Demand for seeds in countries like China and India has witnessed steady growth. With these countries having the largest population, increasing demand for food grains is also driving the growth of the seed market.
Global seed market its size is estimated to be valued at USD 63.0 billion in 2021 and is projected to reach USD 86.8 billion by 2026, registering a CAGR of 6.6%. Increasing rate of seed substitution, adoption of GM crops, growth in organic farming, emergence of molecular breeding technology in seeds, government support and demand from biofuel and feed companies are some of the important factors for the market. Technological advances and innovations in this market have introduced hybridization technology and GM crops, which have gained importance among farmers due to their high yields, increased resistance to pests, drought and diseases. USA, Brazil, Argentina, China and India are some of the major markets for seeds globally.
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By type, the seed market is divided into conditional and genetic modification. The genetically modified seeds market is expected to grow at a higher rate due to increasing demand from farmers for biotech crops with higher productivity and profitability levels. Genetically modified seeds help farmers reduce agricultural costs significantly; for example, agrochemical treatment also guarantees a more abundant harvest. Genetically modified seeds, popularly known as transgenic seeds, are used to improve and obtain beneficial traits in seeds such as insect resistance, herbicide tolerance, abiotic stress tolerance, high nutritional quality, high yield/productivity, disease resistance and overall improvement. the quality of the seed helps to improve the quality of products produced using these seeds. Some of the countries that have adopted genetically modified seeds are the United States, Argentina, Canada, China and India for one or more crops.
By crop type, the seed market is segmented into other crop types including grains and cereals, oilseeds and pulses, fruits and vegetables and fiber crops and other commercial crops such as tobacco and medicinal plants. Cereals and grains accounted for the largest market share in 2020 by crop type due to factors such as the widespread use of grains as a staple food in many Asian and Southeast Asian countries. In the last few years, countries like China have emerged as major grain exporters to meet the demand of neighboring economies. Crops like corn are widely used in both the food and feed industries. Along with the rise of the biofuel market, crops such as sorghum are also being produced on a large scale. Genetically modified corn varieties are accepted in different parts of the world. Developed countries such as the United States focus on animal feed, leading to the adoption of GM corn for use in animal feed. The use of GM corn as feedstock for ethanol production has also led to increased demand for biofuels as a renewable resource.
Because farmers prefer multiple accumulated traits in a seed, such as herbicide tolerance, insect resistance, and other traits, other traits are preferred over herbicide tolerance and insect resistance. These traits help the farmer get a solution seed to overcome many problems such as resistance to pests, environmental stresses, diseases and weeds. The other features segment witnessed significant market growth in the developed markets of North America and South America during the forecast period.
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Some of the major seed market players such as BASF SE (Germany), Bayer AG (Germany), Syngenta Group (Switzerland), KWS SAAT SE (Germany), Land O’ Lakes (USA) and Sakata Seed Corporation (Japan) have their global footprints in the seed industry. they focus on strategies such as new product launches, collaborations and acquisitions to expand.
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