Genetically Modified Food Market Insights
The genetically modified food market is projected to grow at a high CAGR over the coming years due to favourable consent and initiatives taken up by the FDA for the consumption of these products. Rapidly increasing population is expected to increase pressure on food yields over the coming years, which will act in favour of genetically modified food.
The market is also positively influenced by demand for packaged products with a comparatively longer shelf life. This can be achieved in genetically modified food. However, stringent regulations put in place for the cultivation of GMO food is expected to hinder market growth. Lack of awareness and debate over the products suitability for human consumption is also expected to restrain demand for such produce. However, GMO food is expected to remain a critical in order to ensure sustainability.
Genetically Modified Food Market: Application Insights
On the basis of product, the genetically modified food market is segmented into crops, vegetables, fruits, animal products and others. Genetically modified crops have gained the attention of many countries. The demand for GM food is expected to grow at an exponential CAGR on account of increasing consumption of packaged and convenience food.
Some of the benefits associated with GM food are that it increases agricultural yield and makes use of considerably less pesticides and herbicides. According to the FAO, GM food is also engineered to be more nourishing in terms of its mineral & vitamin content. Commercial and acceptance of GM food is also expected to bring down prices of fruits and vegetable over the coming years.
Genetically Modified Food Market: Regional Insights
The North American region occupied the largest share in the genetically modified food market in 2016. The U.S. currently manufactures more than 90% of their corn, soybean, and cotton produce through genetic engineering. GMO food crops have also gained wide attention in Canada for cultivation of canola, soy, sugar beet, and corn.
Europe occupied the second largest share in the GM food market on account of favorable regulations which has increased the import of GM crops over the last few years. The Asia Pacific region is also expected to grow at a high CAGR on account of increasing interest taken up by countries such as India and China in genetically modified food. The Central & South American and Middle Eastern & African region is expected to grow at a moderate CAGR from 2017 to 2025.
Genetically Modified Food Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Genetically Modified Food Market: End-Use Landscape
The report provides a detailed list of end-users operating across the world. The end-user landscape includes consumer contact details, geographical presence, revenue, product portfolio, organic and inorganic growth strategies among others. Some of the companies who are likely to use genetically modified food include General Mills, Coca-Cola, PepsiCo, and Unilever
Genetically Modified Food Market Share & Competitor Analysis
Key players operating in the genetically modified food market include Syngenta, Monsanto, Sakata, Bayer Crop Science, BASF Gmbh, and DuPont among others. Increasing investments in developing several other produce such as decaffeinated coffee beans is also expected to augment market growth over the coming years.
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