Global GM Sugarcane Market Size Analysis
Over the last few years, development in GM sugarcane market has grown significantly owing to large scale sugar consumption. There has been a slowdown in production output, and global sugar production fell by about 5 Mt in 2016. It is estimated that the stocks-to-use ratio would begin to decline at the start of the forecast period. Given steady growth in global consumption, an impetus on the consumption of GM sugarcane is beginning to emerge as latest trend. The growing adoption of genetic modification in agricultural practices is one of the leading applications, resulting in the commercialization of genetically modified crops.
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Global GM Sugarcane Market Drivers and Challenges
The genetically modified sugarcane is beneficial over conventional production owing to higher yields on the same or less acreage, reduced crop damage from weeds, diseases and insects and potential health benefits like being suitable for diabetic demographic population. Genetic manipulation is being conducted to increase sucrose content of sugarcane.
GM sugarcane market is expected to gain high traction in near future owing to its resistive features from environmental hazards such as salinity, drought and disease stress. These factors will cumulatively push the product demand. However, the concerns regarding the standardization of the scientific process involved and chances of error in creating a safe crop can act as market restrain and limit consumer adoption.
Global GM Sugarcane Market Size and Forecast: Regional Analysis
North America GM sugarcane market value is expected to dominate the global share throughout the forecast period. North America followed by Western Europe are expected to dominate the global sales throughout the forecast period.
Latin America, APAC and MEA are at a nascent stage, though expected to register a healthy growth over the forecast period due to increasing awareness and need of more crop yield to fulfill the demand of sugar in the region. Currently, Brazil has approved commercial use of a genetically modified sugarcane. This is a major breakthrough towards GM sugarcane market commercialization. Brazil has about 10 million hectares of sugarcane fields and potential to plant GM cane in up to 15 percent of this area.
Global GM Sugarcane Market Size and Forecast: Competition Landscape
Some of the key players of the global GM sugarcane market are Monsanto, DuPont, Syngenta, Groupe Limagrain, Land O’ Lakes, KWS AG, Bayer Crop Science, Sakata and Takii. Various global companies are contributing significant growth to the global genetically modified sugarcane market. The key players from North America and Europe has contributed a major share to the global genetically modified seed market in terms of value and volume owing to scientific expertise and liberal government backing.
Over the forecast period, the interaction between the sugar market and other sectors such as the feed sector, biofuels, and other caloric sweeteners (e.g. isoglucose) will generate feedback effects. Also, with existing policies and high fixed costs, the sugar sector should stay volatile. The sugarcane research community is generally optimistic about the impact of planting transgenic sugarcane, arguing that potential benefits far outweigh the risks, thus generating high market potential for GM sugarcane.