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Genetically Modified (GMO) Food Market size was valued at USD 109.38 billion in 2023 and is likely to reach USD 251.06 billion by the end of 2036, expanding at around 6.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of genetically modified food is assessed at USD 115.16 billion.
The growth of the genetically modified (GMO) food market can be attributed to factors such as the growing demand for nutritional and functional foods, escalating production of genetically engineered crops and the rising investment for conducting research and development activities in the field of biotechnology. It is calculated that the functional food market will generate a revenue of approximately USD 320 million in 2022, up from USD 265 million in 2020. Apart from these, the cultivation of genetically modified foods is possible with minimal consumption of pesticides, which is also anticipated to drive growth to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.6% |
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Base Year Market Size (2023) |
USD 109.38 billion |
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Forecast Year Market Size (2036) |
USD 251.06 billion |
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Regional Scope |
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The market is segmented by type into vegetables, crops, fruits, and animal products, out of which, the crops segment is anticipated to hold the largest share in the genetically modified (GMO) food market on account of the rising usage of biotechnology in crop production. Along with this, the crops segment is anticipated to grow at the highest CAGR during the forecast period as well. The growth of this section is led majorly by crops, namely, modified corn and soybean owing to their high consumption globally and the fact that they are resistant to the chemicals used to kill weeds. Additionally, based on trait, the segment for stacked trait (ST) is projected to witness notable growth in the coming years as foods with stacked traits are considered to be rich in nutritional content and disease resistant properties.
Our in-depth analysis of the global genetically modified (GMO) food market includes the following segments
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By Type |
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By Trait |
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North America Market Statistics
On the basis of geographical analysis, the genetically modified (GMO) food market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America industry is poised to hold largest revenue share by 2036, on the back of increasing cultivation of soybean and corn, rise in adoption of biotech crops, and growing demand for modified food products produced in the region. The United States was the largest producer of maize in 2020, amounting to more than 360 million thousand tons.
Europe Market Analysis
Furthermore, Europe is evaluated to be the second largest shareholder in the genetically modified (GMO) food market during the forecast period accounting to the intensifying number of imports of genetically modified food products in this region, especially cotton, maize and sugar beet.
APAC Market Analysis
However, Asia Pacific’s market is expected to witness the highest growth in the future, which can be credited to the intensifying implementation of new technologies for cultivation and the surge in population growth in the region.
Author Credits: Parul Atri
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