Seed Market to grow at a CAGR of 6.8% during the forecast period
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Market Insights
The seed industry has witnessed a substantial change in the past century, with farmers relying on purchasing seeds from a market with better traits rather than relying on seeds from previous season’s harvest. Developments in seed technology have increased the momentum of the industry’s growth, and the introduction of genetically modified crops has further boosted the seed market. The value of global seed market has tripled since 2000 and reached approximately USD 50 billion in 2014. Globally, North America occupies the largest market share and together with Europe it constitutes more than 50% of the global seed market. Currently, the market is highly competitive and to increase the share in the seed market, top companies are adopting strategies such as mergers and acquisitions.
The global seed market is expected to grow at a CAGR of 6.8% during the forecast period 2016-2021. The market, estimated at USD XX million as of 2016, is projected to reach a value of USD 73239.1 million by 2021.
Market Dynamics
The expanding world population, rising adoption of biotech crops across the world, an increase in the usage of biofuels and animal feed, and growing land reclamation for agricultural purposes are the major growth factors driving the seed market. On the other hand, the lower adoption rate of GM crops in various countries coupled with their lengthy approval time, extensive research and time involved in stabilizing and introducing new seed varieties with novel traits, and consolidating the seed market are the major constraints for the industry.
The seed industry is investing heavily in research and development, for a generation of a new variety of seeds with desirable traits. Some of the most important traits desired by the farmers are high yield, seed rate /hectare, biotic and abiotic resistances, high nutrient content, etc. The top global players are trying to include these traits and combinations of the same in their products to sustain high levels of competition and to maintain their market share. Technological innovation and a growing demand in the developing countries are the major areas of opportunities for the seed market.
Market Segmentation
The seed market is segmented by crop type into - oilseeds, cereals/grains, fruits and vegetables, and other seeds; by type into - non-GM seeds (hybrid seeds), GM seeds, and varietal seeds; and by geography into - Asia-Pacific, North America, Europe, South America, and Africa. Considering that the seed industry is concentrated in the more industrialized and developed countries, North America and Europe constitute nearly half of the global seed market. America dominates the GM market, followed by Asia.
Non-GM seeds/Hybrids constitute the largest share of XX%, followed by GM seeds. At the same time, rising adoption of organically grown food products results in a steady growth of hybrids. Varietal seeds segment is expected to grow at a CAGR of 8.8% during the forecast period.
Regarding the crop type, vegetable seeds segment is projected to be the fastest growing during the forecast period, at a CAGR of 8.5%, followed by oilseed crops having a CAGR of XX%. Vegetable seeds are further segmented into Solanaceae, cucurbit, root and bulbs, brassica, and others. Tomato, from Solanaceae, is a major crop witnessing the fastest growth. Oilseeds constitute soybean, sunflower, cotton, and rapeseed as the major crops. Cereals and grains, such as rice, wheat, maize, and sorghum, constitute the largest share of 48% of the global seed market and play a crucial role in meeting the global food demand.
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By geography, the global seed market is segmented into North America, Europe, Asia-Pacific, South America, and Africa. Asia-Pacific is seen as the fastest growing segment during the forecast period, with a CAGR of 7.9%, followed by South America. China is the second biggest seed market in the world, right behind the United States. With a market value of USD 10004.6 million in 2015, the China seed market is growing at an estimated CAGR of 6.5%, and is expected to reach USD 14439.0 million by 2021.
Major companies in the sector include:
Monsanto
Groupe Limagrain
Syngenta
Bayer Crop Science
DuPont (Pioneer)
Recent Industry Insights
Dow Chemical and DuPont have come to an agreement of a merger and the merger transaction is expected to close by the end of 2016.
China National Chemical Corp. purchased Swiss chemical and seeds company Syngenta for USD 43 billion.
Bayer has recently purchased Monsanto for USD 66 billion. If the deal is successfully closed, the merger will result in world’s largest seed and agriculture company.
Key Deliverables in the Study
Market analysis for the global seed market, with region specific assessments and competition analysis.
Market overview and identification and analysis of the macro and micro factors that affect the global seed market and also instrumental in changing the market scenario, on both, global and regional scale.
Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.
The report holds importance for the following stakeholders-
Producers and manufacturers
Agricultural input companies
Enterprises operating in the industry
Traders and stakeholders operating in the sector
Investors/research institutions interested in the market
Customization Options:
Supply chain analysis
Regulatory framework
Trade analysis
Trend analysis
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