According to IMARC Group, the market reached $66.9 billion in 2018. The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these top seeds companies include Monsanto Company, Bayer AG, E.I. DuPont de Nemours and Company, Syngenta Crop Protection AG, Groupe Limagrain Holding SA, Sakata Seed Corporation, Rallis Limited India, Land O’Lakes, Inc. and KWS SAAT SE & Co. KGaA.
A seed is a ripened fertilized ovule of a plant that contains an embryo and plays a significant role in the generation of a new plant. It is enclosed in the seed coat, which protects the embryo and performs several functions such as providing nourishment, dispersing to new locations and dormancy in unfavorable weather conditions. Besides this, seeds offer food to other species like animals and humans.
Food production is currently experiencing an increase on account of the rising global population which, in turn, is strengthening the growth of the global seeds market. Moreover, owing to economic growth and inflating income levels, the requirement for agricultural products from the food and non-food sectors is increasing in numerous developing markets, such as India, China and Middle East.
Furthermore, due to rapid urbanization, the availability of per capita arable land has declined, which has led to the sales of high-yielding seed varieties. Moreover, increasing health and environmental consciousness has led to the demand for natural and chemical-free products. This trend has boosted the demand for organic seeds. Apart from this, governments in various countries are encouraging the production of biofuel. Consequently, the need for crops, such as soybean and corn, is increasing, thereby positively influencing the market growth.
Looking forward, the global seeds market is anticipated to reach a value of $98.1 billion by 2024, exhibiting a CAGR of 6.6% during the forecast period (2019-2024).
Market Segmentation: Based on Crop Type, Seed Type, Traits, Seed Treatment and Seed Availability
• Based on the crop type, the market has been segmented into oilseeds (soybean, sunflower and cotton), cereals and grains (corn, wheat, rice and sorghum), fruits and vegetables (tomatoes, melons, brassica, pepper, lettuce, onion and carrot), and other seeds (alfalfa, clovers and other forage, flower seed and turf grass). Amongst these, oilseeds represent the most popular crop type.
• On the basis of the seed type, the market has been bifurcated into genetically modified and conventional seeds. Conventional seeds exhibit a clear dominance in the market.
• The market has been analyzed on the basis of the traits into herbicide-tolerant, insecticide-resistant and other stacked traits. At present, herbicide-tolerant seeds hold the dominant segment as they can withstand herbicide, thereby allowing farmers to kill weeds without harming the crops.
• Based on the seed treatment, treated seeds represent the leading segment, followed by non-treated seeds. Seeds are treated with agrichemicals before planting, which helps in protecting seeds from pathogens and enhancing germination.
• On the basis of the seed availability, the market has been divided into commercial and saved seeds.
North America Enjoys the Leading Position
North America currently represents the largest market on account of rapid technological innovations in the production of seeds, especially corn, maize and wheat. Apart from this, efforts are being made for producing biofuels to replace traditional fuel sources such as petrol or diesel. As a result, the region is experiencing an increase in the demand for enhanced varieties of corn, wheat and barley seeds.
Source: Communal news