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.
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.
Food is expected to remain the largest application of GMO soybean, in terms of value. Revenues from sales of GMO soybean for application in food are projected to account for nearly half market share by 2026-end. Biodiesel and feed will also remain lucrative applications of GMO soybean.
In terms of value, direct sales are anticipated to be the fastest expanding sales channel for GMO soybean, closely trailed by modern trade.
These two sales channel will spearhead the global market for GMO soybean during the forecast period, in terms of revenues.
Based on trait, stacked (HT+IT) and herbicide tolerant GMO soybean will remain sought-after in the market, with revenues collectively estimated to surpass US$ 320,000 Mn by 2026-end.
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
- Monsanto Company.
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.