Genetically Modified Vegetables Global Market Report 2024

The genetically modified vegetables market size has grown rapidly in recent years. It will grow from $0.1 billion in 2023 to $0.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth observed in the historical period can be ascribed to heightened crop yield, resistance to pests, tolerance to drought, improved shelf life, increased nutritional content, and effective weed control.

The genetically modified vegetables market size is expected to see rapid growth in the next few years. It will grow to $0.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The expansion anticipated in the forecast period can be credited to heightened consumer health awareness, adaptation to climate change, regulatory support, concerns about food security, and the global increase in population. Key trends expected in the forecast period encompass advancements in biotech research and innovation, enhanced tolerance to biotic and abiotic stress, precision breeding techniques, worldwide collaboration in research, and the promotion of organic and sustainable agriculture.

The surge in demand for genetically modified vegetables is being propelled by the increasing need for healthier and more productive crops. As the world's population continues to grow and available farmland shrinks while facing heightened droughts, the demand for high-yielding crop species is on the rise. Genetically modified vegetables address this need, offering a potential solution. In a 2021 survey conducted by the American Farm Bureau Federation in 11 western US states, 70% of 784 respondents reported a decrease in yields coupled with increased local feed costs. The World Food Programme notes that approximately 828 million people worldwide go to bed hungry, with acute food shortages rising from 135 million in 2019 to 345 million in 2022. This dire situation is driving the demand for genetically modified vegetables that can provide high yields and nutritional benefits.

The growth of the genetically modified vegetables market is expected to be further fueled by the increasing prevalence of pests. Genetically modified vegetables, equipped with pest-resistant traits, offer a proactive and sustainable solution to combat infestations. These crops not only reduce reliance on chemical pesticides but also boost crop yields, providing economic advantages to farmers. By mitigating the impact of pests, genetically modified vegetables contribute to global food security, address environmental concerns, and respond effectively to emerging pest threats. The Food and Agriculture Organization reported in June 2021 that pests lead to an annual loss of up to 40% in global crop production. Additionally, plant diseases and invasive insects result in economic losses exceeding $220 billion and $70 billion annually, respectively. Thus, the increasing outbreaks of pests are driving the growth of the genetically modified vegetables market.

A key trend gaining traction in the genetically modified vegetable market is product innovation. Leading companies in this market are introducing innovative products, such as genetically modified tomatoes, to maintain their market position. For example, in March 2021, Sanatech Seed, a Japan-based plant technology company, launched the world's first genetically modified tomatoes for direct consumption. Developed using CRISPR-CAS9 technology, these tomatoes have elevated levels of gamma-aminobutyric acid (GABA), an amino acid believed to promote relaxation and lower blood pressure.

Major companies in the genetically modified vegetables market are also investing in developing new virus-resistant vegetables to sustain their market presence. Virus-resistant vegetables are genetically modified or selectively bred varieties engineered to possess natural resistance against specific viruses. In November 2023, Syngenta AG, a Switzerland-based agrichemical company, introduced four new baby plum tomato varieties with genetic resistance to Tomato Brown Rugose Fruit Virus (ToBRFV). These varieties not only offer high yield potential but also provide resistance to key pathogens, maintaining the expected quality and taste for growers and consumers.

In March 2021, KWS SAAT SE & Co. KGaA, a Germany-based company focusing on plant breeding, acquired Geneplanta S.r.l., an Italy-based vegetable seed genetics company specializing in genetically modified crops and vegetables. This acquisition aims to give KWS access to high-performance genetic material and accelerate the development of tomato breeding programs globally.

Major companies operating in the genetically modified vegetables market report are BASF SE, Bayer AG, The Dow Chemical Company, Syngenta AG, Dupont de Nemours Inc., Groupe Limagrain Holding SA, JR Simplot Company, JKAgri Genetics Ltd., Mahyco Private Limited, Calyxt Inc., Stine Seed Farm Inc., Nuseed Pty Ltd., KWS SAAT SE & Co. KGaA, Sakata Seed Corporation, Okanagan Specialty Fruits Inc., Pairwise Plants LLC, EuropaBio, Biotechnology Industry Organization, Corteva Inc., Sakata Seed America Inc., Jivo Wellness Pvt Ltd., Ambar Protein Industries Limited, The Monsanto Company, Limagrain Holding SA, Precigen Inc., Arcadia Biosciences Inc., Aerofarms Inc., Benson Hill Biosystems Inc.

North America was the largest region in the genetically modified vegetables market in 2023. The regions covered in the genetically modified vegetables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the genetically modified vegetables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of modification in genetically modified vegetables include transgenic, cis-genic, sub-genic, and multiple trait integrations. Transgenic modification involves altering plants using genes from a distinct organism, such as a bacterium. The crops affected by this process include soybean, cotton, maize, oilseed rape, canola, alfalfa, and other crops modified through gene guns, electroporation, microinjection, agrobacterium, and various techniques incorporating herbicide tolerance (HT), insect resistance (IR), stacked traits, and other attributes utilized in scientific research and agricultural crops.

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