Robust demand for GM seeds drives global seed market
Date:12-01-2014
The global market for seeds is forecast to exceed $112 billion by 2020, driven by an expanding population base, rising focus on food security and robust demand for GM seeds in developing countries, according to a report titled "
Seeds: A Global Strategic Business Report" published by Global Industry Analysts Inc. (GIA).
Traditional seeds continue to account for a major share of the market, while GM seed constitutes the fastest growing market segment. Major factors driving market growth for GM seed include the need for increased productivity against the backdrop of decreasing arable land and growing numbers of people to feed.
The report notes that future growth in the market will also come from the "rising adoption of seed biotechnology across the world, and growing land reclamation for the purpose of agriculture."
The Asia-Pacific region represents the largest as well as the fastest growing market with a compound annual growth rate of 12.6 percent. Grain seeds and horticulture seeds together dominate global seed sales.
Corn represents the most important market segment supported by increasing demand for the crop in ethanol production.
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