GENET archive


7-Business: ISAAA forecasts 700% growth in GE crop market within 9 years

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TITLE:  Market for GM crops may hit $25 bln by 2010
SOURCE: Reuters
DATE:   March 10, 2000

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Market for GM crops may hit $25 bln by 2010

MANILA -- A new report from the non-profit International Service for 
the Acquisition of Agri-Biotech Applications (ISAAA) predicts that 
the global market for genetically modified (GM) crops may soar to $25 
billion by 2010 from an estimated $3 billion this year. Director 
Clive James was quoted as saying, "The number of countries growing 
transgenic crops has increased from one in 1992, to six in 1996, to 
nine in 1998 and to 12 in 1999."

The study was further cited as saying GM crops now have higher 
adoption rates because they offer more convenient and flexible crop 
management, higher productivity and a safer environment through 
decreased use of conventional pesticides. A copy of the study was 
given to participants at a forum on global food security in Manila on 

James was further cited as saying total area planted to GM crops 
worldwide ballooned to 39.9 million hectares last year from 1.7 
million in 1996. As a result, global sales from transgenic crops rose 
to an estimated $2.1 billion to $2.3 billion last year from $235 
million in 1996. The United States accounted for 72 percent of global 
area planted to genetically altered crops last year with 28.7 million 
hectares, followed by Argentina with 6.7 million hectares and Canada 
with four million hectares. Some 300,000 hectares of land in China 
were also planted with such crops and 100,000 hectares each in 
Australia and South Africa. GM crops were also grown in Mexico, 
Spain, France, Portugal, Romania and Ukraine.

Genetically altered soybean and corn accounted for 54 percent and 28 
percent respectively, of total planted areas worldwide. Other GM 
crops grown last year included cotton, canola/rapeseed, potato, 
squash and papaya. James was quoted as saying, "The major issues that 
will modulate adoption in the year 2000 will be public acceptance -- 
which drives market demand -- and regulation. These two issues and 
labelling of foods derived from genetically modified plants will 
continue to be dominant factors that will impact on commercial 
planting of transgenic crops and consumption of genetically derived 
foods in countries of the European Union."


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