Genetically Modified Vegetables Market Analysis 2024 – Estimated Market Size And Key Drivers

The Genetically Modified Vegetables  by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Genetically Modified Vegetables , The genetically modified vegetables market size has grown rapidly in recent years. It will grow from $0.1 billion in 2023 to $0.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%.  The  growth in the historic period can be attributed to increased crop yield, pest resistance, drought tolerance, improved shelf life, enhanced nutritional content, weed control.

The genetically modified vegetables market size is expected to see rapid growth in the next few years. It will grow to $0.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.  The growth in the forecast period can be attributed to consumer health awareness, climate change adaptation, regulatory support, food security concerns, global population growth. Major trends in the forecast period include biotech research and innovation, biotic and abiotic stress tolerance, precision breeding techniques, global collaboration on research, organic and sustainable agriculture.

The surge in demand for healthy and more yielding crops is driving the genetically modified vegetable market forward. Crops are plants that are grown for economic profit. With the constant population across the world and shrinking farming lands along with increased droughts, the need for high-yielding crop species is increasing. This need can be met using genetically modified vegetables. For instance, In 2021, a survey was conducted by the American Farm Bureau Federation, a US-based insurance company representing the agriculture industry in the US. The survey included 784 respondents from the 11 western states of the US. According to the survey, 70% of the respondents agreed that their yield had decreased while the local feed costs were increased. Additionally, according to the World Food Programme, an international organization of the United Nations working for food-related assistance, approximately 828 million people sleep hungry at night in the world. The number of people suffering from acute food shortages increased from 135 million in 2019 to 345 million in 2022. As a result, the need for high-yielding and healthy crops is driving the genetically modified vegetable market forward.

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The genetically modified vegetables market covered in this report is segmented –
1) By Type Of Modification: Transgenic, Cis-Genic, Sub-Genic, Multiple Trait Integration
2) By Crop: Soybean, Cotton, Maize, Oilseed Rape, Canola, Alfalfa, Other Crops
3) By Technique: Gene Guns, Electroporation, Microinjection, Agrobacterium, Other Techniques
4) By Trait: Herbicide Tolerance (HT), Insect Resistance (IR), Stacked Traits, Other Traits
5) By Application: Scientific Research, Agriculture Crops

Top Major Players:

• BASF SE
• Bayer AG
• The Dow Chemical Company
• Syngenta AG
• Dupont de Nemours Inc.

North America was the largest region in the genetically modified vegetables market in 2023.

Product innovations are a key trend gaining popularity in the genetically modified vegetable market. Major companies in the genetically modified vegetable market are introducing innovative products such as genetically modified tomatoes to sustain their position in the market. For instance, in March 2021, Sanatech Seed, a Japan-based plant technology company launched the world’s first direct consumption of genetically modified tomatoes. The product is developed using CRISPR-CAS9 technology. The new tomato has high levels of gamma-aminobutyric acid (GABA), an amino acid believed to aid relaxation and help lower blood pressure.

The genetically modified vegetables market report table of contents includes:
1. Executive Summary
2. Genetically Modified Vegetables Market Characteristics
3. Global Genetically Modified Vegetables Market Trends And Strategies
4. Genetically Modified Vegetables Market – Macro Economic Scenario
5. Global Genetically Modified Vegetables Market Size and Growth
…….
26. Global Genetically Modified Vegetables Market Competitive Benchmarking
27. Global Genetically Modified Vegetables Market Competitive Dashboard
28. Key Mergers and Acquisitions In Genetically Modified Vegetables Market
29. Genetically Modified Vegetables Market Future Outlook and Potential Analysis
30. Appendix

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