Global 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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