Genetically Modified Fruits Global Market Report 2024

The genetically modified fruits market size has grown rapidly in recent years. It will grow from $0.07 billion in 2023 to $0.08 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth observed in the historical period can be attributed to factors such as increased crop yield, enhanced resistance to pests and diseases, extended shelf life of genetically modified fruits, improved nutritional value, and the development of varieties with increased adaptability to different weather conditions.

The genetically modified fruits market size is expected to see rapid growth in the next few years. It will grow to $0.12 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The anticipated growth in the forecast period can be attributed to factors such as increased investments in research and development, regulatory changes and market approvals affecting genetically modified fruits, consumer acceptance and preferences for such products, a focus on sustainability and resource efficiency in agriculture, and the development of varieties with enhanced climate adaptability. Major trends expected in the forecast period include advancements in biotechnology applied to fruit cultivation, sustained emphasis on sustainability and resource efficiency, improvements in the nutritional content of genetically modified fruits, extension of shelf life, increased consumer awareness and acceptance of genetically modified products, and continued changes in regulatory policies and standards.

The significant growth in genetically modified fruits is driven by the constantly evolving global food demand. This demand surge is primarily attributed to the increasing world population and the depletion of natural resources. The imperative to achieve food security for the expanding population necessitates sustainable food production methods. Genetically modified crops play a crucial role in addressing challenges such as climatic stress and the need for increased yields. Many nations, facing weather constraints and insect pests, rely on food imports, making the attainment of food security a complex task. However, the resilience of genetically modified crops to climatic stress and their potential for enhanced yields make them instrumental in easing the process of achieving global food security. For instance, research estimates from a US-based financial agency IMF in December 2022 indicate that an additional $5 billion to $7 billion in spending is required to support disadvantaged households in the 48 nations most impacted by higher import prices for food and fertilizer. To effectively end severe food insecurity, an additional $50 billion is needed. Thus, the escalating demand for food is a significant driver contributing to the growth of the genetically modified fruits market.

The anticipated growth in the genetically modified fruits market is further fueled by the increasing consumer demand for healthy food products. Healthy food products are those that provide essential nutrients for maintaining good health, vitality, and energy. Genetically modified fruits, serving as a source of nutrients, are employed to enhance nutrient content, improve food quality, increase agricultural yields, and contribute to overall health. Notably, the shift in consumer preferences towards healthier alternatives is evident, with 27% of people choosing to consume less meat and opting for plant-based foods, as reported by the Good Food Institute (GFI) and Plant Based Foods Association (PBFA) in March 2022. The plant-based food market in the United States is projected to reach $8 billion in 2022, reflecting a 7% increase in dollar sales from 2021. This shift underscores the growing consumer demand for healthy food products, driving the growth of the genetically modified fruits market.

Major players in the genetically modified fruits market are strategically investing to enhance their positions. Strategic investments involve financial commitments made by corporations to improve their long-term success. For example, Inari, a US-based seed gene editing startup, secured a $124 million Series E round in October 2022. The additional funds are earmarked for accelerating product development on the path to commercialization.

Major players are making strategic investment in the genetically modified fruits market for instance, the announcement by EQT Future, a Sweden-based investments organization, in March 2022. EQT Future revealed plans to invest in the combination of Special New Fruit Licensing and Special New Fruit Licensing, both US-based fruit breeding companies. This merger will result in the formation of an integrated organization, with EQT Future holding a significant minority investment and AM FRESH being the controlling stakeholder.

In December 2022, Moolec Science SA, a Luxembourg-based food tech company, entered into a merger with LightJump Acquisition Corporation for $504 million. This strategic move positions Moolec Science as the first publicly traded molecular farming food-tech company.

Major companies operating in the genetically modified fruits market report are BASF SE, Bayer AG, Syngenta Crop Protection AG, Sakata Seed America Inc., DuPont de Nemours Inc., Groupe Limagrain Holding SA, KWS SAAT SE & Co. KGaA, J.R. Simplot Company, Stine Seed Company LLC, Dow Inc., Jivo Wellness Pvt. Ltd., Ambar Protein Industries, EuropaBio, Agritope Inc, US Department of Agriculture, Okanagan Specialty Fruits Company, Huazhong Agricultural University, Institute of Microbiology CAS, Cornell University and the University of Hawaii, University of Florida, 5Metis, Bioheuris, Bioprime Agrisolutions, JKAgri Genetics Ltd, Maharashtra Hybrid Seed Company, Calyxt Inc, Bioceres S.A, Beijing DaBeiNong Biotechnology Co. Ltd, Bejo Zaden BV, Intrexon, Okanagan Specialty Fruits.

North America was the largest region in the genetically modified fruits market in 2023. Asia-Pacific is expected to be the fastest-growing region in the genetically modified fruits market share during the forecast period. The regions covered in the genetically modified fruits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the genetically modified fruits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major types of genetically modified fruits encompass vegetables, crops, fruits, and animal products. Vegetables, in this context, are plant parts consumed as food by humans and other animals. Genetically modified vegetables are engineered to contain essential vitamins, minerals, and plant chemicals. Various traits associated with genetically modified fruits include herbicide tolerance (HR), insect resistance (IR), and stacked traits (ST). These genetically modified products find applications in diverse areas such as poultry, swine, cattle, dairy, aquaculture, pet food, equine, and others.

The genetically modified fruits market research report is one of a series of new reports that provides genetically modified fruits market statistics, including genetically modified fruits industry global market size, regional shares, competitors with a genetically modified fruits market share, detailed genetically modified fruits market segments, market trends and opportunities, and any further data you may need to thrive in the genetically modified fruits industry. This genetically modified fruits market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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