Seeds Market Outlook
The Seeds Market Size ofreached USD 60.5 Billion in 2022. The industry is anticipated to experience growth, with projections indicating an increase from USD 63.1 Billion in 2023 to USD 89.1 Billion by 2032. This upward trajectory reflects a compound annual growth rate (CAGR) of 4.40% from 2023 to 2032. Key drivers contributing to market growth include the escalating demand to boost the utilization of biofuels and animal feed, the imperative to enhance food production, and the ongoing modernization of agriculture practices.the need to increase food production, surge in usage of animal feed and biofuel, and agriculture modernization are the factors expected to drive the growth of the market.
Based on type, the global seeds market has been segmented into GM seeds and Non-GM seed. GM seeds segment is anticipated to gain the largest revenue share in the global seeds market and shall maintain lead throughout the forecast period. The demand of GM seeds is increasing, due to characteristics such as higher yield, faster growth, and pest & disease resistance. This is a crucial determinant that is catalyzing the growth of GM seeds segment in the global seeds market. The same segment is expected to grow with the highest growth rate owing to the increasing demand by the food and beverage industry.
The global seeds market has been segregated, by category, into organic and conventional. The conventional segment is expected to garner major share in the global seeds market owing to the huge availability of conventional seeds. However, the organic segment is anticipated to project a higher CAGR during the forecast period due to the rising inclination of consumers towards organic products.
The global seeds market has been segregated, by crop type, into cereals & grains, fruits & vegetables, oilseeds & pulses, and others. The cereals & grains segment is expected to garner major share in the global seeds market owing to the intensive agriculture practices, to increase the productivity and yield of the crop. The same segment is anticipated to project a higher CAGR during the forecast period due to the rising inclination of farmers towards commercially produced enhanced seeds varieties as compared to utilizing seeds from last harvest.
The global seeds market is been classified, by seed treatment, into treated and non-treated. The treated segment is expected to gain largest share, owing to the increasing awareness towards the benefits such as reduced environmental impact and cost effective. Seed treatment aids in early plant growth and maximize seedling establishment. Thus, these factors are expected to drive the treated seed market.
The global seeds market has been segregated, by trait, into herbicide-tolerant, insecticide resistant, and others. The herbicide-tolerant segment is expected to generate higher revenue, as herbicide-tolerant crops consistently provide better yields than conventional crops. Additionally, herbicide-tolerant traits are mainly used in cotton crops, followed by soybean and corn. The same segment is expected to register the higher CAGR during the assessment period owing to the growing demand by the farmers to eliminate the weeds in the field.
Regional Analysis
The global Seeds market Outlook has been segmented on the basis of region, into North America, Europe, Asia-Pacific, Rest of the World.
Asia-Pacific is expected to dominate the global seeds market owing to increasing demand in the developing countries such as India, China and others. The number of populations is increasing in these countries of Asia-Pacific, due to which national and international associations and government are supporting the farmers to increase the agriculture production of grains, vegetables and fruits.
North America seeds market is expected to grow at a rapid pace due to growing demand for raw material by food and beverage industry. Moreover, Europe and RoW is also expected to project a significant market share owing to the increasing investments by the government in agricultural research.
Key Players
Some of the key players in the global seeds market are Bayer AG (Germany), DowDuPont Inc. (France), Monsanto Company (US), Syngenta AG (Switzerland), Groupe Limagrain (France), Land O'Lakes, Inc. (US), KWS SAAT SE (Germany), Maharashtra Hybrid Seeds Co. (India), Sakata Seed Corporation (US), Gansu Dunhuang Seed Co., Ltd (China).
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