As per the report, the global seed industry was accounted for $58.5 billion in 2020, and is expected to reach $105.3 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
Drivers, restraints, and opportunities
Modernization of agriculture, rise in need to boost food production, and increase in use of biofuels and animal feed have boosted the growth of the global seed market. However, lower acceptance of genetically modified crops hinders the market growth. On the contrary, rise in use of waste land for agricultural purposes and surge in accommodative regulatory stance would open new opportunities for the market players in the future.
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Covid-19 scenario:
The Covid-19 pandemic negatively affected the certification, distribution, and production of seeds during the initial phase of the outbreak. However, the pandemic played a vital part in the evolving resilient food system and agricultural sectors in economically weak countries.
The scarcity of workforce for production, transportation, and documentation processes created challenges in seed production for international trade.
The treated segment held the lion’s share
By seed treatment, the treated segment held the largest share in 2021, accounting for more than four-fifths of the global seed market. In addition, the segment is expected to register the highest CAGR of 4.6% during the forecast period, owing to their ability to adapt to various extreme agro-climatic conditions. The report includes an in-depth analysis of the untreated segment.
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The genetically modified seed segment to manifest the highest CAGR through 2031
By type, the genetically modified seed segment would showcase the highest CAGR of 4.9% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than half of the global seed market, due to rise in demand for crop-based oils and animal feed. The report includes an in-depth analysis of the conventional seeds segment.
LAMEA, followed by North America, to portray the highest CAGR by 2031
By region, the market across LAMEA, followed by North America, is expected to register the highest CAGR of 5.9% during the forecast period. This is due to availability of land & water, enhanced soil quality, and favorable climatic conditions. However, the Asia-Pacific held the largest share in 2021, accounting for more than three-fifths of the market, owing to food security agenda in the developing countries and shifting of young generation from rural areas to urban areas.
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Major market players
Advanta Limited
Bayer CropScience AG
DLF Seeds A/S
DOW Agrosciences LLC
E.I. Du Pont De Nemours and Company
Groupe Limagrain Holding SA
KWS AG
Land O’ Lakes, Inc.
Sakata Seed Corporation
Syngenta AG
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