The global seed market size is estimated to be valued at USD 55.4 billion in 2019 and is projected to reach USD 86.0 billion by 2025, recording a CAGR of 7.6%. The growing application of cereals, oilseeds, vegetables in the food & beverage, pet food, and biofuel industries is driving the growth of the market.
By type, the seeds industry is segmented into conventional and genetically modified. The demand for conventional seeds is growing owing to the changes in consumer behavior. Consumers are majorly adopting the consumption of seeds which are organic. To attain similar quality as the genetically modified seeds, the companies are also focusing on the introduction of hybrids, which would be able to provide similar quality as the genetically modified seeds.
Based on crop type, the seed market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others which include fiber crops and other commercial crops such as tobacco and medicinal plants. The market for cereals & grains is growing owing to the increased intake of cereals & grains as staple foods. Countries such as China, US, India, and Brazil, are among major producers of seeds in the world and cater to the demand arising from international markets. Cereals & grains are gaining increased popularity in animal feed and the food industry, which is steering the growth of this market.
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With the growing case of pest infestations and pests gaining resistance against single traits, companies are focusing on the research and development of seeds which showcase multiple traits such as herbicide tolerance, drought-resistance, insect-resistance, and stress-tolerance among others.
North America and Europe are witnessing an increasing demand for oilseeds for use mainly in the food and feed industries. Favorable trade and price support systems have encouraged trade in oilseeds in the US. However, countries in Europe witness high demand for organic products, due to which the market for conventional oilseeds remains large. There is also a growing demand from the food processing industries for cereals & grains to meet the increasing consumer demand, who are making a shift to the consumption of healthy foods in the North American region.
Some of the major players in the seed market such as BASF (Germany), Bayer AG (Germany), Syngenta AG (Switzerland), KWS SAAT SE (Germany), Land O' Lakes (US), and Sakata Seed Corporation (Japan) are focusing on strategies such as new product launches, collaborations, and acquisitions to expand their global footprint in the seeds industry.
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