Genetically Modified Seeds in USA
World population has been growing at the rate of 1.167%1 with an average annual rate of GDP growth of 3.3%5. The most emerging market is that of China with the GDP growth of 11.9%, the 4th largest GDP behind Germany3 and India with the net income growth of 6.9% per year on average, whereas, US has a total GDP of $13,620.2 billion in 1st Qtr of 2007 an increase of 4.1% from last year2. The following charts reflect the population and GDP growth rate by region.
Source1: http://esa.un.org/unpp/ , http://en.wikipedia.org/wiki/Image:World_population_evolution.png
Source2: FAPRI - 185
Because of the above trend, food and agriculture market has been growing Worldwide including US. However, the US farm income has seen many fluctuations as the costs of the agricultural products vary every year.
Even though the GDP and major agricultural exports of US such as Corn continue to rise, the US farm income is predicted to increase at a declining rate because of the adverse environmental conditions, increasing costs by the increase in use of pesticides - a net loss of $21 Billion in 20064, increasing energy and fuel prices, depreciating US dollar value and the global competition in its products such as Wheat, Rice, Corn and products, Biofuels and Ethanol products, Sorghum, Barley, Oats, Hay, Soybean and products, Sunflower, Canola, Peanuts, Cotton, Sugar, Beef, Pork, Poultry and Dairy products.
However, the use of biotechnology can produce a significant change to this trend eminent by the $2 billion net economic impact through:
The increase in productions of Biotechnology-derived crops such as Corn, Canola, Cotton, Papaya, Squash and Soybean spread over 123 million acres in 42 states producing 8.34 billion pounds in 20056
The increase in productions of Biofuels such as Ethanol and productions -...