According to the latest report by IMARC Group, titled “Seeds Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global seeds market reached a value of US$ 66.9 Billion in 2018. Seed refers to a small embryonic plant which plays a vital part in the reproductive process of plants. It is enclosed in an outer covering, known as the seed coat, that helps in providing protection to the embryo. Seeds perform numerous functions for the plant which include providing nourishment to the embryo, dispersing to new locations and dormancy in unfavourable weather conditions. Apart from this, seeds are considered as an important part of the ecosystem as they offer food to other species like humans, and are used for a variety of domestic as well as industrial purposes.
On account of rising population across the globe, the demand for food production is observing an increase, resulting in the growth of the global seeds market. In addition to this, due to rapid urbanisation, the availability of per capita arable land has declined. Nonetheless, with the advent of genetically modified (GM) seeds, farmers are now able to increase the efficiency of their farmlands as GM seeds have higher yield than non-GM seeds. This is anticipated to drive the demand for GM seeds worldwide. Moreover, as government of several countries are encouraging the application of biofuel, due to its environmental advantages, the demand for crops like soybean and corn is increasing, in turn, augmenting the demand for seeds of these crops. Further, propelled by economic growth and escalating disposable incomes, the demand for agricultural produce from both the food and non-food sectors has been increasing constantly in a number of developing markets, such as India, China, Middle East, etc. Looking forward, the market value is projected to reach US$ 98.1 Billion by 2024, expanding at a CAGR of 6.6% during 2019-2024.
- Based on crop type, the market has been segmented as oilseeds, cereals and grains, fruits and vegetables, and other seeds. Presently, oilseeds account for the majority of the market share.
- On the basis of seed type, conventional seeds represent the leading segment, followed by genetically modified seeds.
- Based on traits, the market has been segregated as herbicide-tolerant, insecticide-resistant and other stacked traits. Currently, herbicide-tolerant exhibit a clear dominance in the market.
- On the basis of seed treatment, treated seeds dominate the market and are followed by non-treated seeds.
- Based on seed availability, the seeds market is divided as commercial seeds and saved seeds.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Amongst these, North America represents the leading market with the majority of the market share owing to rapid technological innovations in the production of seeds.
- The competitive landscape of the market has also been examined with some of the key players being Monsanto Company, Bayer CropScience AG, E.I. du Pont de Nemours and Company, Syngenta AG, The DOW Chemical Company, Groupe Limagrain, Sakata Seed Corporation, Rallis Limited India, Land O'Lakes, Inc. and KWS SAAT SE.
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