Market Size of Myanmar Maize Seed Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 18.68 Million |
| Market Size (2029) | USD 24.89 Million |
| CAGR (2024 - 2029) | 5.90 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Myanmar Maize Market Analysis
The Myanmar Maize Seed Market size is estimated at USD 18.68 million in 2024, and is expected to reach USD 24.89 million by 2029, growing at a CAGR of 5.90% during the forecast period (2024-2029).
- Even though in terms of Myanmar's main crop production, it is renowned for its production of rice, sugar cane, and dry beans, among other vegetables, maize constitutes a significant cereal crop in the country. The collaboration of the Department of Agricultural Research of the Ministry of Agriculture, Livestock, and Irrigation with the International Maize and Wheat Improvement Center in turn favors the growth of hybrid maize production and eventually the seed market. Further, the increased production of maize and the rising demand from multiple industries, coupled with the growing export potential, drive the market in the country.
- Moreover, according to the survey conducted by the International Food Policy Research Institute in 2020, the number of maize growers in southern Shan, Myanmar, has tripled in the past 10 years, with larger landholdings being more likely to farm maize. Additionally, maize is by far the most important crop grown in the areas surveyed in terms of its contribution to cash incomes. Also, hybrid maize seed has been adopted widely in southern Shan and has been accompanied by big increases in fertilizer use.
- However, the restraints faced in the production of maize in the country have affected the maize seed market also. Maize prices have risen in 2021, according to the Yangon Region Chambers of Commerce and Industry. The rise in prices is attributed to steady foreign demand and the weakening of local currencies against the US dollar. The price stands at USD 310-330 per metric ton in the initial months of 2022, up from USD 250 in December 2021. The maize unrest has resulted in decreased exports from the country, which has subsequently impacted domestic production and, as a result, sowing seeds. Nevertheless, such restraints remain temporary, and the market is anticipated to grow steadily in the coming years.
