Market Watchers Project Bumper Harvests with GM Maize and Soybeans Approvals in China
December 7, 2023| |
As China granted approvals for several varieties of GM maize and soybean, market experts expect a boost in yields, to impact the food market since both are staples and widely used as sources of edible oils and animal feed. The approvals include 37 GM maize and 14 GM soybean varieties in October.
According to Kaiyuan Securities, GM maize and soybeans are projected to build a new market share of 7 billion yuan (US$988.4 million) within eight years. This projection is based on the trends shown in the US. On the other hand, China Galaxy Securities estimated that about 40 percent of the country's maize and soybeans would be gene-edited in six years.
“International experience has proved that the application of GM technology will bring improved output, a higher mark-up in seed prices, and reshaped industry competition,” according to China Galaxy Securities.
Read the original article from SCMP.
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