The global GMO testing market is expected to be driven by the rising adoption of genetically modified (GM) crops across the globe.
PORTLAND, Ore., Nov. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, "GMO Testing Market by Technology (Polymerase Chain Reaction, ELISA Test, Strip Test), by Crop Type (Corn, Soy, Rapeseed and Canola, Potato, Others), by Trait (Stacked, Herbicide Tolerance, Insect Resistance): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global GMO testing market is predicted to garner a revenue of $6.2 billion by 2031. The market was valued at $3.9 billion in 2021 and is estimated to experience a growth at a CAGR of 4.8% during the 2022-2031 period.
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Prime determinants of growth
Widespread adoption of genetically modified (GM) crops is predicted to be the primary growth driver of the global GMO testing market. However, inadequate knowledge regarding food safety standards might create hurdles in the surge of the market. Nonetheless, the intensifying adoption of instant test kits is estimated to push the market ahead.
The PCR segment to maintain its be highly dominant by 2031
By technology, the PCR segment accounted for the largest market share in 2021 with around half of the total share. The ability of PCR to identify and quantify GMOs in a sample and confirm the presence of GMOs is expected to push the growth of the segment ahead. On the other hand, the ELISA test segment is estimated to have the fastest CAGR of 6.0% during the forecast period. Extensive use of ELISA test in the food industry to check the quality of food products is projected to augment the growth rate of the market
The soy segment to grow rapidly by 2031
By crop type, the soy segment garnered the maximum revenue in 2021 with around one-third of the total market revenue. Regular use of PCR for GMO testing of soy to trace the presence of GMO DNA is anticipated to drive the growth of this segment. However, the others segment is estimated to have the highest CAGR of 7.1% during the forecast period. Regular GMO testing for other crops including cotton and corn is forecasted to help the segment grow in the coming period.
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The stacked segment to be the most profitable by 2031
By trait, the stacked segment held the highest market share in 2021 with around one-third of the total market revenue. This segment is also estimated to be the fastest growing with a CAGR of 5.7% during the analysis timeframe. Stacked traits are frequently employed in GM crops due to their ability to tackle various agricultural issues at once. This is anticipated to strengthen the position of the segment in the next few years.
North America to offer numerous lucrative opportunities by 2031
By region, the North America GMO testing market accounted for the largest market share in 2021, with around two-fifths of the total share. The extensive use of GM crops such as soybeans, corn, and cotton in the food industry is estimated to propel the market ahead. On the other hand, the market in the Asia-Pacific region is anticipated to demonstrate the fastest CAGR of 7.1% during the analysis timeframe. The high consumer demand for GM crops and various export requirements are expected to drive the market in this region.
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Leading Companies in the Industry:
- ALS Limited
- Eurofins Scientific
- OMIC USA Inc
- Premier Foods plc
- Institut Merieux
- SGS SA
- EnviroLogix Inc.
- Bio-Rad Laboratories, Inc.
- Intertek Group plc
- Koninklijke DSM N.V.
- TUV SUD AG
- LGC Limited
- Microbac Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- R-Biopharm AG
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