Seed Market estimated to be growing at a CAGR of 9.20%, to reach $118.7 billion by 2023
Seed Market Overview
Farmers count on the seed industry to provide seeds that bring high yields and help reduce the cost of production. The global concerns about pollution are driving the increase in the use of biofuels. Biofuel offers various advantages when compared to fossil fuels in terms of reducing pollution, which is one of the primary reasons for governments taking up initiatives to produce biodiesel.
High yielding cultivars/seeds along with other agricultural inputs such as crop protection products, fertilizers, and irrigation are being used to attain optimum utilization in the agriculture sector.
The growth of the Global Seed Market is mainly driven by factors such as rising global population, increasing consumption of animal fodder, and the growing need for commodities such as vegetable oil. Increasing awareness among farmers about the benefits of high-quality seed is also helping boosting market for good seeds. Another major factor driving this market is the growing demand for biofuels, which in turn is exerting pressure on the agriculture sector to increase the production of crops such as Corn. Concerns over Genetically Modified Seeds are restraining the growth of the market. The seed market is hindered as the GM seeds are relatively more expensive than normal seeds in developing countries like India.
Seed Market Forecast Report (2018-2023)
Global Seed Market was worth $76.44billion in 2018 and estimated to be growing at a CAGR of 9.20%, to reach $118.7 billion by 2023.
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Seed Market Segmentation
The Global Seed Market is segmented based on Crop type and Seed trait. Based on Crop type, the global Seed market is segmented into Oilseed, Grain seed, Fruit & Vegetable, and Other seed. Oilseed includes soybean, sunflower, cotton, canola; Grain seed includes corn, wheat, rice, millet crops; Fruit & Vegetable includes tomato, melon, carrot, onion, pepper, lettuce; Other seeds include alfalfa, turf, clover & forage plants, and flower seed. Based on Seed trait, the market is segmented into Herbicide Tolerant, Insect Resistant, and Other Stacked Traits. The Grain seed segment leads the seed market, with corn having the largest share followed by soybean. Herbicide tolerance continues to be the most common transgenic trait, whereas Insect resistance is the second most common genetically modified trait.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America accounted for the largest share in the global Seed market, accounting for around 36% of the global market followed by Europe. The Asia-Pacific market, which is mainly driven by China and India, is expected to offer lucrative growth opportunities, owing to the considerable increase in population.
The major companies dominating this market for its products and services are
- Dow AgroSciences LLC
- Land O’Lakes Inc
- Bayer Crop Science.
Key Takeaways from this Report:
· For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
· Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
· Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
· Increase overall revenue by understanding the geographical impact on sales and distribution channels.
· Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
· Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
· Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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