Genetically modified crops refer to plants whose DNA has been altered through biotechnology to exhibit desirable traits that are not naturally present. Techniques of genetic engineering are used to introduce new traits or enhance existing traits in crops such as soybean, maize, cotton, canola among others. GM crops are engineered to resist adverse climatic conditions, herbicides, insecticides and improve crop yields. Their DNA is altered to make them drought resistant allowing them to survive under conditions of limited water availability.

The global genetically modified crops market is estimated to be valued at US$ 126.99 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the major drivers contributing to the growth of genetically modified crops market is their drought resistance traits. Drought conditions severely impact crop production worldwide. As per the Food and Agriculture Organization, droughts affect around 11% of the world's cultivated areas annually. GM crops resistant to drought can withstand periods of little to no rainfall, preventing crop failure and yield losses. This has boosted their adoption among farmers globally. Their drought tolerance allows cultivation of crops in dry, rain-fed areas where conventional crops cannot survive. This has expanded the total cultivated area, supporting the market growth. Furthermore, their ability to withstand dry conditions with minimal water requirement has become increasingly important given the changing climate and irregular rainfall patterns witnessed recently that are projected to worsen.

SWOT Analysis
Strength: The genetically modified crops have several benefits such as higher yield, resistance to pests and diseases, and ability to grow in varied climates and soil conditions. They offer improved food security and sustainability of agriculture. The biotech crops have boosted yield for farmers across nations.

Weakness: There are risks of gene flow from genetically engineered crops to conventional or wild plant relatives. Long term impacts of GMOs on environment and human health are still not fully understood. Some consumers still have concerns regarding use of biotechnology in agriculture and food. High dependency of farmers on seed companies for genetically modified seeds is also a concern.

Opportunity: With growing population and changing climate, there is a need to develop crops with enhanced traits. Genetic engineering offers techniques for developing biotic and abiotic stress tolerant crops. Fast growing nations and regions present new markets for genetically modified crops. Public-private partnerships can help address challenges and accelerate adoption of beneficial GMOs.

Threats: Strict regulations and labeling requirements in some countries pose challenges. Negative publicity and campaigns against GMOs can impact public perception. Patent and intellectual property issues surround GMOs. Emergence of herbicide resistant weeds is also a threat.

Key Takeaways
Global Genetically Modified Crops Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America currently dominates the Genetically Modified Crops market owing to large acreage under biotech crops in countries like United States and Canada. The United States has been at the forefront of development and commercialization of biotech crops. Asia Pacific is identified as the fastest growing regional market with significant country level markets in China, India, Philippines, and Australia. Emerging biotech markets in Asia Pacific offer lucrative opportunities for commercialization of genetically engineered crops suited for regional conditions.

Key players operating in the Genetically Modified Crops market are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others. These players are focusing on development of novel biotech traits and germplasm through research partnerships. Strategic collaborations with public institutions help in overcoming regulatory challenges and accelerating product development.

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