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The expanding world population, rising adoption of biotech crops across the world, an increase in the usage of biofuels and animal feed, and growing land reclamation for agricultural purposes are the major growth factors driving the seed market. On the other hand, the lower adoption rate of GM crops in various countries, coupled with their lengthy approval time, extensive research and time involved in stabilizing and introducing new seed varieties with novel traits, and consolidating the seed market are the major constraints for the industry.
Growing Demand for Grains, Oil, and Vegetables
Grains represent the biggest portion of daily calorie intake in developing countries of the Middle East Africa, Asia/Oceania, and CIS, and therefore, the demand for grains is going to be one of the most important drivers of the market studied. According to the USDA's baseline projections, the developing countries' share of the projected growth includes 83% for grains and oilseeds. Furthermore, the developing countries' demand for agricultural products is expected to increase faster than their production. As a result, these countries may account for 92% of the increase in total grains and oilseeds import.
Rapid Adoption of Biotech Crops
Biotech crops are considered to be the fastest adopted crop technology in the history of modern agriculture. Thus, GM seeds have a high potential for growth during the forecast period. In 2016, around 26 countries grew 185.1 million hectare of biotech crops, registering an increase of 3% 5.4 million hectare, from 179.7 million hectare in 2015. GM seeds with stacked traits have gained prominence over the recent years, and have increased from 58.5 million hectare in 2015 to 75.4 million hectare in 2016, a 29% increase, equivalent to 16.9 million hectare.
North America to Dominate the Market Growth
North America seed industry dominated the global seeds market, with a share of around 35%. The United States and Canada dominate the market share for the seed market in the region. AsiaPacific has been identified as a region, which is yet to reach its maximum potential in the global seed domain. The AsiaPacific is expected to be the fastestgrowing market, recording a CAGR of around 8.2% during 2018 2023.
Key Developments in the Market
Dow Chemical and DuPont entered into a merger transaction at the end of 2016.
September 2017: China National Chemical Corp. purchased Swiss chemical and seeds company, Syngenta, for USD 43 billion.
September 2016: Bayer has recently purchased Monsanto for USD 66 billion. If the deal is successfully closed, the merger will result in world's largest seed and Agriculture Company.
Major Key Players: MONSANTO, GROUPE LIMAGRAIN, SYNGENTA, BAYER CROP SCIENCE, DuPont PIONEER
Reasons to Purchase this Report
To understand the growth trends and forecast for 2018 2023 in the global seed market. The information is crucial to understand the market's functionalities and the changes which are possible to follow.
Analyzing various perspectives of the market with the help of Porter's five forces analysis
Major developments in the market are identified in the study, which helps the clients to understand the nature and scope of this market from a macro perspective.
The information regarding market overview, especially in terms of maturity provided in the study, is essential toward developing apt growth strategies suitable for the region considered in the study.
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
Customization of the Report
Countries of client's interest can be included in report based on feasibility of report.
Companies of client's interest can be included in report based on feasibility of report.NEXT ARTICLE
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