Global Seeds Market Overview
Seeds Market Size reached a valuation of USD 60.5 Billion in 2022 and is poised for substantial growth, projecting an increase from USD 63.1 Billion in 2023 to a staggering USD 89.1 Billion by 2032. This trajectory reflects a compound annual growth rate (CAGR) of 4.40% during the forecast period from 2023 to 2032. The driving forces behind this remarkable growth include the imperative need to augment food production, the surge in animal feed and biofuel utilization, and the ongoing modernization of agriculture practices globally.
Several factors contribute to the robust expansion of the seeds market. The escalating global population and the consequent rise in food demand, coupled with the effects of growing urbanization and evolving dietary habits, act as catalysts for market growth. Additionally, the expansion of agricultural land, increased awareness about the significance of high-quality seeds, and the adoption of precision agriculture technologies further propel the market forward.
The seeds market is intricately segmented based on type, crop type, and region. In terms of type, the market encompasses conventional seeds and genetically modified seeds (GMO). Conventional seeds currently dominate, constituting over 90% of the global seeds market. However, the GMO seeds segment is anticipated to experience accelerated growth in the coming years due to its inherent advantages, including higher yields, improved pest resistance, and enhanced drought tolerance.
Key players in the global seeds market include Bayer AG (Germany), DowDuPont Inc. (France), Monsanto Company (US), Syngenta AG (Switzerland), Groupe Limagrain (France), Land O’Lakes, Inc. (US), KWS SAAT SE (Germany), Maharashtra Hybrid Seeds Co. (India), Sakata Seed Corporation (US), and Gansu Dunhuang Seed Co., Ltd (China), among others.
Breaking down the market further, the global seeds market is categorized by GM seeds and non-GM seeds. The GM seeds segment is poised to secure the largest revenue share and maintain its lead throughout the forecast period. The increasing demand for GM seeds, driven by factors such as higher yield, faster growth, and pest and disease resistance, is a pivotal factor catalyzing the growth of this segment in the global seeds market.
Further segmentation based on the category classifies the market into organic and conventional segments. While the conventional segment is expected to hold the major market share, the organic segment is projected to exhibit a higher compound annual growth rate (CAGR) during the forecast period. This shift is attributed to the growing consumer preference for organic products.
The market’s division by crop type includes cereals & grains, fruits & vegetables, oilseeds & pulses, and others. The cereals & grains segment is anticipated to dominate the global seeds market due to intensive agricultural practices aimed at increasing crop productivity and yield. The segment is also expected to exhibit a higher CAGR, driven by the inclination of farmers towards commercially produced enhanced seed varieties.
Considering seed treatment, the global seeds market is classified into treated and non-treated segments. The treated segment is poised to garner the largest share due to increasing awareness of benefits such as reduced environmental impact and cost-effectiveness. Seed treatment contributes to early plant growth and maximizes seedling establishment, driving the growth of the treated seed market.
The market outlook is further dissected based on traits, including herbicide-tolerant, insecticide-resistant, and others. The herbicide-tolerant segment is expected to generate higher revenue, particularly in crops such as cotton, soybean, and corn. The same segment is forecasted to register a higher CAGR, propelled by the growing demand from farmers to eliminate weeds in their fields.
In terms of regional analysis, Asia-Pacific is anticipated to dominate the global seeds market, driven by increasing demand in developing countries such as India and China. The rising population in these countries has prompted national and international support for farmers to enhance agricultural production. North America is expected to witness rapid growth, attributed to the increasing demand for raw materials by the food and beverage industry. Europe and the Rest of the World (RoW) are also projected to contribute significantly to the market share due to rising government investments in agricultural research.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) Seeds Market Report : https://www.marketresearchfuture.com/reports/seeds-market-7252
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