The global seed market is forecast to be worth USD 63.0 billion in 2021 and is expected to increase at a CAGR of 6.6% from 2021 to reach USD 86.8 billion by 2026. The market is expanding because to increased demand for seeds from the food, beverage, animal feed, and biofuels industries. Seed demand has been steadily increasing in nations such as China and India. Because these countries have the most people, an ever-increasing need for food grains promotes market expansion. Farmers in developed markets are attempting to preserve agricultural production while increasing returns.
The seeds market is a vital component of the global agricultural industry, playing a crucial role in ensuring food security and crop productivity. Seeds serve as the primary input in the cultivation of crops, determining the quality, yield, and resilience of the resulting plants. The market encompasses a wide range of seeds, including those for cereals, oilseeds, fruits, vegetables, and pulses, among others.
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The increasing population has also stressed the need to increase agricultural productivity. Government support, multiple manufacturers, an increase in yield, and a need to increase the efficiency of fertilizer and pesticide usage have also helped fuel the demand for seeds. Demand for seeds has witnessed steady growth in countries such as China and India. With these countries accounting for the largest population, an ever-increasing demand for food grains also drives the seeds market growth. In developed markets, farmers are trying to maintain the crop yield and increase their returns. This sustained approach from developed and developing countries in agricultural practices has driven the global seeds market growth.
North America is estimated to dominate the global seeds market over the forecast period.
The North American seed industry has undergone a transformation on the back of numerous mergers and acquisitions, R&D activity, and strong support of biotechnology. The importance of the seed industry has increased significantly as companies have sought to produce new, more productive varieties tailored to meet farmers’ needs in coping with diseases, insects, and weeds prominent in their region. Seeds act as a delivery mechanism for pest management products to improve the production of crops. North America is one of the major producers of soybean in the world. The US is one of the largest producers of soybean and its by-products and contributes to a significant share in the oilseeds market. Favorable trade and price support systems are prevailing in the countries of North America aid in the growth of the seeds market.
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The key players in this market include BASF SE (Germany), Bayer AG (Germany), Syngenta Group (Switzerland), Corteva Agriscience (US), DLF (Denmark), and Groupe Limagrain (France). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
