Biotech Updates

GM Crop Approvals Boost Bioengineered Foods Market, Report

June 21, 2017

The global bioengineered food market is expected to increase with an annual growth rate of ~5% from 2016-2023, according to the report of Occams Business Research and Consulting Pvt. Ltd. The growth of the global bioengineered food market is mainly attributed to the increasing number of approvals of bioengineered food in many countries, among other factors.

The report also mentioned, according to ISAAA, around 92% of the U.S. corn crops' seeds were bioengineered in 2015, along with 94% of the soybean crops. Canadian Biotechnology Action Network also reported that in 2015, around 80% of the corn and 60% of soybeans produced in Canada were bioengineered.

Other key findings in the report include:

  • Increasing production of bioengineered food is the key driving factor that is boosting the growth in the market.
  • North America held highest revenue share in 2016.
  • Crop type segment held the large revenue share in 2016 due to increasing production of GM crops across the globe.
  • Product development is the key strategy adopted by players of bioengineered food market.

For more details, visit the Occams Research website.