Genetically Modified Seeds Market Size, Share, Growth Analysis, By Crop Type(Insect Tolerance, Herbicide Tolerance), By Region - Industry Forecast 2024-2031

Genetically modified seeds market Drivers

Increasing demand for Food, owing to Increasing Population to Bolster Market Growth

• The Food and Agriculture Organization (FAO) predicts that by 2050, food production will rise by nearly 70% due to rising consumer disposable income and an expanding population. It is anticipated that the global expansion of the market will be aided by the increasing demand for food and the decreasing amount of arable land available. As a result, the adoption of various agricultural innovations like GM seeds is expected to rise. From 17 lakh hectares in 1996 to 1917 lakh hectares in 2018, the area under GM crops has increased dramatically worldwide. The governments of a number of developing nations, including APAC and Africa, are also encouraging farmers to use genetically modified seeds rather than conventional seeds to boost crop yields, which is also fueling the expansion of the global market for genetically modified seeds. On the other hand, the market for genetically modified (GMO) seeds will expand during the forecast period thanks to an increasing number of R&D efforts and the widespread availability of seeds that are good for the environment.

Genetically modified seeds market Restraints

Stringent Regulations to Hinder Market Growth

• The growth of the market for genetically modified crops is being hampered by stringent regulations imposed by regulatory bodies like the Food and Drug Administration (FDA), the Environmental Protection Agency (EPA), and the United States Department of Agriculture (USDA).For instance, the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) entitles EPA to regulate the use of Bt toxins.