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″, The global seeds market is estimated to be valued at USD 63.0 billion in 2021 and is expected to reach a value of USD 86.8 billion by 2026, growing at a CAGR of 6.6% during the forecast period. Factors such as an increase in seed replacement rate, availability of hybrid seeds, the advent of new breeding technologies, and the adoption of genetically modified crops are the main drivers of the seeds market.
Driver: High adoption of biotech crops
Biotechnology is being used to develop stress-tolerant and more nutritious crop varieties to protect natural resources. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the area under bio tech crops has increased 113-fold from 1.7 million hectares in 1996 to 191.7 million hectares in 2018 – this makes biotech crops the fastest adopted crop technology in recent times. Biotech crops have expanded beyond the major crops such as corn, soybeans, cotton, and canola to other crops such as alfalfa, sugar beets, papaya, squash, eggplant, potatoes, and apples. Additionally, biotech crop research conducted by public sector institutions include rice, banana, potatoes, wheat, chickpea, pigeon pea, and mustard with various economically-important and nutritional quality traits beneficial to food producers and consumers in developing countries.
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By crop type, cereals & grains are projected to dominate the seeds industry during the forecast period.
The cereals & grains segment is projected to hold the largest seed market share during the forecast period 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 neighboring 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 driving the demand for fruits and vegetable seeds globally.
The fruits & vegetables segment, by crop type, is projected to grow at the highest CAGR during forecast period.
Fruits & vegetables segment is projected to grow at the highest CAGR during the forecast period due to the growing demand for vegetables such as tomatoes and eggplants. Tomatoes are among the most used ingredients in the preparation of salads; the adoption of a healthy diet among consumers, alongside growing demand for these vegetables in the food processing and fast-food sectors, has been driving the growth of the market. According to International Service for the Acquisition of Agri-Biotech Applications (ISAAA), the approved list of GM fruit & vegetable seeds includes beans, eggplant, melons, potatoes, and tomatoes. Experts state that extensive research trials are being conducted for GM varieties of vegetable seeds which is driving the growth of the market.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia Pacific is the fastest-growing region in the seeds market owing to the presence of some of the major seed producers in the world such as China, Thailand and India. Countries such as China, which is among the largest players in the global market for seeds, have been focusing on the adoption of hybrid crop varieties to attain yield improvement and disease resistance without using GM technology. Even though GM technology is restricted to few crops such as cotton, Southeast and East Asian countries have been slowly relaxing the restriction and extended the approval to GM events for few more crops such as corn, soybean, potato, canola, and sugar beet. India has witnessed an influx in the adoption of Bt cotton in the last decade. Simultaneously, there has also been a growing demand from the export sector for cotton and soybean, which has supported the growth in the cultivation area and had an impact on the commercial seeds market.
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This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the seeds market. It includes the profiles of leading companies such as BASF SE (Germany), Bayer AG (Germany), Syngenta Group (Switzerland), KWS SAAT SE (Germany), Land O’ Lakes (US), Sakata Seed Corporation (Japan), Groupe Limagrain (France), Corteva Agriscience (US), UPL Limited (India), DLF (Denmark), Longping Hi-tech (China), Rallis India Limited (India), Enza Zaden (The Netherlands), Takii & Co. Ltd (Japan),and Barenbrug Holding B.V (Netherlands).
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