Dublin, April 15, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Vegetable Seeds Market 2023-2029: Market Forecast By Vegetable Type, By Cultivation Mechanism, By Application And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Vegetable Seeds market has experienced growth in recent years, primarily due to robust government support for advancing agricultural technologies. The Agricultural Development Fund, as part of its initiatives to promote agriculture, has been providing loans covering more than 70% of the capital expenses for agricultural projects. From 2015 to 2022, there has been a substantial increase in the lending ratio, rising from $133.2 million to nearly $1.87 billion. Moreover, by Q2 2023, Saudi Arabia achieved a 63% self-sufficiency rate in the value-added agriculture sector, attributed to the Reef program. This government initiative is dedicated to enhancing food security within the Kingdom.
The Saudi Arabia Vegetable Seeds market revenue is projected to grow at a CAGR of 10.3% from 2023-2029. The Tamala initiative in the Tabuk region seeks to unite 3,000 farms, to enhance crop production by embracing modern farming technologies. In alignment with the government's commitment to bolstering agricultural productivity, financial support is provided for research projects focused on the creation of new food crops to increase yields and the development of plant varieties with improved resistance to pests. Additionally, the widespread establishment of desalination plants across the country, which converts seawater into freshwater, has opened up alternative water sources for agricultural irrigation. These actions are anticipated to assist local farmers in expanding their agricultural enterprises and may act as enduring drivers for the vegetable seeds market. Saudi Arabia's population growth and 1Bn Investment Plan in Greenhouses drive increased demand for greenhouse farming, which stimulates the Saudi Arabia Vegetable Seeds market Growth. Moreover, research on new crops and desalination projects are set to enhance agricultural productivity, benefiting local farmers and potentially boosting the vegetable seeds market in Saudi Arabia in the forthcoming years.
Market Segmentation by Types
Tomato seed accounts for major revenue share in Saudi Arabia vegetable seed industry in 2022, owing to rising local production of tomatoes which has increased from 598.8 thousand tonnes in 2020 to 658,000 tonnes in 2022. Additionally, companies are investing in advanced technology to boost the local production of tomatoes in the country. For instance, the Greenhouse Horticulture Business Unit of Wageningen University & Research (WUR) used targeted watering to increase the local production of tomatoes which has subsequently increased the demand for tomato seeds in the country.
Market Segmentation by Cultivation Mechanism
Open Field garnered the major revenue share in Saudi Arabia vegetable seeds market as the production of vegetables in open field is continuously increasing and reached 983,000 tons in 2021 compared to 904,000 tons in 2020. Additionally, open field cultivation relies on modern irrigation and water management techniques which overcome the challenges of limited water resources and extreme temperatures, thus is the most preferred technique in the country.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years of Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Saudi Arabia Vegetable Seeds Market Overview
- Saudi Arabia Vegetable Seeds Market Outlook
- Saudi Arabia Vegetable Seeds Market Forecast
- Saudi Arabia Vegetable Seeds Market Porter's Five forces Analysis
- Saudi Arabia Vegetable Seeds Market Industry Life Cycle Analysis
- Historical Data and Forecast of Saudi Arabia Vegetable Seeds Market Revenues, for the Period 2019-2029F
- Market Drivers and Restraints
- Historical Market Data and Forecast of Revenues, By Types, for the Period 2019-2029F
- Historical Market Data and Forecast of Revenues, By Cultivation Mechanism, for the Period 2019-2029F
- Key Performance Indicators
- Market Opportunity Assessment
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
- Tomato
- Onion
- Cucumber
- Okra
- Egg Plant
- Carrot
- Pepper
- Lettuce
- Others (Spinach, beetroot, Cabbage)
By Cultivation Mechanism
- Open Field
- Protected Cultivation
Company Profiles
- BASF Group
- Syngenta Group Co. Ltd.
- Astra Agricultural Co. Ltd.
- Bayer Saudi Arabia, LLC
- Sakata Seed Corporation
- Safal Seeds & Biotech Limited
- UPL Limited
- Proline Seeds Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/2iqxwg
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