Current consumer research indicates that consumers say they will pay a higher price for food with certain attributes. It has already been proven by the marketplace that shoppers will pay a higher price for organic food products, even when most have no idea what that really means. Surveys suggest that consumers say they will pay more for ethically produced foods, even they have no idea what that means. With this as a background, I feel it will not be long before consumers will be willing to pay more for genetically engineered foods.
Now, this may seem a bit of a stretch given the current consumer resistance to food items labeled with GMO. For the most part, the biotechnology in food products today benefits the producer and the processor and not the consumer. All that is about to change.
Coming very soon are food products with benefits consumers want, made possible by biotechnology, for example, peanuts that do not cause allergic reactions. This has already been accomplished. Also in the pipeline, wheat without gluten. Then there are apples that do not turn brown in your kid’s lunchbox. Next will be foods fortified with healthy attributes and, perhaps, chocolate, soda, donuts, and beer that don’t make you fat.
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