Genetically Modified Foods Market Size, Share, Growth, And Industry Analysis, By Type (Vegetables, Crops, Animal products and Fruits), By Application (Herbicide Tolerance (HR), Insect Resistance (IR) and Stacked Traits (ST)), Regional Forecast to 2027

Report Overview

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The global genetically modified foods market size was USD 105.16 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the genetically modified foods market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 169.21 billion in 2027, exhibiting a CAGR of 8.25% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Created from animals or plants whose DNA has undergone genetic manipulation, genetically modified foods, sometimes known as GM food, is food. These GMOs—genetically modified organisms—are frequently abbreviated. By transferring DNA from other organisms, for instance, genetic engineering is the method of directly altering an organism's genes. It differs from the traditional approach of raising animals and plants intentionally to obtain desired features. Since the launch of "Flavr Savr" tomatoes in 1994, which were created to mature more gradually, modified foods have been sold in the US.

The market for genetically modified (GMO) food is anticipated to generate substantial revenues by expanding at a sizable CAGR throughout the forecast period. The market is expected to expand as a result of a number of factors, including the expanding demand for nutritive and functional foods, the increased production of genetically modified crops, and the rising investment in biotechnology research & development. According to estimates, the functional food market would bring in about USD 320 million in 2022, up from USD 265 million in 2020. Aside from this, it is also possible to grow modified products with little pesticide use, which is expected to spur market expansion in the near future.

COVID-19 Impact: Decline in Sales and Production of the Food due to the Strict Regulations Imposed

Global health problem COVID-19, which has injured almost every business, is anticipated to have long-term effects on the development of the market for genetically modified crops during the anticipated time frame. COVID-19 has also messed up the supply chain. Several industries weren't able to function efficiently as a consequence of the closure, and numerous of them also had delays in receiving the raw supplies they needed. The stock shortfall led to loss of sales. There was a decline in the sales and production of GMO foods as a result of the COVID-19's strict regulations paired with a labor shortage.

Latest Trends

"Acquisition of Business to Broaden Market Share and Increase Clientele"

Bayer CropScience Limited successfully acquired Monsanto India Limited for $63 billion in September 2019. This transaction was made in order to increase Bayer's clientele and market share in India. The firms intend to keep the Monsanto product names while adding them to Bayer's product line. Prior to the takeover, the 1949-founded Monsanto India Limited was a subsidiary of the American biotechnology company Monsanto.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Vegetables, Crops, Animal products and Fruits

• By Application Analysis

Based on application, the market can be divided into Herbicide Tolerance (HR), Insect Resistance (IR) and Stacked Traits (ST)

Driving Factors

"Advantages Offered by the GMO Products Propel the Market Expansion"

There are numerous health advantages of eating modified food. In contrast to non-modified food, genetically engineered food neither causes cancer nor gastrointestinal discomfort. The genetic makeup of items containing genetically modified foods is such that it has no impact on people's health. The modification is made to improve nutritional value, improve food flavor, and reduce allergic reactions to certain food products. These characteristics are propelling the market ahead, and this is anticipated to last beyond the forecast time. Additionally, government strict controls on the use of pesticides or hazardous poisonous substances in agricultural goods is another element projected to advance the market since most pesticides frequently leave a deposit on plants and have a negative impact on human health.

"Changing Consumer Taste and Variety of Application in the Beverage Sector is Anticipated to Favor the expansion of the industry"

It has an advantage in the worldwide market since genetically modified foods can be utilized to produce a variety of food products. In the beverage and food processing industries, among many others, genetically modified products is employed. Demand for GMO is being favorably influenced by changing consumer taste preferences as well as the need for nutrient-rich diets. In addition, the variety of applications within the food and beverage sector is a prominent factor anticipated to favor the expansion of the market for modified foods during the projected period and afterwards.

Restraining Factors

"Governments Restrictions on the Ingestion of Modified Food is a Significant Factor Impeding the Market’s Blooming"

Government restrictions on the ingestion of modified food or commodities are a significant factor impeding the genetically modified foods market growth. In the US, for instance, three organizations—the Environmental Protection Agency (EPA), the United States Department of Agriculture, and the Food and Drug Administration—regulate transgenic crops from several angles.  A genetically modified crop from each body has been confirmed by each major player in the market. Genetically modified industry expansion is being restrained by consumer demand for non-GMO food and organically grown food.

Regional Insights

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"North America to Dominate the Regional Market due to Increasing Production and Presence of Top Producers in the Area"

In terms of sales, North America is the largest market for modified food worldwide, and this dominance is forecast to persist for the foreseeable future. The U.S. has a significant agricultural sector. In the region of North America, corn and soybean crop production is increasing. Additionally, the top producer of genetically modified crops is North America. As a result, the market in this area is earning more money. The appetite for genetically modified products in the region is being fueled by an increase in the use of biotech crops as well as the desire for changed food products. Thus, it is anticipated that North America will hold the biggest genetically modified foods market share.

Another continent that contributes to the market for modified foods is Europe. A wide range of genetically modified crops are produced in France by the agricultural sector. In turn, this is assisting the industry of foods and beverages in the development of new food products. With the help of the nations in the area, this is expected to record a good CAGR. Additionally, rising disposable income and an expanding population of people seeking out genetically modified products are factors promoting the industry's expansion in the area. Thus, it is anticipated that Europe would account for a sizable portion of the market for genetically modified foods.

Key Industry Players

"Key Players Focus on Organic as well as Inorganic Growth Techniques to Increase their Clientele and Revenue"

Many companies are concentrating on organic growth techniques including product approvals, product releases, and others including copyrights and events. Acquisitions, alliances, and collaborations were some of the inorganic growth techniques seen in the market. These actions opened the door for market participants to increase their clientele and revenue. With the growing needs for genetically modified foods in the international market, market participants are projected to benefit from lucrative growth prospects in the future.

List of Market Players Profiled

• Syngenta (Switzerland)
• Dow Chemical Company (U.S.)
• Groupe Limagrain (France)
• Bayer Crop Science (Germany)
• Sakata Japan (Japan)
• DuPont (U.S.)
• Monsanto (U.S.)
• KWS SAAT SE (Germany)
• BASF GmbH (Germany)

Report Coverage

This report covers the genetically modified foods market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2027. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.