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Global Seeds Market is Expected to Reach $72.09 Billion by 2020
Jul. 29, 2014
The Global market for commercial seeds is expected to reach USD 72.09 billion by 2020, according to a new study by Grand View Research, Inc. Growing population coupled with reduction in arable land is expected to boost the demand for GM/bioseeds which are superior to conventional seeds in terms of disease resistance and yield. However, in spite of the advantages offered by GM seeds, the market faces considerable restraint in the form of government regulations in certain countries against the use of GM seeds
Corn/maize was the largest consumed commercial seed, accounting for $20.07 billion of revenue in 2013. The growth in corn can be attributed to its increased use as livestock feed and in ethanol production. Soybean was the next largest commercial seed form accounting for revenue in excess of $8 billion in 2013. Soybean is a cheaper source of protein and is being increasingly used in the medical field. Other common commercial seeds include cotton, canola, cereals and rice.
The global biotechnology (GM) seeds market was valued at $21.45 billion in 2013 and is expected to reach $42.53 billion by 2020, growing at a CAGR of 10.3% from 2014 to 2020.
Soybean was the largest consumed GM seed accounting for $9.12 billion in revenue as of 2013. However, GM maize is expected to witness fastest growth at an estimated CAGR of 11% from 2014 to 2020 on account of increasing demand for biofuels manufacturing.
North America was the largest regional market for commercial seeds with market revenue of $13.96 billion in 2013. Europe is expected to remain a moderate market, owing to the high degree of regulatory intervention persistent in the region. Asia pacific and Latin America are expected to witness significant market growth at an estimated CAGR of over 7% from 2014 to 2020.
Major industry participants include Monsanto Company, DuPont Pioneer, Syngenta International AG and Vilmorin & Cie SA, KWS SAAT AG, Bayer CropScience and DOW AgroSciences.
Source: Grand View Research
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