Bayer laid down a challenge to seed rivals such by unveiling plants to triple sales from genetically modified seeds by 2018, in part through treading on Monsanto's turf in the huge corn and soybean market.

The German conglomerate said it was more than doubling its research budgets, to an average of E390m a year, in a drive to triple sales of GM crops to E1.4bn by 2018.

The growth spurt would be achieved by spreading beyond its traditional canola, cotton and rice, where it is the world's biggest GM seed provider, into corn and soybeans, historically the stronghold of US giants Monsanto and DuPont.

Bayer is currently a mid-sized GM player, targeting E500m in sales from the technology this year out of a total market pegged at E18bn. Monsanto's seeds business posted sales of $6.4bn last year.

'Expanded portfolio'

"In soybeans and corn, we are seeking to reposition ourselves in the market with our in-house technologies," Friedrich Berschauer, chairman of Bayer's CropScience seeds and sprays division, said.

The group also revealed plans to launch, potentially in 2015, a GM wheat engineered for better yields and improved fertilizer uptake.

Joachim Schneider, the group's head of GM, said: "We are currently active in about one quarter of the [GM] market.

"In the future, we want to offer an expanded portfolio of products that will serve around one half of this market directly."

Bayer estimated the total GM market growing to E32m in 2018 and E47m in 2025.

'Subdued' performance

The comments came at an investor day at which Bayer downplayed prospects for its CropScience division this year following a "subdued" performance in the third quarter.

The unit had faced headwinds including falling grain prices, a late start to Argentine plantings, "unfavourable" weather in Europe and India, and a drop in US demand, Mr Berschauer said.

Bayer shares closed up E0.18 at E48.15 in Frankfurt.