CHICAGO, July 5, 2023 /PRNewswire/ -- The seeds market is estimated at USD 58.8 billion in 2023 and is projected to reach USD 83.3 billion by 2028, at a CAGR of 7.2% from 2023 to 2028 according to a report published by MarketsandMarkets. As customers demand organic and pesticide-free food, the organic agricultural business has grown significantly. Organic farming primarily relies on certified organic seeds, increasing demand for organic seeds and contributing to the expansion of the seeds industry. The move to renewable energy sources has resulted in an increase in biofuel production. Feedstock for biofuel production includes crops such as maize, soybeans, and canola. As a result, the demand for seeds ideal for biofuel crops has surged, propelling the seeds industry forward, further fueling the growth of the market.
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The oilseeds & pulses segment is projected as the prominent segment during the research period.
Fruits & vegetables are the prominent segments during the forecasted period. Oilseeds are in high demand due to the rising worldwide demand for edible oils, which is being driven by population increase, urbanization, and changing dietary patterns. This increases the demand for high-quality oilseed seeds in order to expand output and fulfill consumer demands. Pulses, such as lentils, chickpeas, and beans, have grown in importance as the need for plant-based protein sources has increased. The growing popularity of pulses as a protein-rich food alternative fuels the need for high-quality pulse seeds.
Herbicide tolerance is estimated to be the fastest-growing segment during the review period.
Herbicide tolerance seed types provide an efficient answer to the rising frequency of herbicide-resistant weeds. These seeds have been genetically engineered to tolerate certain herbicides, allowing farmers to more effectively eliminate resistant weeds.
Herbicide-tolerant seed variants eliminate the requirement for manual weed control methods such as hand weeding or mechanical cultivation. Farmers save time and labor as a result, resulting in cost savings and enhanced efficiency. These are the factors that are driving the growth of the segment.
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North America is estimated to be the largest region during the study period.
In North America, biotech crops, especially genetically modified (GM) seeds, have grown in popularity. These crops have advantages such as herbicide tolerance, insect resistance, and greater yield potential, resulting in increasing acceptance and market expansion. In North America, there is a rising demand for specialty crops such as fruits, vegetables, and high-value commodities. Farmers demand particular seeds appropriate for various crops, which provide distinct features, flavors, and nutritional profiles, propelling the seeds business forward, and hence it is projected to foster at a higher rate in the seed market.
BASF SE (Germany), Bayer AG (Germany), Syngenta Crop Protection AG (Switzerland), KWS SAAT SE & Co. KGaA (Germany), Corteva (US), Limagrain (France), Advanta Seeds (UPL) (India), SAKATA SEED CORPORATION (Japan), DLF Seed A/S (Denmark), Enza Zaden Beheer B.V. (Netherlands), Ralis India Limited (India), FMC Corporation (US), TAKII & CO., LTD. (Japan), Royal Barenbrug Group (Netherlands), and Longping High-Tech (China) among others.
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