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Oilseed And Grain Seed Market Growth Analysis, Share, Drivers And Forecast 2033
Oilseed And Grain Seed Market Growth
According to The Business Research Company's, The oilseed and grain seed market size has grown rapidly in recent years. It will grow from $104.68 billion in 2023 to $120.31 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to global population growth, government subsidies and support, shift in dietary preferences, globalization of food trade, climate and weather patterns, investment in agriculture infrastructure.
The oilseed and grain seed market size is expected to see rapid growth in the next few years. It will grow to $197.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to demand for functional and specialty grains, focus on crop resilience and adaptation, development of high-oleic varieties, increasing use of precision agriculture, consumer awareness of nutritional benefits. Major trends in the forecast period include integration of digital farming practices, seed treatment technologies, genetically modified (gm) seed adoption, biological seed treatments, traceability and quality assurance.
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Market Drivers and Trends:
Rising food demand is expected to propel the growth of the oilseed and grain seed market going forward. Food can be defined as substances that provide protein, carbohydrate, fat, and other nutrients that are used in the body of an organism and are essential for its proper growth. Oilseed and grain seeds are important cereals that can be consumed by humans as food and also produce oil. For instance, in July 2022, according to a report by the World Food Programme, an Italy-based humanitarian organization, there were approximately 828 million people globally affected by hungerin 2021, which is an increase of 46 million from the previous year and an increase of 150 million people since the start of the COVID-19 pandemic. It is projected that345.2 million people are expectedto be food insecure in 2023, which is double compared to 2020 and 200 million more compared to pre-pandemic levels. Also, more than 900,000 people around the globe are fighting the food crisis. Therefore, rising food demand is driving the growth of the oilseed and grain seed market.
Technological advancements are a key trend in the oilseed and grain seed market. Major companies operating in the oilseed and grain seed market are introducing novel technologies to strengthen their position in the market. For instance, in September 2022, Syngenta, a Switzerland-based agricultural science and technology company, launched the first tool to detect harmful nematodes through satellite images, which can be used to protect soybean crops from pests. The tool uses new digital technology with a unique, proprietary algorithm that can identify areas of high infestations of plant-parasitic nematodes in crops and estimate potential losses.
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Major Key Players of the Market:
Gansu Dunhuang Seed Co. Ltd.; Hefei Fengle Seed Co. Ltd.; Krishidhan Seeds Pvt. Ltd.; Mahyco Private Limited; The Monsanto Company; Nuziveedu Seeds Ltd.; BASF SE; Burrus Seed Farms Inc.; Rallis Ltd.; Seed Co. Group; Cargill Incorporated; Stine Seed Company; KWS Saat AG; CHS Inc.; Mountain States Oilseeds LLC; Bayer AG; Louis Dreyfus Company; Dow Inc.; Archer Daniels Midland Company; Soni Soya Products Limited; Kanematsu Corporation; AGT Food and Ingredients; Land O'Lakes Inc.; Groupe Limagrain; Oilseeds International Ltd.; Wilmar International Ltd.; Cootamundra Oilseeds Pty. Ltd.; Bora Agro Foods Pvt. Ltd.; ETG Agro Private Ltd.; Pacific Seed Company
Oilseed And Grain Seed Market 2024 Key Insights:
• The oilseed and grain seed market size will grow to $197.93 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Rising Food Demand Fueling Growth In The Oilseed And Grain Seed Market
• Technological Advancements Transforming The Landscape Of The Oilseed And Grain Seed Market
• North America was the largest region in the oilseed and grain seed market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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