Global seed market is projected to witness a CAGR of 7.82% during the forecast period to reach a total market size of US$99.041 billion by 2022, increasing from US$67.970 billion in 2017. Growing global population and scarcity of resources such as land and water is leading to growing global food insecurity which is the major driver of the global seed market. Rising investments in R&D and agricultural sector have led to continuous product innovations, which has further enhanced the market growth. Increasing use of biofuels and rising demand for animal feed will bolster the growth of global seed market during the next five years. However, ban on the use of GMO crops in certain regions will hamstring the growth of global seeds market during the forecast period.
By Crop Type
The rise in production of cereals, especially in Asian countries augments the demand for seeds, both conventional and hybrid. Furthermore, growing meat consumption will further boost the demand for grains across the globe as livestock feed, thereby positively impacting the growth of cereals and grains segment.
Geographically, Asia Pacific is expected to grow at the highest CAGR over the projected period primarily because of the demand generated by rapidly developing countries like India and China. Increased demand for crop production due to rapidly growing population coupled with rising farm expenditure drive the global seeds market. However, North America dominated the market share in 2016 and is projected to dominate the global seed market till the end of forecasted period owing to a high rate of adoption of new technologies and strict agricultural regulations.
The global Seed market is well diversified owing to the presence of numerous regional, local and international players. The competition is expected to intensify further as a result of product extensions, technological innovations and mergers and acquisitions. The big international players are emphasizing on acquiring small local or regional firms to strengthen their market reach and offering. The major players discussed in this report include Monsanto, Groupe Limagrain, DowDupont, KWS SAAT SE, and ChemChina among others.
In the report, Global Seed market has been segmented by type, trait, crop type, and geography.
By Crop Type
Fruit and Vegetables
Oilseeds and Pulses
Cereals and grains