Market Research Report
Global Seed Market Forecast 2022-2030
|Global Seed Market Forecast 2022-2030|
Published: January 31, 2022
Content info: 230 Pages
Delivery time: 2-3 business days
In terms of revenue and volume, the global seed market is anticipated to register a CAGR of 2.73% and 2.66%, respectively, across the forecasted years of 2022 to 2030. The market growth is predominantly accredited to the increasing use of biofuels as well as animal feed, favourable government support, and the rising need for food production activities.
Seeds are characterized as embryonic plants covered in a protective coating. They function as the unit of reproduction for the parent plant. Seeds also provide food for various animal species and constitute a fundamental part of the process of agriculture. Moreover, they are utilized as the central and integral input in cultivation as well as all farming systems.
Over the upcoming years, food requirement is anticipated to rise on account of continuous growth in the human population. This aspect highlights the essence and importance of agriculture as the fundamental means of mass food production for humans. While the world population recorded in 2015 was 7 billion, this figure is estimated to rise to nearly 8.5 billion by 2030. However, the availability of land is a limiting factor, with the scope for introducing new lands under agriculture deemed indistinct. Furthermore, the land available for agriculture is decreasing owing to factors such as urbanization, pollution, and soil erosion. In this regard, the only feasible means of producing sufficient food is by augmenting the yield per area of land. This can be done effectively through the utilization of modern seed technologies in agriculture, which improves production yield.
The global seed market growth evaluation entails the assessment of Asia-Pacific, Europe, North America, and Rest of World. North America is set to grow with the highest CAGR due to key factors like the increasing consumption and subsequent production of seeds, the availability of land and water, as well as the presence of well-established players.
The global seed market is fairly consolidated. The top ten players primarily dominate the market space by garnering over 56% of the revenue share. Some of the leading companies operating in the market are BASF, Bayer CropScience AG, Takii & Co Ltd, etc.