Knowledge Sourcing Intelligence announces the publication of a new report on “Vegetable Seed Market - Forecasts from2019 to 2025" to their offering.
The demand for vegetable seeds is growing significantly in order to provide food to mushrooming global population, rising awareness among people to include fresh vegetables in their regular diet, and modernization of indoor farming solutions. Vegetable seeds can be conventional or genetically-modified (GMO). Although GMO vegetable seeds are used to prevent pest attacks, their use has certainly increased the use of pesticides which are dangerous to both human health and the environment.
According to the report, the Vegetable Seed Market is projected to increase at a CAGR of 6.26% in the coming years.
Growing global food security challenge
The major factor responsible for the growth of Vegetable Seed Market is the growing food insecurity worldwide. As the global population is increasing at an alarming rate, the demand for food is also augmenting significantly. According to the United Nations, an estimated 821 million people in the world suffered from hunger in 2018. This is pressurizing governments to ramp up the crop production in order to eradicate this food insecurity which, in turn, is fuelling the demand for vegetable seeds globally.
Another factor that is spurring the demand for vegetable seeds is the rapid shift towards the consumption of fresh vegetables instead of processed food items due to growing health concerns. As the prevalence of chronic diseases such as obesity and diabetes is rising, people are becoming more conscious about maintaining good health thereby driving the market growth. Emerging popularity of indoor farming due to lack of availability of land and water will continue to propel the global vegetable seed market growth during the next five years.
By type, the vegetable seed market is segmented into solanaceae, brassica, root bulb, leafy, and others. By farm type, the market is classified as indoor and outdoor. Indoor segment will experience a decent market growth between 2020 and 2025 on account of limited land available for agriculture due to urbanization and booming global population. Vegetable seed market is further segmented by trait as conventional and genetically-modified. Genetically-modified vegetable seed market is projected to witness a noteworthy compound annual growth rate during the forecast period. This substantial growth is attributed to the growing demand for GMO seeds due to rising cases of pest and insect attacks which result in heavy crop losses.
By geography, the vegetable seed market is segmented as North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). Asia Pacific accounted for the major share in the global vegetable seed market in 2019 and is projected to remain at its position till the end of the forecast period. This dominance is majorly attributed to the highly growing agricultural activities in countries like India, China, and Japan. Supportive government initiatives and policies to boost the domestic vegetable production in order to combat food insecurity in these highly populated countries is also bolstering the vegetable seed market growth across this region. For example, the Government of India is giving more priority to the welfare of farmers with the implementation of various schemes and programmes such as Soil Health Care Scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), Neem Coated Urea (NCU), Pradhan Mantri Krishi Sinchai Yojana (PMKSY), and Micro Irrigation Fund (MIF). North America also holds a considerable market share owing to the high demand for vegetables for both domestic consumption as well as export purposes.
The major players covered as part of the report are W. Atlee Burpee & Co., Mahindra Agri Business, Bayer AG, Takii & Co. Ltd., Syngenta, Sakata Seed America, Kitazawa Seed Company, Corteva, and Limagrain.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/vegetable-seed-market
This report has segmented the Vegetable Seed marketon the basis following terms: