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Seeds Industry Trends, Global Market Growth, Opportunities 2024
Seeds Market Growth
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According to The Business Research Company's, The seeds market size has grown strongly in recent years. It will grow from $62.69 billion in 2023 to $66.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growth in world population, government initiatives, decreasing farmlands areas and increasing demand for animal feed..
The seeds market size is expected to see strong growth in the next few years. It will grow to $87.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to global population growth, food security initiatives, increase in biofuel demand and shift towards vegan eating. Major trends in the forecast period include leveraging ai to drive innovations, focus on biological seed treatments, focus on partnerships and collaborations to strengthen market position and invest in novel seed treatment technologies for higher yields and better productivity..
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Market Drivers and Trends:
The seeds market is expected to be supported by the growing demand for biofuel manufactured through genetically modified crops in the forecast period. Genetically modified (GM) plants have been promoted as a new option for biofuel production as they promise a higher yield or higher quality feedstock. As countries slowly shift from fossil fuels to more eco-friendly means of transportation, biofuels are expected to increasingly gain popularity, thus supporting the demand for GM crops in the forecast period. For instance, the revised Renewable Energy Directive (REDII) in Europe of 2021, setting the EU policy framework until 2030, is expected to support the market for biofuels, thus driving the seeds market.
Product launches are a key trend gaining traction in the seeds market. Major companies operating in seeds are focusing on product innovations and developing new products to strengthen their position in the market. For example, in October 2021, Kannar Earth Science Ltd, a US-based company manufacturer of high-quality seed coating products launched KAN7. KAN7 is a special combination of amino acids and a critical micronutrient. KAN-7 is designed to be given to seed at modest treatment rates while still efficiently promoting crop establishment through seedling development and vigour. KAN-7 uses the availability of carbohydrates to encourage the colonization and proliferation of more seed-applied microorganisms.
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Major Key Players of the Market:
BASF SE, Syngenta, Bayer AG, Neogen Corporation, UPL Limited, Bell Laboratories Inc, Liphatech Inc., PelGar International, JT Eaton, Impex Europa, India Pesticides Limited, United Phosphorus Ltd, Kalyani Industries Limited, Sumitomo Chemical India Limited (SCIL), Dow AgroSciences Australia Ltd, Rentokil Initial plc, Mitsui Chemicals, TAE IL COMPANY, Sinochem International Corporation, China National Chemical Corporation, We-Young Industrial & Trading Co. Ltd., Shijiazhuang Awiner Biotech Co. Ltd, Shandong Dongtai Agricultural Chemistry Co. Ltd., Sunking Chemical Industrial Co. Ltd., Anticimex, Industrialchimica, Fregata S.A., ItalTiger, ZEP Inc, EcoClear, Senestech Inc, Arch Quimica Argentina Srl, Lectus Sa., Alexander Chemical Company, Dow Agrosciences De Colombia S.A., Brinsa S.A., BioDalia Microbiological Technologies, Ecovar Trading LLC, Al Mubarak Agro-Chemicals, VAPCO Manufacturing CO. Ltd., Kassar Group, KZ pesticides company, Enviro Bio-Chem, Synvita, Degesch South Africa
Seeds Market 2024 Key Insights:
• The seeds market size is expected to see strong growth in the next few years. It will grow to $87.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Growing Demand For Biofuel From Genetically Modified Crops Boosts Seeds Market
• Seeds Market Witnessing Growth Through Innovation With Recent Product Launches
• North America was the largest region in the seeds market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://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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