Global Seed Market is valued approximately at USD 55.7 billion in 2019 and is anticipated to grow with a growth rate of more than 6.4% over the forecast period 2020-2027.
Global seed market growth is primarily driven by the increasing demand for grains, oils, and vegetables. The need to raise agricultural production due to the increasing population is paving the demand for seeds. In 2018, the global population had reached more than 7.6 billion, which is expected to reach 9.9 billion by 2050. As a result, global food demand is projected to increase by 70%, due to rapid population growth, urbanization, and shifting diets. Farmers around the globe have gradually shifted from conventional farming methods to earn higher yields and benefit from the limited availability of resources, with commercial seeds becoming one of the industry’s main trends. Across major agricultural countries such as the China, Brazil, India and United States farmers are increasingly adopting Genetically modified for both yield benefits and other non-yield traits. The key players of global Seed market have implemented various strategies to gain competitive advantage including mergers and acquisition and others. Bayer AG inaugurated a pipeline upgrade for the Crop Science Division in February 2020 for research and development (R&D). Bayer AG ’s innovation is focused on generating more on each acre, minimizing the impact of farming on the atmosphere and allowing more informed decision taking through data. BASF SE inaugurated its new crop protection plant in Singapore in January 2020 to boost its production potential in the Asia Pacific region. It will cater for the rising demand of the region’s farmers for quality products for cultivation. In the contrary, the market growth is restricted by factors such lower acceptance of genetically modified crops in various regions along with impact of climate change on crop production. Additionally, diet diversification, Sophistication of seed technology such as seed pelleting & seed coating, improved regulatory responsiveness and increased use of waste land for agricultural purposes are expected to counter the growth of seed market over the forecast period.
The regional analysis of global Seed market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the extensive R&D, supportive government regulations. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as surge in population, rise in disposable income, Supportive regulations and development in the agricultural sector would create lucrative growth prospects for the Seed market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By crop type:
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