July 08, 2020
According to the research report titled ‘Global Seed Market - Analysis By Seed Type, Traits, By Crop Type, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2019-2024)’, available with Market Study Report LLC, global seed market was worth USD 61.50 billion in 2019 and is expected to record substantial growth during 2019-2024.
Global seed market has been observing growing at a rapid pace in the recent past primarily due to persistent launch of new varieties and hybrid products, bringing more advanced technologies to the farmers. In addition, steady growth of international seed trade and surging demand of food from the growing worldwide population in times of unavailability of cultivable land is projected to influence market size over the anticipated timeline.
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Seeds aid in several plant functions like dormancy during adverse conditions, embryo nourishment, and dispersion to new places. The strength and health of an agricultural economic state depends on prompt accessibility of quality seeds. To increase the overall crop productivity, quality seeds, which is suitable to several agro-climatic conditions and are available at low prices and in adequate amount, are required. Hybrid seed, which are high quality seed, offer disease resistance, improved color, considerable uniformity, and better yield to the plants.
Based on traits, global seed market is divided into stacked traits, insect resistant traits, and herbicides tolerant traits. The report states that the herbicide tolerant segment is projected to lead the market in terms of share, owing to the flexibility it offers, in consort with low cost and ability to fight unwanted weeds in farms. Based on seed type, global seed market is categorized into genetically modified and conventional seed. The genetically modified seed segment holds a significant market share owing to rising agricultural productiveness and decreasing usage of harmful pesticides.
From the regional point of view, global seed market is fragmented into Asia Pacific, Europe, North America, and Rest of the World. The report cites that North America holds a substantial market share in global seed industry, owing to technological innovations in seed production, specially wheat, maize, and corn in the region. North America is slated to continue this growth over the anticipated timeline as attempts are made to replace the conventional fuel sources like diesel or petrol with biofuels. This in return is anticipated to boost the demand for better varieties of barley, corn, and wheat seed in the region.
The leading organizations in global seed market are Takii Seed India, KWS Saat, Sakata Seed Corp., Rijk Zwaan, AgReliant Genetics, Vilmorin & Cie, BASF, Syngenta, Corteva and Bayer among others.