Environmental Concerns May Impede the Market’s Growth
On the other side, certain bottlenecks in the market may hamper growth. The ever-changing environment is the primary reason causing a shortfall in the global market. Furthermore, several farmers are not ready to accept this new variety of genetically engineered crops owing to lack of awareness. Nonetheless, the genetic modification of crops offers numerous benefits which may attract these farmers to adopt genetically modified technology in their crops.
Companies Leverage on Technology to Increase their Market Share
Companies are continuously involving in research and development (R&D) activities to expand their borders in the global GM seed market. Also, some of the companies initiated collaborations to strengthen their market share. These companies are leveraging on advanced technology to stay ahead of competition. For instance, Vimorin & Cie SA joined hands with KWS SAAT to develop traits of Vimorin & Cie SA. Another company called DowDuPont launched genetically modified soybean and received FDA approval in February 2019.
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