A Comprehensive Study On Global Seed Market

Introduction

Global seed market is projected to witness a CAGR of 7.04% during the forecast period to reach a total market size of US$108.059 billion by 2023, increasing from US$71.851 billion in 2017. By type, GM seed market held the larger market share in 2017 as these seeds are being increasingly used to raise productivity while making crops resistant to various agrochemicals. Furthermore, favorable government policies and initiatives in different agrarian economies are forcing farmers to use GMO seeds. Steady progress in the development of various stacked-trait seeds to tolerate pests, weeds, and other diseases along with surge in home gardening worldwide are also fueling the demand for GMO seeds.

 global seed market analysis

By trait, herbicide-tolerant seed market accounted for the largest market share in 2017 owing to rising cases of crop losses due to weeds across the globe. Weeds are becoming herbicide-resistant with time which is forcing seed manufacturers to develop innovative herbicide-tolerant seeds, thereby fostering the market growth. Stacked-trait seed market will grow at the highest CAGR during the projected period. There has been a rise in demand for biotech seeds with more than one trait in order to combat insects and control weeds at the same time while raising yield.  Global seed market is projected to witness a CAGR of 7.04% during the forecast period to reach a total market size of US$108.059 billion by 2023, increasing from US$71.851 billion in 2017.

 global seed market size

By type, GM seed market held the larger market share in 2017 as these seeds are being increasingly used to raise productivity while making crops resistant to various agrochemicals. Furthermore, favorable government policies and initiatives in different agrarian economies are forcing farmers to use GMO seeds. Steady progress in the development of various stacked-trait seeds to tolerate pests, weeds, and other diseases along with surge in home gardening worldwide are also fueling the demand for GMO seeds.

cereals and grains market dominated the crop type segment owing to high demand for crops like wheat, rice, and maize, especially in developing and underdeveloped countries to overcome food insecurity challenge. Growing middle class population and increasing awareness about health and fitness is shifting consumers’ preference from rice to wheat-based products. As per FAO’s 2017 estimates, world wheat inventories are projected to witness the highest growth in the coming years. Furthermore, increased meat and poultry consumption will significantly drive the demand for grains as animal feed, thereby positively impacting the market growth during the forecast period.   

Global Seed Market By Trait

By trait, global seed market is segmented as herbicide-tolerant, insecticide resistant, and stacked traits. Genetic engineering involves techniques to enhance the desired traits in order to make crops resistant to various pesticides. Herbicide-tolerance segment held the largest market share in 2016 owing to rising cases of crop losses due to weeds across the globe. Weeds are developing herbicide-resistance with time will force seed manufacturers to develop innovative high herbicide-tolerant seeds, thereby fostering the market growth. The market for insecticide-tolerance trait segment will grow at a CAGR of XX% during the forecast period owing to rising cases of crop damage caused by insect pests. Stacked traits segment will reach the market size of US$XX billion by 2022 by growing at the highest CAGR during the projected period

 global seed market share

There has been a rise in demand for biotech seeds with more than one trait in order to combat insects and control weeds at the same time while raising yield. Seeds with stacked traits are able to protect themselves from insects and pests, thus leading farmers to save on expensive and toxic pesticides. 

HERBICIDE-TOLERANT

Herbicide-tolerant seed market accounted for the largest market size of US$XX billion in 2016 and is projected to continue its dominance till the end of the forecast period by growing at a CAGR of XX%, reaching a total market size of US$XX billion in 2022. Weeds are the major pests in agriculture causing huge crop losses globally. According to the research conducted by the Weed Science Society of America for the year 2007-13, U.S. and Canadian yields would decline by about 50% if weeds would have left to grow uncontrolled in corn and soybean fields, resulting in $43 billion in annual economic losses to these two crops alone. According to Grain Research and Development Corporation (GRDC), and Australian research statutory corporation, it is estimated that in Australia alone, farmers lose more than A$3 billion per year due to resistant and poorly controlled weeds.

This has popularized the herbicide-based agriculture which includes increased use of herbicides and herbicide-tolerant seeds. In accordance with growing need to increase agricultural productivity, global market players are launching new herbicide-resistance across different regions in order to secure their global market position. Recently in June 2017, Bayer AG and KWS SAAT SE got license for their new CONVISO®SMART cultivation system for sugarbeet to SESVanderHave, a Belgian sugarbeet breeding company. The technology of breeding herbicide-tolerant sugarbeet varieties will be available initially to farmer in eastern and northern Europe and then will be launched in other key market including France, Germany, and Poland from 2019/20.     

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