Daily News Archive
From August 29, 2001
Growth of GMO Industry
is Slowing Down
According to The Guardian
of the United Kingdom, the growth of the genetically modified food market
is declining. Companies are investing less money into the technology,
and governments are tightening label and import laws. Sergey Vasnetsov,
a chemical analyst on Wall Street, said, "The industry has overstated
the rate of progress and underestimated the resistance of consumers
will only come with new products but that seems to be something the industry
cannot achieve. The crops that will benefit people [as opposed to farmers]
are still three or four years away. The market is not expanding and research
budgets are down 5-7% on five years ago. Conceptually, the value [of GM
foods] has come down."
Chemical companies argue that GM food will reduce world hunger, even though most GMOs are grown in North America. Sergey Vastenov replies, "Let's stop pretending we face food shortages. There is hunger, but not food shortages. GM food is for the rich world. The money from GM is in developed countries. The battle is in Europe."
GM analyst of Greenpeace, says "No GM company is going to produce
varieties for poor countries unless it sees a market."