Market Research Report
Tomato Seeds Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||613041|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Tomato Seeds Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: April 1, 2020||Content info: 115 Pages||
The global tomato seeds market was valued at is projected to register a CAGR of 7.9% over the forecast period (2020-2025). In 2019, North America was the largest geographical segment of the market studied and accounted for a share of around 33.4% of the overall market.
Increasing Hybrid Seed Usage across Emerging Economies
The increasing awareness regarding the high nutritional value of vegetables has increased the consumption of vegetables, including tomatoes, in order to meet diverse dietary and nutritional needs. The aforementioned factor has caused a rise in the demand for tomatoes, which in turn, automatically drives the demand for tomato seed. However, due to climate changes, resistance developed by pests, poor infrastructure, and post-harvest loss, there is a need for new high-yielding and hybrid seeds to help the farmers increase the yield. Among all the vegetable seeds, cabbage and tomato account for the highest seed replacement rate, 100% and 99.3%, respectively. Currently, only 20% of the seeds used by the farmers are of good quality, whereas, the remaining 75% of demand is being catered to by the saved seeds of farmers, from the previous season. Rising awareness among farmers about the benefits associated with the adoption of hybrids, especially in the emerging economies, such as India and Brazil, through government support, is accelerating the market. The biotech area is also growing around the world, which leads to an increase in the demand for hybrid tomato seed. According to the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the area under biotech crop production increased from 179.7 million hectares in 2015, to about 189.8 million hectares in 2018. Developing countries accounted for around 53% of the global biotech hectares.
Asia-Pacific to Exhibit Highest Growth Rate
Asia-Pacific is the fastest growing region in the Global Tomato Seeds Market. Increasing high-intensity cultivation of tomatoes is the major factor driving market growth in the region. Farmers in the region have been investing in protected cultivation and other cultivation practices such as plastic mulching and drip irrigation. The area under vegetables, in general, and tomatoes, in particular is increasing on account of the fact that farmers are getting increasing revenues and cash flows from cultivating high value vegetable crops, compared to field crops. Major regional companies are also increasingly investing in R&D to develop hybrids through advanced breeding technologies. Some of the major regional companies in Asia-Pacific include East-West Seed International, Namdhari Seeds Private Limited, Mahyco, Sakata Seeds Corporation and Takii & Co Limited, among others.
The global tomato seeds market is fragmented with the top global and regional players, competing fiercely with local manufacturers. Diversification of portfolios through the development of new varieties is one of the most prominent strategies applied for further intensification in the matured markets. Key players are also expanding their region globally through R&D cooperation, mergers, acquisitions, and geographical expansions. The greater market share of these players can be attributed to their large geographical presence and highly diversified product portfolio. These players are known to be focusing on R&D, large product portfolio, wide geographical presence, an aggressive acquisition strategy.