The global genetically modified food market has been significantly growing due to the rise in demand for healthy and nutritional food products by consumers of different age group. Genetically modified (GM) foods are foods which are derived from organisms whose genetic material (DNA) has been modified in such a way that it does not occur naturally, e.g. through the introduction of a gene from a different organism (i.e. plants, animals or microorganisms). Foods produced from by using GM organisms are often referred to as GM foods. The major advantages of genetically modified foods are better texture, flavor and high nutritional value along with longer shelf life. However, unusual taste over non-GM food and safety concerns as it might interfere with the body normal functioning are some of the disadvantages of genetically modified food.
Genetically Modified Foods: Drivers and Restraints
The major factors driving the genetically modified food market are high nutritional content in the food, high production quantity and less requirement of pesticides. However, damage to beneficial insects and soil fertility coupled with genetic pollution, absence of any centralized government regulation and lack of awareness about the benefits of GMO are factors which are restraining the market potential growth. Rising demand for healthy food products, year round and easy availability of genetically modified food are main trends in the genetically modified food market globally.
Genetically Modified Foods: Segmentation
Genetically modified food market is segmented on the basis of type and region. On the basis of type genetically modified food is segmented into crops, vegetables, fruits and animal products. Corn and Soya are widely cultivated in genetically modified form as compared to other crops in the US. Furthermore, on the basis of region the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
Genetically Modified Foods: Key Players
Major players operating in this category are Monsanto US, DuPont US, Syngenta Switzerland, Bayer Crop Science Germany, Sakata Japan, BASF Gmbh, Group Limagrain France to name a few. The global players are focused on partnership and collaboration with other companies in order to increase its product portfolio, industry offering and global presence.
The global giant in genetically modified food are actively involved in collaboration with the Advanced Research Institutes (ARIs) in the industrial countries such as Brazil, Argentina, China, India, Malaysia and the Philippines for significant R&D program in biotechnology and transgenic crops. Companies are also increasing their R&D in some of the African countries such as South Africa, Kenya, Zimbabwe, Mali, Nigeria, Egypt and Uganda in order to cater the growing demand for genetically modified food in Africa
Genetically Modified Foods: Regional Outlook
In 2014, North America was the largest market for genetically modified food and likely to remain as market leader in terms of revenue during the forecast period. China and India are the major countries in Asia-Pacific which is expected to emerge as major market for genetically modified food market. Also, other developing countries such as Brazil is anticipated to growth at a robust CAGR over the forecast period. The US government is focused towards the safety of GM products.
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The industry is regulated by the Department of Agriculture, for farm biotechnology, and the Food and Drug Administration, which governs food and its ingredients. The developers of the genetically modified food products are intensely involved in certifying their safety. For instance, FDA depends on a consultative process with developers who voluntarily present their plans to the agency before marketing the products