This paper updates previous estimates for the global value of using genetically modified (GM) crop technology in agriculture at the farm level. It examined impacts on yields, important variable costs of production, including the cost of the technology, direct farm (gross) income, and impacts on the production base of the main crops where the technology is used (soybeans, corn, cotton, and canola).
Over the period 1996 to 2020, the economic benefits have been significant with farm incomes for those using the technology having increased by $261.3 billion US dollars. This equates to an average farm income gain across all GM crops grown in this period of about $112/hectare.
Over the last 25 years, GM crop seed technology has helped many farmers to grow more food, feed, and fiber using fewer resources by reducing the damage caused by pests and better controlling weeds. The highest yield increases have occurred in developing countries and this has contributed to a more reliable and secure food supply base in these countries.
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With higher yields and less time and money spent managing pests and weeds, farmers have earned higher incomes. This has proven to be especially valuable for farmers in developing countries where, over the 25 year period 1996–2020, an average $5.22 was received for each extra dollar invested in biotech crop seeds.
