Genetically Modified Food Market is Expected to Accumulate a Market Value of US$ 188.13 Billion by 2032
12/22/2022, Newark // Future Market Insights, Inc. //
The market for genetically modified food reached a value of US$ 102,800 million in 2022, and it is anticipated to reach a value of US$ 188,132.77 million by 2032, growing at a CAGR of 6.2%. The market for genetically modified foods is expanding as a result of the rising demand from consumers of all ages for nutrient-dense foods. Between 2016 and 2021, the market for genetically modified food experienced a CAGR of 5.8%.
Genetically modified foods are food derived from organisms, plants, or animals whose genetic structure has been altered so that it doesn’t seem natural. For instance, the introduction of another genetic material from another organism of the same species is called a genetic modification. If the organism is edible, then it becomes genetically modified food. The new organism with a modified genetic structure has a better characteristic that the unmodified one since it becomes more adaptable to conditions in which the unmodified species isn’t.
When they are prepared as food, they have better properties such as high nutritional value, longer shelf life, sweet flavor, and better texture. These properties are major factors fueling the growth of the global genetically modified food, and this is expected to continue over the foreseeable period. The cost-effectiveness of genetically modified foods is expected to facilitate the growth of the market during the forecast period. However, the unusual taste associated with genetically modified food as compared with non genetically modified food is a strong factor that might restrain the market’s growth over the forecast period.
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Genetically Modified Foods Market Growth Driven by Growing Consumers’ Demand for Healthy Food Products
Genetically modified foods have many health benefits attributed to consumption. Unlike non genetically modified food, genetically modified food does not cause cancer; neither does it cause gastrointestinal discomfort. The genetic structure of modified food products is such that it doesn’t affect the health of humans. The alteration is carried out to enhance nutritional value, enhance food taste, and prevent allergic to some food products. These attributes are what is driving the market forward over the years, and this is expected to continues even after the forecast period. Besides, government stringent regulations on the usage of pesticides or harmful toxic substance in farm products is another factor slated to drive the market forward since most pesticides often remain on plants as residue and this has adverse effect on the health of humans
Manufacturers Focusing on Innovative Products
Since genetically modified food can be used in the production of various food products, this has given it an edge in the global market. Genetically modified food is used in the beverage industry, food processing industry, and many others. The diversity in the application in the food and beverage industry is a significant factor expected to promote the growth of the genetically modified food market during the forecast period and aftermath.
Genetically Modified Foods Market Restraints
Government stringent rules on the consumption of genetically modified food or crops are a strong force hampering the growth of the market. For instance, there are three agencies in the US, such as the Environmental Protection Agency (EPA), the United States Department of Agriculture, and the Food and Drug Administration, regulating the transgenic crop based on different perspectives. Each key player in the industry has confirmed its genetically modified crop from each body.
Genetically Modified Foods Market: Region-wise Analysis
North America is the largest market for global genetically modified foods in terms of revenue, and it’s expected to remain in dominance over the foreseeable period. The Asia Pacific is slated to record a healthy CAGR with countries like China and India acting as growth drivers. Increasing disposable income, coupled with the growing population size of individuals requesting for genetically modified food are factors fueling the growth of the industry within the region.
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Genetically Modified Food Market: Competitive Analysis
- Monsanto US
- DuPont US
- Syngenta Switzerland
- Bayer Crop Science Germany
- Sakata Japan
- BASF Gmbh
- Group Limagrain France to name a few.
The market is highly competitive with major players focusing on merging with other companies in order to increase their industry to regions where they don’t have foothold.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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Global Genetically Modified Food Market Segment Analysis
They global genetically modified food market can be segmented on the following basis:
- Herbicide Tolerance (HT)
- Insecticide Resistance (IR)
- Stacked Traits (ST)
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