The global biotech crops market was valued at US$18.15 billion in 2018,
according to Coherent Market Insights in their report released in February
2020. It is projected that the biotech crops market will reach US$37.46
billion by 2027, exhibiting a compound annual growth rate (CAGR) of 8.7
percent over the forecast period.
According to the report, the growing food industry is expected to drive the
growth of the market around the world. The increasing demand for GM crops in
the food industry contributed to market growth. India Brand Equity
Foundation reported that the food industry in India was valued at US$39.71
in 2017, then boosted to US$65.4 billion in 2018, indicating a CAGR of 11
The report also indicated that the cotton segment held a significant market
share in the market in 2018, owing to increasing government approval of GM
cotton worldwide. Increasing government support was also evident in emerging
economies including India and China.