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As natural cultivation of corn less profitable, GM now relevant: Report
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Wednesday, 27 November, 2019, 15 : 00 PM [IST]
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Our Bureau, Mumbai
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Using genetic modification techniques and bioengineering procedures to cultivate crops is being commonly exercised across the global food and beverage industry, according to a forecast on Global GMO Corn Market for 2017-26 period. With global farming conditions getting worse, cultivation of crops such as maize (corn) is being heavily marred by irregular presence of key micronutrients such as dietary fibres.
Natural cultivation of corn, which is one of the richest source of energy (carbs) and has high presence of dietary fibres, is becoming less profitable as majority of farm produce remains under the low quality margin. This has instrumented the cultivation of corn crop as a genetically modified organism (GMO). The report on GMO Corn Market has been released by Fact.MR.
Farmers in several parts of the world are resorting to GMO cultivation methods to bring in more profits from corn produce. In addition, the production of GMO corn is being favoured for being consistently high in quality. These innovative bioengineering methods make GMO corn resistant against pesticides, herbicides and crop diseases.
According to forecast study, the demand for GMO corn will continue to gain traction in the near future. Over the forecast period, 2017-2026, the global GMO corn market is expected to expand at an 8.3% CAGR in terms of volume. By the end of 2026, the global GMO corn market is assessed to touch a valuation of US$264 bn.
4 Forecast Highlights on Global GMO Corn Market
Key findings from the report have been summarised below to provide a holistic outlook and extend the long-term understanding of market players on the expansion of global GMO corn market.
- Through 2026, GMO corn exhibiting insect tolerant traits will be sold at a high volume CAGR of 9%. Meanwhile, demand for GMO corn with stacked traits of herbicide tolerance and insect tolerance will remain high throughout the forecast period. GMO corn with stacked traits will account for nearly 58% of overall global market volumes over the forecast period.
- Direct sales of GMO corn are likely to translate highest revenues during the forecast period. In 2017, more than 380 million units of GMO corn have been consumed across the globe. The report also projects that modern trade sales of GMO corn will register fastest volume CAGR over the forecast period.
- By the end of forecast period, food applications of GMO corn are expected to reflect a global market volume share of nearly 40%. Feed and residual applications of GMO corn are also expected to gain traction in the foreseeable future.
- In 2018 and beyond, North America will represent the largest market for GMO corn. US consumer lifestyles continue to promote the consumption of GMO crops. In addition, several key players in the global GMO corn market are based in the US. By 2026-end, the North America GMO corn market is likely to touch a valuation of US$112 billion.
The report has also profiled leading companies producing GMO corn. Companies namely, BASF, AgReliant Genetics LLC, Canterra Seeds, Bayer CropScience, DuPont, Dow Agroscience, Kleinwanzlebener Saatzuch SAAT SE, Groupe Limagrain, Monsanto Company, Land O'Lakes, Takii Seed and Syngenta AG are expected to instrument the global production of GMO corn in the years to come. A majority of these companies are expected to focus on lowering the presence of biotoxins during the GMO cultivation of maize crops.
Furthermore, favourable government initiatives towards GMO crop cultivation are also expected to drive the collaborative effort of market players in consolidating the global GMO corn supply chain for the near future.
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