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Market Entry - Genetically Modified Food Market in China: Analysis of Growth, Trends and Progress (2020 - 2025)

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About the Market

High nutritional content in food, greater production quantity and low requirement of pesticides drive the genetically modified food market. However, damage to beneficial insects, soil fertility coupled with genetic pollution, the absence of any centralized government regulation and lack of awareness about the benefits of GMO are restraining market growth. Rising demand for healthy food products, year round and easy availability of genetically modified food are the main trends in the global market. In 2014, the first world countries were the largest market for genetically modified food and are likely to remain so in terms of revenue, over the forecast period. China and India are expected to emerge as major markets for genetically modified food. Major players operating in this category are Monsanto US, DuPont US, Syngenta Switzerland, Bayer Crop Science Germany, Sakata Japan, BASF GmBH, and Group Limagrain France. These global giants are actively involved in collaboration with the Advanced Research Institutes (ARIs) in industrial countries such as Brazil, Argentina, China, India, Malaysia and the Philippines for significant R&D program in biotechnology and transgenic crops. Companies are also increasing their R&D in some of the African countries such as South Africa, Kenya, Zimbabwe, Mali, Nigeria, Egypt, and Uganda in order to cater to the growing demand for genetically modified food in Africa. The developers of the genetically modified food products are intensely involved in certifying their safety. For instance, FDA depends on consultative processes with developers, who voluntarily present their plans to the agency before marketing their products.

About the Geography

China, a USD 10 trillion economy with a strong communist government at its helm, is reshaping the global economy, like never before.  China is the world’s second largest market and is continually growing to become an attractive destination for foreign investment.

Since the late 1970s, China has moved from being a closed economy to a more market-oriented one. In the past 30 years, the Chinese government has at times opened the door wide for foreign companies while keeping it firmly closed in sectors where the government seeks to develop domestic firms into international giants. The government of China discourages investments, which intend to profit from speculation like currency and real estate. The government has also indicated that it plans to restrict foreign investment in resource intensive and highly polluting industries. Policy changes to RMB Qualified Foreign Institutional Investors (RQFII) were introduced in March 2013, which have loosened market entry requirements for registered financial institutions.

Large parts of the economy are still closed to foreign firms and there is a strong competition from state-owned industries in the remaining sectors. The country is also well-known for its tangled bureaucratic web, which along with the complex business structure and language barrier, can make doing business in China a bit tough. However, with 1.3 billion internal consumers and a rapidly growing market, China offers an endless array of opportunities for firms from across the globe.

 

Component Name

Unit

From Site

GDP

USD billion

10866

GDP Annual Growth Rate

%

6.7

GDP Per Capita

USD

6416

Unemployment Rate

%

4.05

Wages

USD/Year

9,207.37

Inflation Rate

%

1.9

Consumer Price Index (CPI)

Index Points

102

Interest Rate

%

4.35

Business Confidence

(No Units)

50.4

Manufacturing PMI

Index Points

50.1

Ease of Doing Business

(No Units)

84

Competitiveness Rank

(No Units)

28

Corruption Rank

(No Units)

83

Consumer Confidence

(No Units)

106

Bank Lending Rate (Consumers)

%

4.35

Corporate Tax Rate

%

25

Sales Tax Rate

%

17

 

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

 

 

 

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