Hyderabad, March 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Seed Market Share” - 2023-2028, the global seed market is expected to grow at a CAGR of 4.21%. The grains and cereals segment is the largest and fastest-growing segment in the United States and Italy, respectively. The segment is largest in the United States due to the country's high production of corn, soybean, and cucumber, as well as its high adoption of biotech crops and hybrid seeds. The grains and cereals segment is growing the fastest in Italy since the country is the leading producer of peas, with an increase in salad consumption and increased demand for feed by dairy farmers.
Seed Market Analysis - What is Driving the Growth of the Global Seed Market?
The growing demand for hybrid and open-pollinated seeds from organic growers and the animal feed, food, and biofuel industries is driving the market's growth.
- Major agriculture-producing countries have witnessed high growth in demand for hybrid seeds.
- Benefits such as higher productivity, wider adaptability, and a high degree of resistance to biotic and abiotic stresses have been the reason for higher growth.
- For instance, in cotton, hybrids give 50% more yield than conventional varieties.
- Their wider adaptability is mainly due to their high buffering capacity to environmental fluctuations.
- New plant breeding techniques are allowing the development of new plant varieties with desired traits by modifying the DNA of the seeds and plant cells.
- Innovations in plant breeding are helping address the challenges farmers face in the field every day.
- Adopting improved open-pollinated varieties has many benefits, such as high yield, being well adapted to the local environment, and allowing crops to grow stronger.
- Due to the increase in demand, the share value of OPV increased by 4% in 2021 from the previous year.
What is the impact of the growth expected to be?
Corn contributes a major share of the US seed market. It accounts for 22.5% of the US seed market. This is mainly due to the adoption of biotech crops in the region.
Europe is a major producer of forages, with a share value of 34.1% in the global forage seed market. Major driving factors of the forage seed market include growing demand for feed products and decreasing land for grazing animals.
Row crops held the largest share in Africa in 2021, accounting for 77% of the total market share. The main reason for this is the trend toward increasing consumption in conjunction with an increase in acreage under cultivation.
South America's hybrid adoption rate is expected to be more than that of open-pollinated seed varieties from 2022 to 2028 because of an increase in the yield by 10-15%, good quality, and better return on investment. Therefore, the demand for hybrid seeds is expected to increase by 32% from 2022 to 2028.
Due to the decreased use of hybrid seeds in the Middle East, the seed market is expected to grow moderately between 2022 and 2028. Approximately 30-50% of crops must be imported from other countries to meet domestic demand because growers do not wish to use transgenic seeds.
Who are the Key Players in the Global Seed Market?
The global seed market is fragmented, with the top five companies occupying 38.08%. The major players in this market are:
- BASF SE
- Bayer AG
- Corteva Agriscience
- KWS SAAT SE & Co. KGaA
- Syngenta Group
- Sakata Seeds Corporation
- Advanta Seeds – UPL
- DLF
- Groupe Limagrain
- Rijk Zwaan Zaadteelt en Zaadhandel BV
Recent Developments in the Global Seed Market:
- July 2022: Corteva Agriscience, BASF, and MS Technologies signed an agreement to develop next-generation Enlist E3 soybeans with the nematode-resistant soybean (NRS) trait for farmers in the United States and Canada.
- June 2022: A new variety of tropicalized lettuce named Arunas RZ was launched. This is expected to enhance the market share of the company.
- May 2022: Syngenta Canada launched the new Pelta seed pelleting technology for canola, which helps in optimizing seed size and uniformity, enabling improved singulation planter performance.
Briefly, the Mordor Intelligence Global Seed Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand the Global Seed industry. Get a glance at https://www.mordorintelligence.com/industry-reports/seeds-industry
About Mordor Intelligence
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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