The report "Seeds Market by Type (Genetically Modified & Conventional), Trait (Herbicide Tolerance, Insect Resistance), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), and Region - Global Forecast to 2026" is estimated at USD 63.0 Billion in 2021; it is projected to grow at a CAGR of 6.6% to reach USD 86.8 Billion by 2026.
Browse 294 market data Tables and 93 Figures spread through 343 Pages and in-depth TOC on "Seeds Market by Type (Genetically Modified & Conventional), Trait (Herbicide Tolerance, Insect Resistance), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), and Region - Global Forecast to 2026"
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The increasing population has also stressed the need to increase agricultural productivity. Government support, multiple manufacturers, an increase in yield, and a need to increase the efficiency of fertilizer and pesticide usage have also helped fuel the demand for seeds. Demand for seeds has witnessed steady growth in countries such as China and India. With these countries accounting for the largest population, an ever-increasing demand for food grains also drives the seeds market growth. In developed markets, farmers are trying to maintain the crop yield and increase their returns. This sustained approach from developed and developing countries in agricultural practices has driven the global seeds market growth.
China, India, Argentina, Brazil, and France have been some of the major countries to witness significant growth in the seeds market in last few years. This is due to the increase in the dietary adoption of organic foods, an increase in export demand for organic agricultural products, and the rise in awareness about the hazards of excessive usage of fertilizers
Genetically modified sub-segment in by type segment is estimated to account for the largest share in the seeds market.
The market for genetically modified seeds is expected to grow at a higher rate, owing to the increased demand from farmers for biotech crops, which have higher levels of productivity and profitability. These aspects have triggered the growth of the market for genetically modified seeds. Genetically modified seeds aid farmers to minimize their agricultural input expenses significantly, such as in agrochemical treatment, while guaranteeing a much more abundant harvest. These are some of the key attributes due to which GM seeds are sold at a significantly higher price than conventional seeds.
In by trait segment, the herbicide tolerance sub-segment is projected to account for the fastest market growth in the seeds market.
There is a growing demand for seeds with stacked traits, which have combined resistance to herbicides, insects, and abiotic stress tolerance, among others. Herbicide-tolerant seeds are among the variants of genetically modified seeds. They are designed to build resistance to herbicides, which would kill the weeds surrounding the crop but would leave the crop intact. In the US, herbicide-tolerant seeds are engineered to be tolerant to glyphosate.
Cereals & grains sub-segment by crop type is projected to account for the largest market share of the seeds market over the forecast period.
Cereals & grains, by crop type, accounted for the largest market share, owing to factors such as the widespread use of grains as a staple food in many Asian and Southeast Asian countries. In the past few years, countries such as China have emerged as major exporters of grains to meet the requirement of neighbouring economies. Crops such as corn are widely utilized in both the food and feed industries. With the rising market for biofuels, crops such as sorghum are also being produced on a large scale. An increase in awareness for protein- and vitamin-rich diets is also driving the demand for fruits and vegetable seeds globally.
North America is estimated to dominate the global seeds market over the forecast period.
The North American seed industry has undergone a transformation on the back of numerous mergers and acquisitions, R&D activity, and strong support of biotechnology. The importance of the seed industry has increased significantly as companies have sought to produce new, more productive varieties tailored to meet farmers’ needs in coping with diseases, insects, and weeds prominent in their region. Seeds act as a delivery mechanism for pest management products to improve the production of crops. North America is one of the major producers of soybean in the world. The US is one of the largest producers of soybean and its by-products and contributes to a significant share in the oilseeds market. Favorable trade and price support systems are prevailing in the countries of North America aid in the growth of the seeds market.
Key Market Players
The key players in this market include BASF SE (Germany), Bayer AG (Germany), Syngenta Group (Switzerland), Corteva Agriscience (US), DLF (Denmark), and Groupe Limagrain (France). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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