The seeds market encompasses the production, distribution, and sale of seeds for agricultural purposes, including grains, cereals, fruits, vegetables, and flowers. This market is a critical segment of the agricultural industry, as seeds are the primary input for crop production.

Seeds Market Size and Growth

The seeds market size is projected to reach USD 83.3 billion by 2028 from USD 58.8 billion by 2023, at a CAGR of 7.2% during the forecast period in terms of value. As the world’s population continues to grow, there’s a growing need for food to feed and keep up with the ever-expanding population. This necessitates the development of improved seed varieties to improve crop yield and productivity. The market is characterized by a growing demand for high-quality seeds that exhibit traits such as disease resistance, improved yields, and enhanced nutritional value. Technological advancements and genetic engineering have further contributed to the development of genetically modified (GM) seeds, which offer unique benefits but also raise concerns regarding their impact on the environment and human health.

Seeds Market Growth Drivers

1.      Rising Global Population: Increasing food demand due to population growth necessitates higher agricultural productivity.

2.      Technological Advancements: Innovations in seed technology, including genetic modification and hybridization, are enhancing crop yields and resilience.

3.      Government Support: Subsidies and favorable policies for modern agricultural practices and the use of high-quality seeds.

4.      Sustainable Agriculture Practices: Growing emphasis on sustainable farming practices is driving demand for seeds with traits that support environmental conservation.

Rising Prominence of Oilseeds & Pulses in the Seeds Industry

The seeds industry is witnessing significant growth, with particular emphasis on the oilseeds and pulses segments. These segments are projected to dominate the market during the forecast period, driven by various factors influencing global agricultural trends.

Oilseeds: Meeting the Demand for Edible Oils

The demand for oilseeds is on the rise due to several key factors:

1.      Rising Population: As the global population continues to grow, the need for edible oils increases correspondingly.

2.      Urbanization: More people are moving to urban areas, leading to changing dietary patterns that favor the consumption of edible oils.

3.      Dietary Shifts: There is a growing preference for diverse diets that include various forms of edible oils.

These trends necessitate the production of high-quality oilseed seeds to meet consumer demands and ensure a steady supply of edible oils. The increased focus on expanding output highlights the importance of oilseeds in the current agricultural landscape.

Pulses: The Plant-Based Protein Revolution

Pulses, including lentils, chickpeas, and beans, have become essential due to the rising need for plant-based protein sources. Several factors contribute to the growing importance of pulses:

1.      Health Consciousness: Consumers are increasingly seeking protein-rich food alternatives.

2.      Sustainable Nutrition: Pulses are recognized for their nutritional value and sustainability.

The demand for high-quality pulse seeds is fueled by the growing popularity of pulses as a viable protein source. This trend is a testament to the shifting consumer preferences towards plant-based diets.

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Herbicide Tolerance: A Fast-Growing Segment

Herbicide tolerance is emerging as the fastest-growing segment in the seeds market. This segment addresses the challenges posed by herbicide-resistant weeds through genetically engineered seeds that can tolerate specific herbicides. The benefits of herbicide-tolerant seeds include:

1.      Efficient Weed Management: Farmers can effectively eliminate resistant weeds without manual intervention.

2.      Cost Savings: The use of herbicide-tolerant seeds reduces the need for manual weed control methods, saving time and labor.

3.      Enhanced Efficiency: The streamlined weed management process leads to overall improved agricultural efficiency.

Cereals & grains accounted for the largest seed market share

The market situation for cereals has been marked by an abundance of supplies and slower growth in demand. However, the growth of this market is driven by improvement in yield and increased use in food-related applications. The developed and few developing countries would continue to remain the chief exporters of cereals, thereby catering to the growing demand from the food and feed industries. The FAO reports that, in 2020–2021, the world’s grain consumption increased by 11 million tons, reaching 2.7 billion tons, or 2.4% more than in 2019–20. A significant staple food for 36% of the world’s population is cereals like wheat.

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Seeds Market Trends

1.      Biotechnology Integration: Increasing integration of biotechnological advancements in seed development.

2.      Digital Agriculture: Adoption of digital tools and precision farming techniques to optimize seed usage.

3.      Sustainability Focus: Development of seeds that support sustainable farming practices and environmental conservation.

4.      Emerging Markets: Expansion of seed markets in developing regions with a focus on enhancing food security.

What role do leading seed companies and research institutions play in fostering innovation in North America’s agricultural sector?

North America, especially the United States, stands at the forefront of agricultural research and development globally. With a robust base in biotechnology and genetic engineering, the region has pioneered advanced seed technologies. Leading seed companies and research institutions in North America drive continuous innovation, resulting in the production of superior-quality, high-performance seeds. Additionally, North America serves as a major exporter of agricultural products, including highly coveted seeds. This global demand underscores the strong international market presence established by North American seed companies, solidifying the region’s leadership in the global seeds market.