In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global GMO corn market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The market forecast report highlights the drivers, restraints, opportunities and trends affecting GMO corn market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume. The GMO corn market study outlines the key regions – Latin America, North America, MEA, Japan, Europe and APEJ – along with the countries contributing the most in the respective regions.
Stacked Trait Will Witness Prominent Growth
Latest Fact.MR report predicts the global GMO corn market to grow at 9.2% CAGR during the forecast period 2017-2026. 1,800 million units is the expected consumption volume at the end of forecast period.
Weather conditions across the globe are undergoing fluctuations which tend to hinder the agricultural produce. Agriculturists have acknowledged this global change and are working progressively towards finding solutions to enhance the farm yield with the changing weather conditions. New techniques are being developed and adopted in agricultural sector. Maize corn cultivation has undergone drastic change in the recent past which resulted in introduction of genetically modified organisms (GMO). GMO maize crops are cultivated as maize is highly demanded as a major source of energy. Farmers are increasingly adopting new bioengineering technologies to enhance the produce. This trend encourages biotech companies to partner with stake holders in the agricultural sector. Governments across the globe are encouraging GMO techniques which provide GMO corn greater penetration in agricultural sector.
However, the growth of the GMO corn market faces challenges in terms of bio toxins that are present in such crops. GMO technology is employed in corn production for its benefits like decrease in application of pesticides. Farmers who have adopted these techniques are known to make benefits with corn production in unfavorable times. Other potential benefit is reduction in mycotoxins which is observed in disease-resistant crops.
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Different types of traits are present in GMO corns which are herbicide tolerant, insect tolerant and stacked. Insect tolerant trait is expected to expand with 9% CAGR in the coming years. GMO corn with stacked traits that include insect tolerance and herbicide are anticipated to witness sale of more than 1000 million units by the end of forecast period. Global market can be segmented on the basis of sales channel into direct sales, convenience stores, modern trade and e-retailers.
The report highlights direct sales to sell majority of GMO coming future. 380 million units were estimated to be directly sold to consumers in the year 2017. Modern trade is gaining prominence as sales channel and is anticipated to grow at 8.9% CAGR.