Seed is characterized as a small embryonic plant that plays an essential role in the reproductive process of plants. It performs many functions for plant, for instance dispersing to new locations, dormancy in unfavourable weather conditions and providing nourishment to the embryo. Energy crops like wheat, soybean, sugarcane, and corn, release minimum amounts of greenhouse gases & pollutants, and therefore increasingly preferred for bio-fuel production over the fossil fuels. Corn production is increased by the demands of the animal feed industry. Basically, corn and soybean crops are vastly utilized in the feed production. Growth in utilization of crops in the animal fuel industry & biofuels will fuel the growth of the global seed market.
Nowadays, increasing number of the farmers buy commercially produced superior seed varieties as opposed to using seeds from last harvest. This has been a result of numerous advantages offered by enhanced varieties of seeds including high yield, reduced crop damage, improved nutritional quality, disease resistance, etc. Furthermore, growth in global population, surge in demand for food, coupled with expanding biofuel production have also stimulated the demand for superior seed varieties globally.
By product type, Seed market can be segmented as open-pollinated varieties, transgenic hybrids and non-transgenic hybrids. Transgenic hybrids segment is further sub-segmented as herbicide tolerant hybrids and insect resistant hybrids. By crop type, market can be segmented as pulses & oilseeds, fruits & vegetables, grains & cereals, cotton and others. Pulses & oilseeds segment is further sub-segmented as sunflower, canola, soybean and other seeds. Fruits & vegetables segment is further sub-segmented as roots & bulbs, solanaceae, cucurbits, brassicas, leafy vegetables and other fruits & vegetable. Additionally, grains & cereals segment is further sub-segmented as maize, sorghum, rice, wheat, and other grains & cereals. In addition, by seed type, market can be segmented as genetically modified seeds and conventional seeds.
The Seed market is driven by growth in usage of oilseeds by animal feed manufacturers, followed by high demand for protein meals, rise in seed replacement rate, increase in demand from the biofuel sector and high adoption of biotech crops. Apart from this, price fluctuations in oilseeds, low yield of crops in under-irrigated areas, impact of climate change on crop production and high Research & Development (R&D) expenses on quality seed development lead to high seed price are major hindering factors for market. Moreover, Molecular breeding in seeds and rise in Demand for healthy & organic processed products are leading opportunities for market. Furthermore, commercialization of fake hybrid seeds and counterfeit products and lack of availability & access to high-quality seeds are key challenges for global market.
By regional analysis, the North-America is a leading region in global Seed market owing to rise in demand of agriculture products and agriculture farms across the region. The Asia-Pacific and Europe regions are estimated to exhibit substantial growth rate due to increase in demand for a variety of vegetables among people and rise in need for more food production activities over the forecast period. It is predicted that future of the global Seed market will be bright because of rapid technological innovations in the production of seeds during the forecast period.
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Ankur Gupta, Head Marketing & Communications