79.03 billion at a 12% CAGR by
2032, as per the recent Market Research Future report. Increasing demand for
sustainable and resilient agricultural solutions, genetic engineering and
biotechnology advancements, and the need to address food security challenges
amidst population growth and climate change are the major market drivers
enhancing transgenic seeds market growth. Transgenic
Seeds Market Eyeing Remarkable Growth due to
Intensive Investments in R&D
Drivers
Better Crop Quality and Yield to
Boost Market Growth
In
general, transgenic seeds are utilized to improve agricultural productivity and
quality. Numerous benefits are offered by them, such as greater disease
resistance, higher tolerance for environmental difficulties, and efficient weed
management. Transgenic seeds are mostly utilized in agricultural production to
increase yields while using fewer inputs. The transgenic seed business is
boosted by the application of the transgenic seed technology to enhance yield
and use less agricultural land, resulting in higher earnings for farmers.
Opportunities
Intensive Investments in R&D to
offer Robust Opportunities
The
introduction of better seed varieties with higher resistance to diseases &
pests, permitting increased yields and high-quality products, is the result of
significant investment in R&D by seed companies.
Restraints
and Challenges
Strict Government Rules to act as
Market Restraint
The
strict government rules for product approvals, environmental changes, high
R&D activity cost, and shortage of product accessibility in underdeveloped
regions may act as market restraints over the forecast period.
Market Segmentation
The
global transgenic seeds market outlook is bifurcated based on
crop and trait.
By trait, herbicide tolerance will lead the market over the forecast period for the
significant threat posed to the farmers by weeds. This is of utmost
significance for controlling weed attacks on the crops.
By crop, corn will domineer the market over the forecast period for its
burgeoning demand.
COVID-19 Analysis
Agricultural
industries all across the world have been impacted by the Covid-19 outbreak and
the efforts adopted to contain the pandemic. In order for agricultural
production to begin, farmers must receive the seeds. However, because of the
Covid-19 pandemic, the labor, transportation, and packaging sectors—which are
allied sectors for agriculture—have been halted, which has caused a delay in
the seed’s supply chain to farmers. The necessary amount and quality of seeds
have not been available everywhere. Agriculture production has decreased as a
result of these disturbances.
Regional Analysis
North America to Head Transgenic
Seeds Market
The
market for transgenic seeds in North America reached USD 13.05 billion during
2022 and is predicted to increase at a substantial CAGR throughout the research
period. The region's highly developed and technologically oriented agriculture
industry necessitates novel approaches to maximize crop output and productivity.
Additionally, the use of transgenic seeds as a practical way to improve
agricultural production and sustainability has been prompted by the need to
assure food security & address issues like climate change and population
expansion. Additionally, the marketing and acceptance of transgenic seeds are
made easier by the favorable regulatory frameworks both for biotechnology &
genetic engineering within North America, which further accelerates market
expansion.
Key Players
Eminent
industry players profiled in the global transgenic seeds market report include DowDuPont
(US), Suntory Holdings Ltd (Japan), Maharashtra Hybrid Seed Company (India),
Vilmorin & Cie SA (France), Monsanto (US), Bayer CropScience AG (Germany),
Syngenta AG (Switzerland), BASF SE (Germany), JK Agri Genetics Ltd (India), and
J.R. Simplot Co. (US).
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