Until late 19th century, farms across the world thrived on the seeds saved from their own production the previous year. However, as the time passed and technology progressed, farmers started using commercial resources to collect fresh and newer seeds for every season. This trend turned the commercial production of seeds into a large industry with a turnover of multimillion dollars. Global seed market predominantly includes seeds for grains, vegetables, fruits and oilseeds. As the importance of commercial crops grew in various parts of the world, the industry started booming with numerous advancements and success stories, in terms of innovation, profit and global presence. Seeds industry is expected to grow at a steady yet impressive rate, which is a remarkable sign for the businesses venturing into the market.
Segmentation and Key Takeaways
Global seed industry is segmented based on the basic component; that is the types of seeds that are available on the market. These types are further segmented based on their individual products. Apart from seed types, the market is also segmented based on the seed traits and global demand pattern across different geographical regions. Based on geography, the industry is segmented into North America, Latin America, Europe, Asia Pacific and rest of the world. Based on the traits, the seeds market is segmented into insect resistant seeds, herbicide tolerant seeds and other stacked traits. While oilseed, grain seeds, fruit and vegetable seeds are the basic types available, industry has the following segmentation:
- Grain seeds: Corn, millet, rice and wheat
- Fruit and vegetable seeds: Brassica, carrot, lettuce, melon, onion, tomatoes, pepper and others
- Oilseeds: Canola, cotton, soybean and sunflower
- Other seeds: Alfalfa, clover and other forage, flower seeds, turf seeds and others
Market Trends and Forecasting Reports
Global seeds market is largely driven by the changing attitude of the global farmers, which is further driven by the increased awareness amongst the global population. Key drivers for the global industry include:
- Continuously increasing global population
- Challenge to grow adequate crop in limited farmlands
- Increasing challenge of crop losses
- Extensive expenditure of the global agriculture farms
- Effectiveness of advanced technologies
Apart from the aforementioned drivers, increasing governmental support will help the market to maintain a healthy rate. According to the current market trends, the seed industry is expected to grow at an anticipated CAGR of over 12% from 2013 to 2018. At this rate, the market is estimated to become worth $85,237.6 million by 2018. In 2012, the industry was poised at $44,122.2 million. While North America is expected to dominate the global industry, crop seeds will dominate the product segment of the market. Crop seed segment will be dominated by corn seeds
