According to the report published by Mordor Intelligence, the Global Rice Seed Market has witnessed prominent growth recording a CAGR of 7.35% during the forecast period, 2018-2023. The global rice seed market was valued at USD 6662.4 million in 2017 and it is expected to reach a value of USD 10114.5 million by 2023.
The report involves segmentation of the global rice seed market on the basis of geography and its sub segments including countries in the regions covered. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.
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On geographical basis, global rice seed market is segmented into: North America, Europe, Asia-Pacific, South America, and Africa. Asia-Pacific is the largest market followed by Africa. Furthermore, Asia-Pacific is projected to experience significant growth in the segment. This is mainly because about 90% of the world’s rice is grown in the Asia-Pacific, which is endowed with the wet environment suitable for rice cultivation. Rice-based farming is the main economic activity for hundreds of millions of poor rural farmers in this region and is likely to witness a CAGR of 7.45% during the forecast period 2018-2023.
Rice Seed Market Dynamics
The market is driven by factors, such as, rapid advancement in the hybrid seed production, increasing consumption of rice as a staple crop, and increasing trade of rice seed. However, high prices of hybrid seed and presence of fake hybrid seeds are few factors restraining the market. Increased focus on variety development and development of GM Rice acts as an opportunity for the existing companies in this market to grow and expand and other companies to enter this market.
According to Mordor Intelligence research and analysis, DuPont, Bayer Cropscience, and China National Seed are the leading companies operating in the rice seed market. Nuziveedu, Yuang Longping Hitech, SL Agritech, and Kaveri are the other prime companies in the market. In the global rice seed market, companies are investing heavily to develop new rice seed varieties and are collaborating and acquiring other companies. These trends are expected to increase their market shares and strengthen the R&D activities. Getting involved in agreements with other seed and technology providing companies is also a prominent strategy followed by the market leaders in the global rice seed market.