Genetically Modified Food Market Size

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.

Frequently Asked Questions (FAQ)

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 â€“ 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.

Genetically Modified Food Market Size