
GM Crop Market Projected to Reach USD 36 Billion by 2031
December 4, 2024 |
The global market of genetically modified crops is projected to be valued at USD 24.80 billion in 2024 and expected to reach USD 35.56 billion with a compound annual growth rate of 5.3% during this period. This information is according to the report of Coherent Market Insights on GM crops market size and trends.
The report identified population increase and demand for high-yielding crops as the primary drivers of the market. Meanwhile, regulations and environmental concerns surrounding the technology were enumerated as the restraints on growth.
While North America dominates the GM crop market, the analysts project that the Asia Pacific region is positioned to be the fastest-growing market. They attribute this to the political will exhibited in China and India, which have government initiatives to boost GM crop adoption.
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