Global Seed Market was valued at USD 59.29 billion in 2020 and is projected to reach USD 80.89 billion by 2025, developing at a CAGR of 6.39% from 2020 to 2025.
Commercial seeds and genetically modified seeds are the two main types of seeds available on the global seed market. Genetically modified seeds are seeds with the best genetic material, have better resistance to diseases and pests and offer better yields. The main objective of the seed market is to meet the needs of farmers, provide a better variety of seeds, and offer the best quality seeds at affordable prices. Increasing population and increasing technological advancements are driving the growth of the global seed market.
In February 2020, Bayer AG launched an updated research and development (R&D) line for the Crop Science division. Bayer AG's innovation is to produce more on every acre, reduce the environmental impact of agriculture, and enable better-informed decisions through data.
In January 2020, BASF SE opened its new crop protection facility in Singapore to increase its production capacity in the Asia-Pacific region. This will satisfy the growing demand of farmers in the region for quality products for cultivation.
In October 2019, BASF SE and NRGene (Israel) announced a research collaboration that includes the adoption of NRGene's cloud-based artificial intelligence (AI) technology in BASF's soybean research projects.
Market Drivers and Restrains:
The global seed market is growing at a rapid rate with the increasing government initiatives. An important factor influencing this growth is the need to increase agricultural production due to population growth. Another key factor driving growth is the use of biofuels. The use of corn for biofuels is likely to boost the market in the future. Also, the increasing demand for corn and soybeans as feed increases the demand in the seed market. There is immense potential for growth in the field of genetically modified seeds due to technological advances. However, some factors that are holding back the growth of the seed market include the protection that patent laws offer to genetically modified seeds that make it difficult for new companies to enter the market, along with the safety risks associated with the consumption of genetically modified seeds.
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The global seed market is segmented by type, seed treatment, crop type, and geography. Depending on the type, the world market is divided into conventional or commercial seeds and genetically modified seeds. Commercial seeds include corn, soybeans, vegetables, grains, cotton, rice, canola, sunflowers, and sugar beets, and genetically modified seeds include corn, soybeans, cotton, and canola.
On the basis of seed treatment, the worldwide seed market is divided into treated and untreated seeds.
Depending on the type of crop, the market is classified into oilseeds, fruits and vegetables, cereals and cereals.
Asia-Pacific, dominated by the two main agricultural countries, India and China, is the fastest growing geographic segment in the global seed market. The region is experiencing increased adoption of hybrids and seed replacement rates in key crops such as rice, corn, and vegetables. Growth prospects remain high for hybrid rice in the region. The growing demand for animal feed has been the main driver of growth in the corn segment of the market in the region. In addition, the surge in the area devoted to growing vegetables due to changing food preferences of the population, as well as the hike in cash flow received by farmers due to horticulture, are stimulating the vegetable seed segment of the market in this area.
Key market players:
Some of the leading companies in the global seed market are Monsanto Co., Syngenta Int. AG, Bayer CropScience AG, Vilmorin & Cie SA, Dow AgroSciences, KWS SAAT AG, Sakata Seed Corp., Takii & Co. Ltd., AgReliant Genetics LLC, DLF-Trifolium, Groupe Limagrain, Land O'Lakes, Inc., Rallis India Limited and EI du Pont de Nemours and Company.
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