According to the report published by Mordor Intelligence, the global maize/corn seed market is expected to reach USD 25744.8 million by 2023, witnessing a robust CAGR of 6.6% during the forecast period, 2018-2023. In 2017, global maize seed market was valued at USD 17639.1 million.
The report contains a detailed analysis on various parameters of the maize seed market on a global scale. The study includes commercial maize seed for sowing. The report presents wide-ranging analysis of market share, size and trends of maize seeds market globally. The market has been segmented based on geography into five regions, viz., North America, Europe, Asia-Pacific, South America, and Africa. For understanding the competitiveness of the industry, Porter’s five forces analysis is also included.
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By geography, North America holds the largest share globally with the US being the major producer and consumer of maize seeds. However, Africa is expected to be the fastest growing maize seed market, globally. In Africa, maize is mostly used and traded as a leading feed crop but is also an important food staple. Also, genetically modified seed is used in South Africa, although it’s banned by countries on the rest of the continent. Currently, around 70%-80% of maize consumed in South Africa is genetically modified, and it is the only country in the world whose staple is primarily GMO.
Maize Seed Market Dynamics
Expanding Demand from poultry and animal feed sector, new developments in genetic customizations, and technological developments in the form of hybrids across the globe has supported the maize seed market growth. Also, expansion of area under maize plantations and rising demand for corn as human food and starch in industrial sector have impacted the growth of the market. Rising concerns over GM seeds, longer durations in developing new traits and lower commodity prices, are the likely factors constraining the market. A shift in the cultivation towards hybrid seeds is likely to provide an opportunity to the major players in the global maize seed market.
According to Mordor Intelligence research and analysis, the global maize seed industry is fragmented due to market size and major player influences. Syngenta International, Bayer Cropscience, DowDuPont, Advanta Seeds, and Monsanto Company, among others are the major players in the global maize seed market.