Market Research Report
Bangladesh Seed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||1005612|
|Published||Content info||89 Pages
Delivery time: 2-3 business days
|Bangladesh Seed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: April 21, 2021||Content info: 89 Pages||
Bangladesh seed market is projected to register a CAGR of 5.8% during the forecast period (2021-2026). The COVID-19 pandemic has caused a serious impact on the production, certification, distribution, and cost of seeds, which play a key role in developing the agricultural sector in Bangladesh. International trade has suffered due to slow or lack of transportation, labor shortages, and a contraction in the market for plants and seeds. The classification of seeds as "essential" by the national government has contributed to mitigating the damage by ensuring the continuous movement of seeds. Bangladesh being dense in population, highly depends on the agricultural for Food Security and Employment services. According to the FAO, Bangladesh ranks top in Vegetable production worldwide. The seed industry of Bangladesh comprises both the Public and Private sectors. Bangladesh AgriculturalDevelopment Corporation (BADC), Bangladesh Agricultural Research Institute(BARI), Bangladesh Rice Research Institute (BRRI), Bangladesh Jute Research Institute (BJRI), and Department of Agricultural Extension (DAE) are some of the government agencies who are responsible for the production and supply of the commercial seeds in the market. Rice, wheat, and maize are the country's major cereal crops, and the annual seed demand for each of these three crops is about 314.0, 72.0, and 3.3 thousand metric ton, respectively. Though the public sector dominates in the self-pollinating seed crops like rice and wheat, Private players play a major role in supplying the other seeds like maize and other hybrid seeds.
Yield Lag in Self-Pollinated Varieties
Rice and wheat are some of the major crops cultivated in Bangladesh, and with the increase in population every year, it is mandatory for them to cope with the growth to meet the demand and supply. It has been evident that the yield progress of wheat and rice was comparatively lower than expected when compared to that of the Maize crop during 2016 and hence Private players were pushed to invest in high-yielding rice and wheat seeds to address the food security concerns by the Bangladesh government.
Demand for Hybrid Seeds
Maize, unlike rice and wheat, is a non-noticeable crop and hence easier for the private players to enter into the Maize market. Every year Bangladesh imports around 90.0% of hybrid maize seed from India. However, the Bangladesh government is boosting the in-house hybrid maize seed production through its agricultural policy. The private players can utilize the third-party R&D facility to figure out the production of In-house hybrid maize seeds. Also, the private players entering the market with their own R&D facility will be an added advantage to pierce into the hybrid seed market as that would help the company in keeping the cost under control.
The overall Bangladesh seed market is fragmented because of the presence of local players marketing certified commercial seeds. However, there are two major segments as Public and private seed Manufacturers and suppliers. The major players in the seed market of Bangladesh are BRAC Seed and Agro Enterprise, Lal Teer Seed, Advanta Seeds Pty Ltd, Bayer crop science, and Bioseed.