Global Seeds Market Bolstered by Large Consumer Base
One of the major growth factors has been the technological advancements in the seeds industry, which has further increased the demand for enhanced seed varieties.
Seeds are mature fertilised ovules or embryonic plants that play an essential part in the reproductive process of plants. Their primary function is to provide protection and nutrients to the embryo. Apart from this, seeds are also used for industrial purposes such as production of fibre, non-edible oils and medicines. IMARC Group’s latest report, titled “Seeds Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global seeds market reached a value of US$ 58,450 Million in 2016, growing at a CAGR of nearly 7% during 2009-2016.
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Highlights of the Global Seeds Market:
Consistent innovation in seed technology remain the primary growth driving factor.
Grain seeds are the most popular seed type, accounting for the majority of the market share.
North America accounts for the majority of the global share, representing the largest market.
The market is currently being driven by a number of factors. Innovation in the field of seeds production has facilitated better yields of seeds which have a greater resistance to environmental stresses. Some of the other catalysing forces include rising population, urbanisation, high profit margins, increasing adoption of genetically-modified seeds, expanding biofuel production and a strong demand from emerging regions. According to the report, the market is further expected to reach a value of more than US$ 86,599 Million by 2022.
The market has been segmented on the basis of seed type. Currently, grain seeds represent the largest seed type produced accounting for the majority of the market share. On the basis of region, North America represents the largest producer of seeds accounting for nearly a third of the total global share. This can be attributed to the rapid technological innovations in the region. The other major regions include Asia-Pacific, Europe, Latin America, and Middle East and Africa. Some of the key players operating in the market are Mosanto, DuPont, Syngenta, Dow Chemicals and Bayer.
The report has examined the global seeds market on the basis of:
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