Global Transgenic Seeds Market Forecast
Global Transgenic Seeds Market Size is expected to cross USD 77 Billion by 2027 at a CAGR of 12% during the forecast period of 2020 to 2027. Seeds developed through genetic modification with certain desirable traits are known as transgenic seeds. Prominent players are active in the market. global Transgenic Seeds Market Size is 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 government.
Key Players of Transgenic Seeds Market Size:
Suntory Holdings Ltd (Japan); DowDuPont (US); Vilmorin & Cie SA (France);Maharashtra Hybrid Seed Company (India); Bayer CropScience AG (Germany);Monsanto (US); BASF SE (Germany);Syngenta AG (Switzerland); R.Simplot Co. (US); JK Agri Genetics Ltd (India).
Growth Opportunities in the Transgenic Seeds Market Size
Soybean segment to register the highest growth rate during the forecast period: The growth of the Transgenic Seeds Market Size 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.
The rising need to limit pesticide use is expected to boost the growth of the insecticide-resistant segment: Pesticides are often used to control the 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 has 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 Transgenic Seeds Market Size segment is projected to register the highest growth rate during the forecast period.
By Regional Analysis
- North America: North America is projected to gain the lion’s share in the global Transgenic Seeds Market Size and register a notable CAGR during the forecast period. The US is the major market contributing to the regional market growth. Technological advancements and high investment in agricultural activities are boosting the demand for transgenic seeds in the region. Soybean, maize, canola, and cotton are the major transgenic crops cultivated in the US.
- Europe
- Asia-Pacific
- Rest of the World
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