The market size for global genetically modified (GM) food safety testing was USD 1.52 billion in 2022 and is projected to grow at a rapid revenue compound annual growth rate (CAGR) of 9.4% during the forecast period. This growth is attributed to the increasing demand for GM food and the need to ensure their safety for human consumption. GM crops are widely used in agriculture as they offer advantages such as increased agricultural yields, resistance to pests, herbicides, and harsh weather conditions, and improved nutritional value.
Moreover, the market is also driven by factors such as the growing population, changing dietary preferences, and the need to address food security concerns. GM crops are seen as a way to meet the increasing demand for food as the world's population grows. The demand for processed foods that contain GM components is also on the rise due to changing eating habits. As a result, the need for GM food safety testing has become crucial to ensure that these products are safe for human consumption.
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Top Companies Operating in the Global Genetically Modified Organism (GMO) Market Report:
- Thermo Fisher Scientific Inc.
- Eurofins Scientific SE
- SGS SA
- Intertek Group plc
- Bureau Veritas SA
- ALS Limited
- Mérieux NutriSciences Corporation
- Romer Labs Diagnostic GmbH
- AsureQuality Limited
- Genetic ID NA, Inc.
Major Driving Factors for Genetically Modified Organism (GMO) Market:
- Increasing demand for GM food: The demand for GM food is on the rise due to its perceived advantages such as lower price, increased nutritional value, and improved durability.
- Need to ensure safety for human consumption: As GM crops are used widely in agriculture, it is necessary to ensure that these crops are safe for human consumption. Hence, the demand for GM food safety testing is increasing.
- Improved agricultural yields: GM crops are resistant to pests, herbicides, and harsh weather conditions, which leads to increased agricultural yields, driving the demand for GM crops.
- Addressing food security concerns: With the increasing population and changing dietary preferences, the demand for food is also rising. GM crops are seen as a way to address food security concerns, further driving the demand for GM food safety testing.
- Increasing demand for processed foods: Processed foods frequently feature GM components, and the demand for these foods is on the rise. As a result, the need for GM food safety testing has become crucial to ensure that these products are safe for human consumption.
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The global Genetically Modified Organism (GMO) Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Technology Outlook:
- Polymerase Chain Reaction (PCR)
- Immunoassay
- Microarray
- Others
Trait Outlook:
- Herbicide Tolerance
- Insect Resistance
- Stacked Traits
- Others
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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