Seeds Market Size Projected to Generate a Revenue of $106,179.0 Million by 2031Download Sample Reports Overview
The Global Seeds Market is predicted to be valued at $106,179.0 million by 2031, surging from $69,042.0 million in 2021, at a CAGR of 4.6%.
Impact Analysis of COVID-19 on the Seeds Market
The pandemic disrupted global supply chains, leading to shortages in the availability of seeds. The closure of borders and restrictions on transportation made it difficult for seed producers to transport their products to different parts of the world, which led to a decrease in seed supply. The pandemic also led to changes in consumer demand for seeds. With more people staying at home and turning to gardening as a hobby, there has been an increase in demand for seeds for home gardens. At the same time, the closure of restaurants and other food service businesses led to a decrease in demand for certain types of seeds used in commercial agriculture. The disruptions in the supply chain and changes in demand have also led to price fluctuations in the seeds market. Some types of seeds, such as those used for home gardens, have seen an increase in prices due to higher demand, while others, such as those used in commercial agriculture, have seen a decrease in prices due to lower demand. Governments around the world have implemented various measures to support the agricultural sector during the pandemic, including providing financial assistance to farmers and seed producers. These measures have helped to stabilize the seeds market to some extent, but the long-term impact of the pandemic on the industry remains uncertain.
Global Seeds Market Analysis
Organic farming relies on the use of seeds that have not been genetically modified or treated with synthetic chemicals, leading to an increase in demand among farmers who are committed to sustainable agriculture practices. This has led to an increase in the production and sale of non-GMO seeds, as well as the development of new varieties that are adapted to organic farming methods. In addition, there has been a rise in the availability of organic seed certification programs, which help to ensure that seeds are produced in accordance with organic standards. The shift towards organic farming has created new growth for seed companies, while also promoting more sustainable and environmentally friendly agricultural practices. These are the major factors anticipated to boost the seeds market share during the forecast period.
However, the environment change can have a significant impact on the global seeds market, affecting both the supply and demand for seeds. The changes in temperature, rainfall patterns, and extreme weather events caused by climate change can affect the growth, development, and productivity of plants, leading to changes in the types of seeds that are in demand. Climate change can affect the seeds market through changes in the availability and quality of seeds. Climate-related stresses such as drought, floods, heatwaves, and pest infestations can reduce seed yields and quality, making it more difficult for farmers to access the seeds they need for planting. This can lead to increase in competition and higher prices for seeds, particularly for varieties that are adapted to changing climate conditions. These factors are expected to hamper the market demand in the future.
The advancements in seed technology, especially the application of CRISPR-Cas9 gene editing, have presented a significant opportunity for seed companies to develop improved seed varieties that meet the changing demands of farmers, consumers, and the environment. The primary benefits of CRISPR-Cas9 gene editing are that it allows seed companies to introduce specific traits precisely and efficiently into the genome of a plant without the need for introducing foreign genes. This has opened up new opportunities to develop seeds with desirable traits such as drought tolerance, disease resistance, increased nutritional value, and improved yields. The opportunities for seed companies in this field are vast, as the demand for high-quality seeds with desirable traits is expected to increase in the upcoming years. However, the regulatory framework surrounding gene editing and genetically modified organisms (GMOs) is still evolving, which could present some challenges for companies looking to commercialize new seed varieties. The advancements in seed technology offer significant opportunities for seed companies to develop new and improved seed varieties
Global Seeds Market, Segmentation
The seeds market is segmented on the basis of seeds type, crop type, traits, and region.
The seeds type segment is further classified into genetically modified and conventional. Among these, the genetically modified sub-segment accounted for the highest market share in 2021. Genetically modified seeds have become increasingly popular in the seeds market over the years, mainly due to their potential to increased crop yields, improved resistance to pests and diseases, and enhanced nutritional content. The world's population is rising, and there is a need to produce more food to feed the rising population. Genetically modified seeds offer a potential solution to this problem by increasing crop yields and improving resistance to pests and diseases. Genetic engineering technology has advanced significantly over the years, making it possible to modify plant genetics to improve their traits. Genetically modified seeds can help farmers to reduce costs and increase profits by improving crop yields and reducing the need for pesticides and herbicides. Consumers are increasingly aware of the benefits of genetically modified foods, such as increased nutritional content and improved shelf life.
The crop type segment is further classified into cereals and grains, fruits and vegetables, and other crop types. Among these, the fruits and vegetables sub-segment accounted for the highest market share in 2021. The rising demand for fresh produce and the need for increased agricultural productivity are the factors driving the fruits and vegetables crop segment in the seeds market. As the global population continues to grow, so does the demand for food, including fruits and vegetables. Because of this demand, farmers are increasingly turning to high-yielding crop varieties, which can be achieved through the use of improved seeds. The fruits and vegetables crop segment is also driven by changing consumer preferences for healthier and more diverse diets, which are leading to an increase in demand for a wider range of fruits and vegetables. In addition, there is rising awareness of the importance of sustainable agriculture practices and the need to minimize the environmental impact of farming.
The traits segment is further classified into herbicide tolerant, insecticide resistant, and other traits. Among these, the herbicide tolerant sub-segment accounted for the highest market share in 2021. The increase in demand from farmers for crops that can withstand the application of herbicides is the factor expected to drive the herbicide tolerant traits segment growth. Herbicide-tolerant crops are genetically engineered to resist the effects of certain herbicides, which allows farmers to control weeds more effectively and efficiently. These crops provide several benefits, including increased yields, reduced labor costs, and improved weed control. Farmers can also use fewer herbicides, which can lead to lower costs and reduce the environmental impact of farming. In addition, the demand for herbicide-tolerant seeds is also driven by the increase in adoption of conservation tillage practices, which rely on herbicides to control weeds without tilling the soil. This approach reduces soil erosion, improves soil health, and can save farmers time and money.
The seeds market in Asia-Pacific is projected to show the fastest growth by 2031. Asia-Pacific is a significant market for seeds, both in terms of production and consumption. The region is home to some of the world's largest agricultural economies, including China, India, and Japan. There is a rising demand for food in the region due to a rapidly increasing population. As more people need to be fed, there is an increasing demand for high-quality, high-yielding seeds that can produce more crops per acre of land. There is an increase in adoption of modern farming practices in the region, which require the use of genetically modified seeds that are more resistant to pests and diseases and can withstand adverse weather conditions. The governments in the region are also supporting the growth of the seeds market by investing in R&D activities to develop new and improved seed varieties that can meet the changing demands of the agricultural industry.
Key Players in the Global Seeds Market
Some of the leading seeds market players are
- Bayer Crop Science AG
- Syngenta AG
- KWS SAAT SE
- Sakata Seed Corporation
- AgReliant Genetics LLC
- DLF Seeds A/S
- Yuan Longping High-tech Agriculture Co. Ltd
In July 2022, Corteva Agriscience, BASF, and MS Technologies signed an agreement to develop next-generation Enlist E3 soybeans with the nematode resistant soybean (NRS) trait for farmers in the U.S. and Canada.