Transgenic Seeds Market Expected to Reach USD 136.9 Billion by 2032 Amid Rising Food Demands
The Transgenic Seeds Market is projected to exceed USD 136.9 billion by 2032, rising from USD 39.29 billion in 2021, with an impressive compound annual growth rate (CAGR) of 12% over the forecast period from 2022 to 2032. Transgenic seeds, also known as genetically-modified (GM) crops, are created by transferring genes from one species to another, imparting beneficial traits such as herbicide resistance or insecticidal properties from “B.t.” bacteria. Other bioengineered traits in commercially available transgenic crops include viral resistance, altered oil content, and modified ripening processes.
Unlike genetically modified medicines, animals, and industrial products, transgenic crops interact with the natural environment on a large scale, raising unique considerations. Despite this, farmers benefit from transgenic crops through reduced production costs and increased yields, making them an essential component in modern agriculture.
The market growth is driven by several key factors:
- Increasing Global Population and Food Demands: The surge in global population necessitates higher food production to meet growing demands.
- Rising Costs of Pesticides and Fertilizers: Transgenic seeds reduce the dependency on costly pesticides and fertilizers.
- Convenience of Residue Management: These seeds facilitate easier management of crop residues, enhancing agricultural efficiency.
Additional factors contributing to the popularity of transgenic seeds include rising seed costs, development of high-quality agricultural products, increased crop rotation rates, and greater farmer awareness of the toxicity associated with agrochemicals. Moreover, a concerted global effort to maximize agricultural production is driving farmers to adopt transgenic seeds.
