Business of GM Crops
The global value of biotech seed alone was US$13.2 billion in 2011, with the end product of commercial grain from biotech maize, soybean grain and cotton valued at ~US$160 billion or more per year.
Players in agriculture business markets include seed companies, agrochemical companies, distributors, farmers, grain elevators, and universities that develop new crops and whose agricultural extensions advise farmers on best practices.
The largest share of the GMO crops planted globally are from seed created by the United States firm Monsanto. In 2007, Monsanto's trait technologies were planted on 246 million acres (1,000,000 km2) throughout the world, a growth of 13 percent from 2006. However, patents on the first Monsanto products to enter the marketplace will begin to expire in 2014, democratizing Monsanto products. Syngenta, DuPont (especially via its Pioneer Hi-Bred subsidiary, and Bayer CropScience are also major players in the US and Europe. In addition, a 2007 report from the European Joint Research Commission predicts that by 2015, more than 40 per cent of new GM plants entering the global marketplace will have been developed in Asia.
In the corn market, Monsanto's triple-stack corn—which combines Roundup Ready 2-weed control technology with YieldGard (Bt) Corn Borer and YieldGard Rootworm insect control—is the market leader in the United States. U.S. corn farmers planted more than 32 million acres (130,000 km2) of triple-stack corn in 2008, and it is estimated the product could be planted on 56 million acres (230,000 km2) in 2014–2015. In the cotton market, Bollgard II with Roundup Ready Flex was planted on approximately 5 million acres (20,000 km2) of U.S. cotton in 2008.
According to the International Service for the Acquisition of Agri-Biotech Applications (ISAAA), in 2010 approximately 15 million farmers grew biotech crops in 29 countries. Over 90% of the farmers were resource-poor in developing countries. 6.5 million farmers in China and 6.3 million small farmers in India grew biotech crops (mostly Bacillus thuringiensis cotton). The Philippines, South Africa (biotech cotton, maize, and soybeans often grown by subsistence women farmers) and another twelve developing countries also grew biotech crops in 2009. 10 million more small and resource-poor farmers may have been secondary beneficiaries of Bt cotton in China.
Read more about this topic: Genetically Modified Plant
Famous quotes containing the words business of, business and/or crops:
“After all, the chief business of the American people is business.”
—Calvin Coolidge (1872–1933)
“O that a man might know
The end of this day’s business ere it come!”
—William Shakespeare (1564–1616)
“Paper is cheap, and authors need not now erase one book before they write another. Instead of cultivating the earth for wheat and potatoes, they cultivate literature, and fill a place in the Republic of Letters. Or they would fain write for fame merely, as others actually raise crops of grain to be distilled into brandy.”
—Henry David Thoreau (1817–1862)