PUBLISHER: DataM Intelligence | PRODUCT CODE: 1208625
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1208625
The global okra seed market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 5.54% during the forecast period (2023-2030).
Okra, is an edible plant commercially grown and consumed primarily in South and Southeast Asian countries, West Africa, and Southern Africa. Okra seeds are tiny white seeds present in the seed port of the plant. They are usually used as a source of antioxidants and to enrich foods with adequate nutrients. Okra is cultivated in temperate and tropical climates like Africa and South Asia. It is highly beneficial for digestion. Owing to its nutritional benefits, like being an excellent source of vitamins C and K1 and containing beneficial antioxidants, okra is easily added to the diet, which has a high demand for okra in India.
Moreover, the high profit associated with cultivating vegetables such as okra, which requires a relatively short duration for cultivation, is predicted to increase the demand for okra seed. The growing interest of farmers in the cultivation of high-profit crops such as okra and others is predicted to boost the sale of okra seeds. Furthermore, the increasing open-field and protected cultivation of okra to increase the quality of the crop and boost the yield are expected to drive the demand for okra seed market.
Market Dynamics: Increasing awareness of quality seeds for high yield
The yield and growth of okra depend upon various elements, including seed quality, climatic conditions, and cultural practices. Seed is the crucial factor that regulates the quantitative and qualitative characteristics of the crop harvested later. Hence, more attention directed toward increasing seed yield with good quality for the successful production of okra is expected to drive the global market of okra seed. The increasing area under cultivation of okra is predicted to leverage market growth in upcoming years in a positive way. According to the Food and Agriculture Organization of the United Nations (FAO), okra cultivation increased from 1.89 million ha in 2016 to 2.02 million hectares in 2019. The high profit associated with cultivating vegetables such as okra, which requires a relatively short duration for cultivation, is predicted to increase the demand for okra seed.
Moreover, the growing interest of farmers in the cultivation of high-profit crops such as okra, tomato, and others is predicted to boost the sale of okra seeds. Furthermore, the increasing open-field, as well as protected cultivation of okra to increase the quality of the crop and boost the yield, are expected to drive the demand for okra seed. For instance, in May 2020, the Indian Institute of Horticultural Research (IIHR) announced the launch of a seed portal for the Indian seed market. This online portal offers more than 60 high-yielding varieties of seeds for vegetable, fruit, and flower crops.
However, the high price of the hybrid okra seed is anticipated to restrain market growth in the forthcoming years. A lack of favorable climate conditions and a decline in arable land can restrain market growth.
Market Segmentation: The hybrid seed segment had the largest demand in the okra seed market
Hybrid okra seeds are predicted to hold a considerable share of the global market for okra seeds. Hybrid okra seeds have several benefits over open-pollinated okra seeds. Hybrid okra seeds usually produce better quality and yield than open-pollinated okra seeds. Many hybrid okra crops offer disease resistance. Furthermore, the rise in demand for hybrid okra seeds is due to the increase in demand for genetically modified food products among many consumers. Private companies dealing in okra seed production are observed to install effective machinery to boost their capacity. The surge in need for food consumption is identified as a reason to boost its production, thus contributing to the rise of hybrid okra seed demand. These factors will increase the grower's interest in cultivating hybrid okra seeds regardless of the higher seed costs. The rising cultivation of hybrid okra seeds is expected to drive the global market for hybrid okra seeds. For instance, on January 28, 2021, Bayer launched four new hybrid vegetable seeds. Bayer had announced its entry into the home garden segment and launched mini packs of vegetable seeds for bitter gourd, bottle gourd, okra and beans. The mini packs come in three sizes: packs of 25 seeds, 50 seeds and 100 seeds.
Geographical Penetration: Asia Pacific is the dominating region during the forecast period
Asia Pacific is anticipated to hold a prominent share of the global market for okra seeds. India is one of the leading producers of okra worldwide. The increasing okra cultivation in India is predicted to drive the okra seed market within the region. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), India produced 6.12 million tons of okra in 2019, which was around 62% of the total world okra production. Besides, the rising adoption of hybrid okra seed for okra cultivation due to high profit and better yield quality associated with its cultivation is also predicted to be a favorable factor for market growth. The Asia Pacific is projected to be the key region for okara seeds over the next decade, owing to rising consumer spending on healthy food items with low-calorie content. For instance, on November 23, 2022, Nurture.farm launched the "Kavach Bhav Guarantee" to protect farmers against market price fluctuations. Nurture.farm has partnered with Advanta Seeds to launch the Kavach Bhav Guarantee for farmers who purchase Advanta's Raadhika, Jaani, or Ratna brands of Okra seeds. Farmers can download the Nurture.farm app and scan the QR code available on the Okra seeds pack to avail of this cover benefit at no additional charge.
North America is anticipated to witness substantial global okra seed market growth. The increasing awareness about the importance of vegetables in a balanced diet is predicted to boost the demand for vegetable seeds such as okra, tomato, and others within North America. According to the Centers for Disease Control (CDC) report, more than 90% of Americans need to meet the standard for vegetables, which can boost the cultivation of vegetable crops within the region, which is expected to boost the demand for okra seed within North America. Moreover, the presence of prominent market players in the region is predicted to impact the market's growth positively.
The prominent players operating in the market are embarking on a new product launch, online sales of the product, and research and development of new hybrid okra seed varieties to ensure the supply of hybrid okra seed at cheaper rates to the growers. These strategies, as mentioned earlier, are expected to help the companies increase their prominence in the global market of okra seed. Some players operating in the global okra seed market are Kitazawa Seed Company, Sakata Seed Corporation, Alabama Farmers' Cooperative, Inc., UPL Limited (Advanta Seeds), Terra Agro Biotech Pvt. Ltd., Syngenta AG, BASF SE, Maharashtra Hybrid Seeds Company Private Limited, W. Atlee Burpee & Co., Western Bio Vegetable Seeds Ltd., and others. For instance, on August 26, 2022, Nurture.farm launched its incubation program for agritech startups. This incubation program nurtures growth stage, pre-revenue, seed-funded, or angel-funded startups. It intends to support, collaborate with, and champion these startups as they break new ground.
On November 2, 2022, Advanta Seeds launched new products in vegetables with stack-up traits in okra (OLCV + YVMV), tomato (TYLCV + Fruit Quality), and hot pepper (LCV + Fruit Traits) that significantly improved crop performance and farmer profitability. Advanta's innovation in vegetables focused on wider adaptability, higher yield, and disease tolerance in crops like okra, tomato, chili, sweet corn, and tropical cauliflower.
On April 21, 2021, Open Finance Pioneer, Okra, secured a $3.5 million seed round to expand its data infrastructure just under a year after closing its $1 million pre-seed round, with only TLcom Capital participating. US-based Susa Ventures led the round, with participation from existing investors TLcom Capital and Accenture Ventures. Okra is an open finance platform that enables businesses and developers to build personalized digital services and financial products for customers. Its API creates a secure portal and process to exchange real-time financial information between customers, applications, and banks.
COVID-19 Impact: Positive impact on the global okra seed market
The impact of the COVID-19 pandemic on the okra seed market is studied comprehensively. Although farming practices and supply chains face issues due to lockdowns and social distancing to ensure workers' safety, house farming is observed to boom. Recently, the identification of a new strain of SARS-CoV-2 has also paused the expansion of the food and beverage sector, disrupting the market's financial equilibrium. Modern production and marketing approaches are taken to address surfacing problems. According to the Department of Agriculture, Cooperation, and Farmers' Welfare of India, the seed division has ensured the availability of 153 lakh quintals among farmers, against the requirement of 150 lakh quintals for Kharif 2020. The breeder seed allocations for Kharif 2020 and breeder seed indents for 2021 were finalized to ensure smooth seed production operations. Facilitated the movement of more than 1 crore packets of cotton seed in different parts of India, and more than 20,000 quintals of seed moved from Hyderabad to the Northern and Eastern regions of India. For instance, on September 11, 2020, Advanta launched a red okra hybrid in India called "Kumkum." Advanta has become the #1 Okra seed company by delivering high-virus-tolerant hybrids with a unique combination of plant types and excellent fruit qualities.
The global okra seed market report would provide access to approximately 61 market data tables, 54 figures and 170 pages