LONDON, Feb. 10, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the GMO testing market, the increased production of genetically modified crops is contributing to the growth of the GMO testing market. Genetically modified crops are produced by GM technology that involves inserting new DNA into a plant’s genome and then growing the plant cells in tissue culture to develop into plants. The seeds produced by genetically modified plants will inherit the new DNA that offers nutritional enhancement, disease resistance, phytoremediation, and altered cell wall composition for more effective biofuel conversion. The increase in nutritional demand and the stringency of genetically modified food safety regulations are driving the demand for more production.
For instance, according to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the global area of biotech or GM crops increased to 190.4 million hectares in 2019 from 17 million hectares in 1996, indicating a 112-fold increase in the area.
The global GMO testing market size expected to grow from $1.85 billion in 2023 to $2.08 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The growth in the market is mainly due to companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global GMO testing market share is expected to reach $2.91 billion in 2026 at a CAGR of 8.7%.
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Technological advancements in farming practices are gaining popularity in the GMO testing market trends. The advanced technologies for agricultural farming include robots, aerial images, temperature and moisture sensors, and GPS technology. They will allow farms to be more profitable, safe, efficient, and environmentally friendly. Advanced farming practices are beneficial for GM crop production to meet demand and food security. For instance, in November 2020, Telus, a Canada-based telecommunications company, announced the formation of TELUS Agriculture, a new business unit committed to developing breakthrough connected technology solutions for the agriculture sector. TELUS Agriculture improves the food value chain by utilizing data in novel ways to enhance efficiency, production, and yields. This process results in better food results for both businesses and consumers.
Major players in the GMO testing market are Thermo Fisher Scientific, SGS S.A., Bureau Veritas SA, Intertek Group Plc., Eurofins Scientific SE, TÜV SÜD AG, Merieux Nutrisciences Corporation, Bio-Rad Laboratories Inc., ALS Limited, Romer Labs Diagnostic, Microbac Laboratories, AsureQuality Limited, OMIC USA Inc., Monsanto, EMSL Analytical Inc., and FoodChain ID Inc.
The global GMO testing market is segmented by trait into stacked, herbicide tolerance, insect resistance; by technology into polymerase chain reaction (PCR), immunoassay; by processed food types into bakery and confectionery, meat products, breakfast cereals and snacks, food additives, others; by crop tested into corn, soybean, rapeseed or canola, potato, others.
As per the GMO testing industry analysis, in 2023, Europe was the largest region in the market. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the GMO testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
GMO Testing Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide GMO testing market overviews, GMO testing market analyze and forecast market size and growth for the whole market, GMO testing market segments and geographies, GMO testing market trends, GMO testing market drivers, GMO testing market restraints, GMO testing market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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