Low acceptance of genetically modified (GM) crops in some regions, such as Europe, varying climatic conditions, and extensive research & prolonged approval time involved in the development of improved seed varieties having novel traits limit the market growth. Introduction of new technologies offering potential benefits over conventional ones, improvement in seed replacement rate (SRR), and increase in demand for various crops in emerging economies are factors anticipated to provide opportunities for market expansion.
Portland, OR -- (SBWIRE) -- 02/23/2018 -- The seed market was valued at $54,469 million in 2016, and is projected to reach at $68,711 million by 2023, growing at a CAGR of 3.4% from 2017 to 2023, according to the new report published by Allied Market Research. The field crops segment was dominant in 2016, accounting for more than half of the market share, in terms of volume.
A small embryonic plant enclosed within a protective covering is known as seed. Seed serves various functions for plants such as nourishment of the embryo, dispersal to a new location, and dormancy during unfavorable conditions. Timely availability of high-quality seeds in appropriate quantity determines the strength and health of agricultural economy. Sophistication of seed technologies such as seed pelleting, rise in usage of biofuels & animal feed, and increasingly accommodative regulatory stance are major factors that drive the market growth. Global population is estimated to reach 9 billion by 2050, and is expected to require twice the food, which could be produced from constant land area. More production is anticipated to be accomplished from less land only by using the combination of quality seeds, quality inputs, and enhancing farm practices.
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The genetically modified (GM) seed segment is anticipated to grow at a high CAGR during the forecast period. Crops produced using genetically modified (GM) seeds are of enhanced quality and contain additional amount of nutrients in them.
In 2016, the field crops segment accounted for more than half of the market, in terms of volume. Rise in seed replacement rate in cultivation areas, ongoing R&D activities by seed manufacturers, and intensive agricultural practices utilized by farmers to increase crop yield & productivity are the major factors that drive the growth of field crops segments across the globe.
The commercial seeds segment is projected to grow at a significant CAGR during the forecast period. Expanding global population is anticipated to escalate the demand for commercial seeds across the globe. Decline in global arable land acts as a driver for commercial seeds segment, as these seeds yield higher output.
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Treated seeds accounted for the maximum share, in terms of both volume and revenue, in 2016, as these seeds save post sowing cost of spraying and make crops tolerant to various soil-borne and other diseases. Furthermore, treated seeds assist to increase the productivity and provide benefits to farmers in terms of cost.