Seed Market Projected to Reach $68,711 Million by 2023

The seed market was valued at $54,469 million in 2016 and is projected to reach $68,711 million by 2023, growing at a CAGR of 3.4% from 2017 to 2023. The field crops segment was dominant in 2016, accounting for more than half of the market share, in terms of volume.

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A small embryonic plant enclosed within a protective covering is known as the seed. Seed serves various functions for plants such as nourishment of the embryo, dispersal to a new location, and dormancy during unfavorable conditions. Timely availability of high-quality seeds in appropriate quantity determines the strength and health of the agricultural economy.

The sophistication of seed technologies such as seed pelleting, the rise in usage of biofuels & animal feed, and increasingly accommodative regulatory stance are major factors that drive the market growth. Global population is estimated to reach 9 billion by 2050 and is expected to require twice the food, which could be produced from the constant land area. More production is anticipated to be accomplished from less land only by using the combination of quality seeds, quality inputs, and enhancing farm practices.

The genetically modified (GM) seed segment is anticipated to grow at a high CAGR during the forecast period. Crops produced using genetically modified (GM) seeds are of enhanced quality and contain an additional amount of nutrients in them.

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In 2016, the field crops segment accounted for more than half of the market, in terms of volume. Rise in seed replacement rate in cultivation areas, ongoing R&D activities by seed manufacturers, and intensive agricultural practices utilized by farmers to increase crop yield & productivity are the major factors that drive the growth of field crops segments across the globe.

Key Market Players Profiled in this Study:

•Advanta Limited (India)
•Bayer CropScience AG (Germany)
•DLF Seeds A/S (Denmark)
•DOW Agrosciences LLC (U.S.)
•E. I Du Pont De Nemours and Company (U.S.)
•Groupe Limagrain Holding SA (France)
•KWS AG (Germany)
•Land O' Lakes Inc. (U.S.)
•Sakata Seed Corporation (Japan)
•Syngenta AG (Switzerland).

The commercial seeds segment is projected to grow at a significant CAGR during the forecast period. Expanding global population is anticipated to escalate the demand for commercial seeds across the globe. A decline in global arable land acts as a driver for commercial seeds segment, as these seeds yield higher output.

Treated seeds accounted for the maximum share, in terms of both volume and revenue, in 2016, as these seeds save post sowing cost of spraying and make crops tolerant of various soil-borne and other diseases. Furthermore, treated seeds assist to increase the productivity and provide benefits to farmers in terms of cost.

Key Findings of the Seed Market:

•North America is expected to lead the market during the forecast period, followed by the Asia-Pacific region.

•The fruit & vegetable crops segment is expected to show the highest growth rate in the global seed market by crop, registering a CAGR of 3.5% from 2017 to 2023.

•The treated seeds segment registered the highest growth rate, in terms of volume, in 2016.

•In the year 2016, South Africa accounted for 5.0% share, in the LAMEA seed market in terms of volume.

•The UK accounted for 9.9% share, in terms of revenue, in the European seed market, in 2016.

•India is expected to grow at the highest CAGR of 4.4% during the forecast period.

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Low acceptance of genetically modified (GM) crops in some regions, such as Europe, varying climatic conditions, and extensive research & prolonged approval time involved in the development of improved seed varieties having novel traits limit the market growth. Introduction of new technologies offering potential benefits over conventional ones, improvement in seed replacement rate (SRR), an increase in demand for various crops in emerging economies are factors anticipated to provide opportunities for market expansion.

North America an Asia-Pacific collectively accounted for more than half of the share to the global seed market revenue, in 2016. In the same year, North America dominated the market, owing to the increase in demand for enhanced agricultural products.

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