Global market for GMO soybean will continue to be influenced by its increasing adoption for use as animal feedstock, and for production of GMO soybean oil. However, GMO soybean oil has been witnessed to be harmful for liver functioning. This may hinder adoption of GMO soybean significantly. This report, published by Fact.MR, provides in-depth analysis of the global GMO soybean market for the forecast period 2017-2026, and offers key insights about future market direction.
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Genetically modified organisms (GMO) soybeans have gained immense traction in the recent past, owing to their potential to alleviate hunger and poverty worldwide. However, researchers from the Food and Agriculture Program have stated that real impacts of GMO soybean deserve in-depth assessment. Amount of agricultural land utilized for producing GMO food such as GMO soybean has surged over the past few years, with majority of producers being situated in the U.S., Canada, India, Brazil and Argentina.
GMO soybeans have their genetic materials engineered via biotechnologies for engulfing enhanced and new characteristics such as drought tolerance, enhancement of certain nutrients, insect resistance and herbicide tolerance. Benefits of utilizing biotechnologies for production of GMO soybeans include saving efforts & time and curtailing market risks for farmers, rather than enhancing productivity by improving yield. Currently, demand for GMO soybeans is primarily driven by rapid adoption in animal feed as well as in the form of GMO soybean oil worldwide. Although cultivating herbicide-tolerant soybean has lower risks to environment, the benefits are being restrained by herbicide resistance being developed in weeds. GMO soybeans are one of the most utilized genetically modified plants across the globe, with majority of the applications in livestock feed and oil production. With demand for soybeans increasing globally as a protein source, GMOs hold potential benefits for producers.
According to Fact.MR, the global GMO soybean market will register a splendid 14.3% CAGR during the period 2017 to 2026. Approximately 600,000,000 metric ton of GMO soybean will be sold around the world by 2026-end.
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North America to Remain Dominant in the Market
In terms of volume as well as value, North America will remain dominant in the global GMO soybean market. GMO soybeans already have high popularity among North American consumers. GMO soybeans in North America have improved resistance to insects and weeds, which in turn helps the farmers to boost productivity. Structure of some government insurance programs complement the productivity by providing farmers with more incentives for planting GMO seeds such as those of GMO soybeans.
The European Commission has approved an array of GMO products such as GMO soybeans, although the pace of approvals has been relatively slow. European livestock and feed manufacturing industry has a keen interest in authorization of GMO soybean imports, as soybean is considered to be a source of high-quality and protein-rich feed. Europe will remain the second largest market for GMO soybean, in terms of volume as well as value.
Key market players tracked by the report include AgReliant Genetics LLC, BASF SE, Bayer CropScience, Dow Agroscience, E.I DuPont De Nemours and Company, Canterra Seeds Holdings Ltd., Syngenta AG, Groupe Limagrain Holdings SA, and Monsanto Company.
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GMO Soybean Market Projections Analyzed To Inspect Growth Trends during Forecast Period
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