China’s Ministry of Agriculture and Rural Affairs recently held a GMO validation meeting, covering some 20 product varieties. If the seed varieties are finally approved, a pilot sale of GM maize seeds may begin in the first quarter of 2023.
According to the latest industry information, 18 trait varieties are about to be announced.
Currently, the GM industry is preparing an essential seed production list for 2023 while manufacturers are preparing the special packaging required for GM seeds. Once the seed varieties are approved, production and sale can start officially.
Over the past five years, an average of 86% of soybean and 4% of corn in China were imported. Since 2020, China’s corn imports have begun to grow rapidly. The cultivation of high-yield, high-quality, multi-resistance and high-efficient novel varieties is expected to alleviate resource constraints to a certain extent, which will help China increase its self-sufficiency.
Securities traders believe that there are currently many adverse factors, coupled with the uncertainty of the external environment, which are affecting the global food supply. It has, therefore, become a national strategy to achieve seed self-independence and self-control and independently develop seed technologies. In the context of revitalizing China’s seed industry, GMO industrialization will not take too long.
In terms of overall market size, the gap between the supply and demand of some agricultural products, such as corns and soybeans, in China is predicted to widen, while the GMO yield increase effect, such as for corn and soybean, has been proven. The value of the GM corn seed terminal market may reach RMB60 billion, and ex-works sales will hit RMB36 billion with a foreseeable profit margin of RMB10.8 billion.
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