The global seeds market has been projected to reach a value of $92.04 billion by 2020, driven primarily by the increasing demand for food in tandem with the growing global population, declining arable land, technology driven agricultural farming, and extensive use of biotechnology in seed development. Intensive research and development efforts by seed companies have brought about evolved strains of seeds that displaying resistance to diseases and pests, and which are able to deliver enhanced yields with minimized use of other agri-inputs such as fertilizers and crop protection chemicals.
Growth of the global seed market is primarily driven by the use of seeds with traits for cultivation and increasing awareness among the farmers about the seeds with traits due to its adoptability and high returns. Oilseed and grain seeds are key segments of the global seed market. The seed market is further classified as seed with various biotech traits which include herbicide resistance, insect resistance, and other staked seed.
North America is the largest market for seed, followed by Asia-Pacific. The seed market is increasing due to commercialization of agriculture crop production and the intentions of farmers as well as governments to gain more output from the available agriculture land. The rising popularity of GM seeds has increased the growth prospect of the use of seeds to cultivate the crops in these regions. Large farm holding sizes, adoption of technology improved agri-inputs are the other major drivers for the growth of the seed industry in North America.
The global seed market is marked with intense competition due to the presence of a large number of big and small firms. Top ten companies accounted for major share in the global seed market in 2014. New product developments, mergers & acquisitions, and expansions are the key strategies adopted by market players to ensure growth in the market. The market is dominated by players such as the Monsanto (U.S.), E. I. Du Pont De Nemours and Company (U.S.), Syngenta AG (Switzerland), KWS SAAT SE (Germany), and Bayer CropScience AG (Germany).
In this report, the global seed market is segmented into type, seed trait, and region. The global seed market was valued at $53.76 billion in 2014 and is projected to grow at a CAGR of 9.4% from 2015 to 2020.