The global vegetable seed market shows a promising growth potential with an expected CAGR of 9.4% during 2018 to 2023, according to the report presented by Mordor Intelligence. The market is estimated to reach USD 143852.5 million by 2023 from a value of USD 8452.5 million in 2017. The report Global Vegetable Seed Market focuses on the seeds of all commercially cultivated vegetables. The report provides a wide-range analysis of market share, size, and trends of the global vegetable seed market.
The report delivers a detailed analysis on various parameters of the global vegetable seed market, which are broadly segmented by geography and by seed type. The geographic segmentation is done by region which includes, North America, Europe, Asia-Pacific, South America, and Africa and further country-wise import & export value and volume analysis is carried out. To analyze the competition and the attractiveness of the industry, Porter’s Five Forces Analysis has also been conducted. Hot pepper, eggplant, Chinese cabbage, sweet pepper, and lettuce are the vegetable seed segments with high growth prospects, which are projected to record a CAGR of more than 11%. Tomato seed segment holds the largest market share of 10.5% in the vegetable seed market and would witness a CAGR of 10.4% during 2018-2023.
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North America region holds the largest market share of 18% in the global vegetable seed market, followed by Asia-Pacific and Europe. Canada’s export values are expected to grow at a faster rate, witnessing a CAGR of 17.2% during the forecast period. However, the imports to India and China, in terms of value are expected to register highest CAGRs of 12.2% and 12.3% respectively.
Vegetable Seed Market Dynamics
Growing consumer awareness and increasing nutritional needs has raised the demand for vegetables among consumers to meet the dietary requirements. Soaring demand for hybrid seeds, decreasing per capita arable land along with increasing investments in the vegetable seed business, are some of the factors driving the market. However, high production and R&D costs and perishable nature of the seeds are the likely factors constraining the market. Developing advanced hybrids, adoption of GMO techniques, and new product innovations can be accounted as opportunities for using vegetables seeds.
Growing global demand for high nutritional value, fruits and vegetables, by food processing industries as well as consumers and increasing demand for new seed varieties is encouraging the major seed companies to expand their research and further increase production.
The report profiles the key market vendors around the globe and registers the market shares of prominent players. The major players dominating the market are Monsanto, Syngenta International AG, Bayer CropScience AG, Rijk Zwaan Holdings BV, Enza Zaden BV, Sakata Seed Corporation, and Group Limagrain. In the recent years, Monsanto, and Nunhems BV, a subsidiary of Bayer CropScience, has been the most active company in terms of development in the vegetable seed business.