GM Seeds Market Growth to Increase through 2020 Due to Rise in Biofuels UseAugust 31, 2016
The global genetically modified (GM) seeds market will continue to grow at a compound annual growth rate (CAGR) close to 10% by 2020, says a new report by Technavio, a global technology research and advisory company. Technavio's latest report, Global Genetically Modified Seeds Market 2016-2020, covers the present scenario and growth prospects of the global GM seeds market for 2016-2020.
The report states that four factors contribute to the growth of the global GM seeds market. These are: rise in adoption of biofuels; increased demand for animal feed; threat from global food companies to non-GM food products; and premium pricing of non-GM food products.
The demand for biofuels during the forecast period will increase as consumers become more concerned about the environment. Biofuels use energy crops such as wheat, soybean, sugarcane, and corn. As governments in Asia Pacific and Africa encourage the use of biofuels, the increasing production of energy crops will continue to boost the global GM seeds market. The International Energy Agency (IEA) expects a one percent increase in the share of cropland for biofuels during the forecast period.
According to the report, North America will continue to dominate the market, and is likely to occupy around 30% of the total market share by 2020. The growing adoption of agricultural biotechnology in North America makes this market innovative, while providing solutions to farmers for environmental conditions such as drought, salinity, and disease stress that affect the yield and production of many crops. The growing demand for herbicide tolerant and insect resistant GM corn and soybean seeds will help the market grow steadily in this region.
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