Growing demand for nutritional foods and increasing R&D activities in biotechnology are the major growth drivers for market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Stringent government regulations regarding approval of genetically modified food and toxic residuals of genetically modified crops are estimated to hamper the market growth.
Asia Pacific region is estimated to provide more growth opportunities to the market owing to the implementation of new technologies for crop production.
The major players in the market are BASF SE, Bayer AG, Syngenta Crop Protection AG, Sakata Seed America, and others.