Genetically Modified Foods Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Qatar, Kuwait, UAE), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI2220
Global Genetically Modified Foods Market size is anticipated to witness significant growth owing to increase in demand for nutritional and healthy food products. Rising consumption across diverse age group is expected to be a major factor driving the demand for genetically modified nutrition products.
Genetically modified foods (GMF) are derivative of organisms whose (DNA) genetic material is modified in the way that naturally it does not occur, for instance, through the introduction of a gene from a substitute organism including animals, plants or microorganisms. The main advantages of genetically modified foods are flavor, better texture and high nutritional value coupled with longer shelf life. These factors are likely to propel product demand.
Rising demand for healthy nutriment products and convenient availability of GMF products are key trends in the genetically modified foods industry globally. Increasing consumer consciousness regarding pesticides and surge in production are the other factors driving industry expansion. Since, GMF products were approved by FDA, controversy regarding its safety for individual’s consumption is a major concern. However, regardless of all the hindrances and criticism, the GMF industry has grown drastically in past few years owing to the nutritional value it offered.
Rare taste compared to non-genetically modified food and safety issues that it might affect normal functioning of the body are some of the drawbacks of genetically modified foods hampering the industry growth. Damage to soil fertility and beneficial insects along with genetic pollution, lack of any centralized government regulation and absence of awareness about the benefits of GMF are the factors restraining industry potential growth.
The U.S. government is focusing on the safety and quality of genetically modified products. To some extent the industry is controlled by the Food and Drug Administration, that governs food products and its ingredients and Department of Agriculture, for farm biotechnology. The producers of the genetically modified food products are strongly involved in certifying their quality and safety. For instance, FDA rely on a consultative process with manufacturers who willingly presents their plans to the regulatory bodies before marketing or selling the products.
North America estimated to hold a major market share for GMF and likely to continue as market leader in terms of revenue over the forecast period. Soya and Corn are extensively cultivated in genetically modified form as compared to other crops in the US. However, in Canada only four types of GM crops are grown including soy, corn, sugar beet and canola.
Europe imports around 60 genetically modified products from other nations in current scenario, especially soy bean, maize, sugar beet and cotton. In addition, 17 new GMF items are permitted for import in Europe. GM products will have tremendous opportunities in the near future owing to the reforms in the nation and increase in demand for GMF, Europe is anticipated to be one of the leading region for GMF imports over the forecast period.
Asia-Pacific region is projected to witness a rapid growth owing to increasing demand for GM foods in China and India. Demand is supported by rising health awareness among consumers regarding nutritional content in diet.
Major industry players are DuPont US, Monsanto US, Sakata Japan, Syngenta Switzerland, Bayer Crop Science Germany, BASF and Group Limagrain France. The manufacturers are aggressively involved in collaboration with the Advanced Research Institutes (ARIs) in the industrial countries such as Brazil, China, Argentina, Malaysia, India and the Philippines for important R&D program in transgenic and biotechnology crops. Companies are also enhancing their R&D in some of the African countries including South Africa, Zimbabwe, Kenya, Mali, Egypt, Nigeria and Uganda to cater the rising demand for GMF in Africa.
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