Genetically Modified Feed Market Size

Genetically Modified Feed Market Size

Genetically Modified Feed Market size registered over USD 85 billion in 2021. Propelled by the expansion of the animal feed sector, the industry is expected to grow at a CAGR of over 5.5% between 2022 and 2030.

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Genetically modified feeds are rich in nutrients and quality and are mostly fed to cattle and animals to make them healthy and nutritive. A recent surge in customer preference for meat products will drive market growth. GMO feed is highly monitored by governments across countries to maintain the quality of the process of cultivating and integrating the product. For instance, the U.S. Food and Drug Administration, which is the primary regulatory organization responsible for guaranteeing the safety of GMO and non-GMO food for animals in the country, has tasked the Center for Veterinary Medicine with managing this responsibility.

Recently, the FDA has approved AquAdvantage Salmon and GalSafe pig for sale to consumers. Subsequently, the mounting availability of safe products is facilitating genetically modified feed market progress. Burgeoning demand for food in developing and underdeveloped countries will also impel industry expansion. Firms are indulging in strategic collaborations and acquisitions to introduce new product ranges and expand their business standing in varied nations.

Government regulations may restrain industry progression

Stringent government regulations focusing on the penetration of non-GMO crops in food processing are a major cause restraining market growth. As government authorities are closely monitoring the production process and controlling the supply and penetration of these products, the industry often witnesses backlash on expanding the business beyond local markets. Nonetheless, increasing demand for the use of GMO crop-based feed due to its low cost will encourage manufacturers to focus on innovating crop feeds.