The global Genetically Modified Organism (GMO) Market size was USD 1.52 Billion in 2022 and is expected to register a revenue CAGR of 9.4% over the forecast period, according to the latest report by Reports and Data.
GM crops are commonly used in agriculture, Because of its resilience to pesticides, herbicides, and harsh weather conditions, resulting in increased agricultural output. GM foods are created to deliver perceived benefits such as cheaper price, durability, and nutritional content.
In addition, expanding population, altering dietary tastes, and the growing need to address food security challenges are driving market revenue growth. GM crops are seen as a way to satisfy this requirement as the world's population grows, increasing demand for food. Similarly, demand for processed foods, which commonly include GM ingredients, is increasing as a result of changing eating patterns. As a result, GM food safety testing is now required to confirm that these products are safe for human consumption.
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Top Companies Operating in the Global Genetically Modified Organism (GMO) Market Report:
- Thermo Fisher Scientific Inc.
- Eurofins Scientific SE
- SGS SA
- Intertek Group plc
- Bureau Veritas SA
- ALS Limited
- Mérieux NutriSciences Corporation
- Romer Labs Diagnostic GmbH
- AsureQuality Limited
- Genetic ID NA, Inc.
Some Key Highlights from the Report
- In 2022, the PCR segment represented the largest revenue share. PCR-based testing methods are highly accurate, sensitive, and specific in identifying Genetically Modified Organisms (GMOs) in food products. PCR-based testing techniques are particularly suitable for screening food products to identify GMO-containing items, as these techniques can detect GMOs even at very low levels.
- During the projected period, the herbicide tolerance segment is predicted to account for a disproportionately large part of revenue. This is owing to an increased requirement to assess the safety of these crops. Farmers today routinely adopt genetically altered crops that are herbicide resistant since it allows them to use less herbicides, which decreases costs and enhances output.
- The North America market is expected to account for the largest revenue share in the genetically modified food safety testing market during the forecast period. This is because the region has seen a rise in food consumption, leading to an increasing need for food safety testing. Furthermore, there have been increasing investments and Research & Development (R&D) efforts in the food safety testing industry, which are expected to further drive market revenue growth in this region.
- During the forecast period, the Asia Pacific market is predicted to have the fastest growing revenue rate in the genetically modified food safety testing market. This is because nations such as Australia, China, and India are increasing their usage of genetically modified crops. Furthermore, the government's emphasis on food safety legislation is expanding, as is public knowledge of food safety. Furthermore, increased regional market participant investments and the availability of cutting-edge technology for testing food safety are likely to fuel market revenue growth in this area.
The global Genetically Modified Organism (GMO) Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Further market segmentation
Technology Outlook:
- Polymerase Chain Reaction (PCR)
- Immunoassay
- Microarray
- Others
Trait Outlook:
- Herbicide Tolerance
- Insect Resistance
- Stacked Traits
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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