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The Seed Market was estimated around USD 40,400 million in 2019 and is predicted to grow at a CAGR of 6.2% over the forecast period (2020-2027).
The factors driving the growth of Seed Market includes increasing use of seeds in animal feed and aquaculture industries, rise in the production of food grains around the world, growing focus by farmers for maintaining the crop yield. According to the report published by Statista, the area under cultivation for the production of food grains across India has increased from 124.8 million hectares in 2019 to 129.3 million hectares in 2021, rising demand for food grains is expected to boost the Global Seed Market in the approaching years. Moreover, growing adoption of biotech crops by farmers, Government policies supporting the agriculture produce, shift from conventional seed sources to packaged seeds and growing popularity of hybrid seed across the globe, are some of the additional factors augmenting the Seed Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
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However, growth of the market is hindered attributed to rising availability of counterfeit products and commercialization of fake hybrid seeds.
The leading players operating in the market are BASF SE, Land O’Lakes, Inc., TAKII & CO., LTD., Bayer AG, Corteva, Syngenta International AG, Sakata Seed, Enza Zaden BV, KWS SAAT SE & Co. KGaA and Groupe Limagrain, among others.
Based on Crop, the Grains & Cereals segment is predicted to grow at a significant CAGR during the forecast period
Rise in the consumption of cereals owing to its nutritional benefits, is the major factor pushing the growth of the segment.
Based on Type, the Genetically Modified Seeds segment is projected to grow at a robust CAGR over the forecast period
Government policies regarding the use of genetically modified seeds and rising awareness about amongst farmers about the benefits of genetically modified seeds, are some of the factors propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizable market share during the forecast period
Rise in the production of maize, vegetables, and rice, increasing number of Free Trade Agreements between Governments in Asia-Pacific region, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2020, BASF SE publicized the inauguration of its new crop protection facility in Singapore to enhance its production capacity in the Asia-Pacific region., to cater the changing consumer demand.
In 2019, KWS SAAT SE & Co. KGaA acquired Pop Vriend Seeds, a market leader in spinach seeds and offers a promising portfolio of other vegetable seeds. This agreement will strengthen company’s long-term position of KWS in the vegetable seeds market.
Market Segmentation
Global Seed Market by Crop
Grains & Cereals
Maize
Rice
Wheat
Sorghum
Others
Pulses & Oilseeds
Soybean
Sunflower
Canola
Pulses
Others
Cotton
Vegetables
Others
Global Seed Market by Type
Conventional Seeds
Genetically Modified Seeds
Global Seed Market by Trait
Herbicide Tolerance
Insecticide Resistance
Other Traits
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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