Global Seed Market - Forecasts from 2024 to 2029

Global Seed Market - Forecasts from 2024 to 2029

The global seed market market is anticipated to grow at a compound annual growth rate (CAGR) of 6.65% over the forecast period to reach US$105.445 billion by 2029, increasing from US$67.208 billion in 2022

The demand for more food with the growing population, as well as environmental concerns related to certain practices of food production leads to soil degradation leads to innovative types of seeds. These seed varieties help farmers maximize productivity on existing land.

The non-GMO seeds also have a market growth, the primary driver is being the increasing consumer concern regarding the potential health risks associated with GMOs. Several companies have launched, disease-resistant seeds., such as, For example, on February 2023, BASF introduced new tomato seed varieties that are resistant to ToBRFV. Their Nunhems® portfolio currently includes a selection of tomato seed varieties that exhibit resistance to ToBRFV.

In a developed country like the UK, the total of seed type authorizations for the crop species of the tomato in 2022 was 154 which jumped to 207 in 2023., Similarly, for broccoli, it was 160 in 2022 and 209 in 2023. These are major vegetable crops under horticulture.

Growing global food security challenge is anticipated to propel market growth.

The global food security challenge is the major driver of the global seed market. Factors such as the growing global population, changing tastes and preferences, climatic changes, and increasing water scarcity worldwide are leading to a rise in global food insecurity.

According to the new global report on the food crisis, in 2023, unprecedented levels of acute food insecurity continued to endure as a result of prolonged food crises and recent shocks. Across 48 countries, approximately 238 million individuals are confronting severe levels of acute food insecurity, representing a 10% increase compared to 2022 . Given the limited scope for expanding agricultural land and water resources, the agricultural sector is required to improve productivity with efficient resource use to meet the rising food demand.

Furthermore, according to the United Nations, the global population is projected to reach 9.7 billion in 2050 and could go to nearly 10.4 billion in 2080. The food production would have increased many fold accordingly. To make all regions in the world food secure, there is a rising demand for hybrid seeds to raise productivity.

The market is projected to grow in the North American region.

The United States seed market is expected to boost owing to growing research and development in the field. Additionally, the country has a robust infrastructure, and there is a well-established supply chain, transportation, and distribution for the supply and logistics of seeds is expected to propel the market for seeds in the projected period.

With increasing technological advancement, hybrid seeds are expected to hold significant care in the United States, as farmers prefer hybris seeds as they are easier to grow, earn higher profit, and obtain higher yields. The growing production of wheat, coarse grain, millet, and rice in the United States is another reason that might increase the demand for seeds in the coming years. For instance, according to the United States Department of Agriculture (USDA), wheat production in 2021-22 was 44.8 million metric tons, which increased to 44.9 million metric tons in 2022-23.

Moreover, corn production in the United States is increasing rapidly, indicating the rising demand for seed for the production of various crops. According to the United States Department of Agriculture (USDA), in 2021, corn production was 15.0 billion bushels, which increased to 15.3 billion bushels in 2023.

Various products launched by key market players in the United States have an influence on the seed market by fuelling innovation, increasing customer interest, and extending product offerings. For instance, in June 2023, BASF SE expanded its Xitavo line by launching 11 new varieties of soybean seeds, for the 2024 season. Xitavo soybean seeds are owned by MS Technologies, and exclusively distributed by BASF SE. With the addition of these new 11 varieties, the Xitavo product portfolio has 44 varieties in total.

Key Market Developments:

March 2024, Syngenta Vegetable Seeds opened a new Seed Health Lab in Hyderabad, India, showcasing the company's ongoing commitment to enhancing quality control capabilities. This lab is India's first specialized seed health lab. It will cater to growers not only in India but also across the Asia Pacific region and beyond.
August 2023, Syngenta launched a new state-of-the-art 32,000 square feet laboratory space for research and development known as Syngenta Seeds R&D Innovation Center, in Illinois, United States. Moreover, the company has 1,00,000 square foot building abuts, and 88 acres of Syngenta farmland, where all the newly developed seeds, traits, and agronomics will be put to test. Hence, such increasing investment in research and development in the United States is expected to propel the market in the projected period.

Key Players:

East-West Seed is a company that aims at providing innovative seeds and services, to promote sustainable farming, and improve the livelihood of the farmers. The company has over 2,800 employees with 20 research and development centers in nine countries.
Bayer AG plans to bring the sharpest minds together to dig deep and advance farm technologies that will help American farmers. Additionally, the company aims at providing tailored solutions to farmers to plant grow, and protect the farmer's harvested crops using less land, energy, and water.
Inclusion, diversity, and inclusions are considered pillars of success for Corteva. The company is founded on the rich heritage of industry leaders that are Dow, DuPont, and Pioneer.

Segmentation:

By Origin
Genetically-modified
Convention
By Trait
Herbicide-tolerant
Insecticide-resistance
Stacked-trait
By Crop Type
Fruits And Vegetables
Oilseeds And Pulses
Cereals And Grains
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others