Seed Market Overview
The seed market is projected to register a CAGR of 6.6% during the forecast period (2022-2027). The seed market is a consolidated market, with few major players dominating the market. The major players in the market are Bayer CropScience SE, Syngenta International AG, Corteva AgriScience, Groupe Limagrain, and BASF SE. These players focus on R&D, a large product portfolio, a wide geographical presence, and an aggressive acquisition strategy. Growing demand for grains, oils, and vegetables, rapid adoption of biotech crops, and the decreasing per capita farmland are the major drivers for the market over the medium term. The need to produce more from the decreasing per capita arable land to get higher returns can be possible with HYVs and hybrid varieties. This trend has encouraged farmers to shift their focus from conventional seed sources to packaged seeds that promise better returns.
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Seed Market – Geographical Overview
North America is the largest geographical segment of the seed market. The growing demand for grains, oils, and vegetables is a significant driver for the seeds market. The United States is the major market for seeds in the region.
Asia-Pacific is the fastest-growing and second-largest market for seeds. The region is witnessing increased hybrid adoption and rising seed replacement rates in key crops, such as rice, maize, and vegetables. Growth prospects remain high for hybrid rice in the region. China is one of the major rice producers globally. In recent years, it started exporting rice seeds to other countries. For instance, in 2020, it exported 500 metric tonnes of hybrid rice seeds from a seed company in east China’s Jiangsu province to Pakistan to help ensure Pakistan’s grain yield. It is estimated that about 33,333 ha of land will be planted with those seeds.
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Mordor Intelligence has segmented the Seed Market based on product, crop type, and geography:
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