The global seed market accounted for a value of USD 63.1 billion in 2019. The market is projected to witness growth at a CAGR of 5.2% during the forecast period.
The COVID-19 has impacted agricultural sector worldwide. Seeds are first step for agricultural production and the timely delivery of seeds are mandatory but due to corona virus outbreak government across the world had imposed lockdown and travel restriction which had impacted supply of seeds significantly.
For more details, visit: Global Seed Market By Type(Conventional, Genetically Modified Seeds), By Traits (Herbicide-Tolerance, Insect-Resistance, Others), By Crop Type (Oilseeds & Pulses, Cereals & Grains, Others), By Region–Forecast & Opportunities to 2026
Seeds are considered as foundation of food chain. It is significant in the sustainability of agro-food system. Farmers are adopting new farming methods for higher yield and profitability. Commercial seeds are gaining immense popularity in seeds market. Farmers shifting from traditional methods to modern farming techniques are driving growth in seeds market.
On the basis of type, the seed market is segmented into conventional and genetically modified seeds. The genetically modified seeds segment is estimated to register growth at highest CAGR during forecast period. The genetically modified seeds has higher growth rate in America region due to immensely favorable policies of government. The export of such seeds is also increasing. It helps in reducing input costs. This drives growth in genetically modified seeds segment.
On the basis of crop type, the seed market is segmented into cereals & grains, fruits & vegetables, oilseeds & pulses and others. The cereals & grains segment is estimated to register growth at highest CAGR during the forecast period. The cereals and grains segment is widely consumed as a staple food in various regions. China is the major exporter of grains to various neighboring countries. The bio fuels market is contributing in the large scale production of various crops such as sorghum at large scale production.
On the basis of traits, the seed market is segmented into herbicide-tolerance, insect-resistance and others. The other traits segment is estimated to register growth at highest CAGR during forecast period. The adoption of crops possessing multiple traits is increasing immensely as this type of crops reduces use of insecticides and herbicides which further reduces cultivation crops. This is likely to drive growth in this segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during the forecast period. The agriculture activities and land for agriculture is higher in this region. The government rules and regulation are very much supportive in this region. The demand for feed and food is growing day-by-day due to larger population in this region. Thus, drives growth in this region during forecast period.
The key market players in seed segment are BASF SE, Syngenta Group, KWS SAAT SE, Land O’ Lakes, Bayer AG, Sakata Seed Corporation, Corteva Agriscience, United Phosphorous Ltd., DLF, Lohgpin Hi-tech, Rallis India Ltd, Enza Zaden, Takii & Co. Ltd, barenburg Holding B.V and FMC corporation.
- What are the expected industry trends over the next three to five years?
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