Vegetable Seeds are a rich source of vitamins, minerals, dietary fibers, antioxidants, and phytochemicals. There are several opportunities where vegetable seeds can be used, such as Precision Agriculture, developing advanced hybrids, new techniques, innovative product offerings, and GMO technology adoption.
The rise in the adoption of non-GM seeds can be attributed to their cost-effectiveness and high-profit margins. The low costs of growing crops with non-GM crops have paved the way for their demand in the market. For instance, GM seeds cost up to ~US$ 150 to US$ 200 a bag more than non-GM sources on average. Therefore, the growing Non-GM Seeds market is expected to propel the growth of the Global Seeds market. Solanaceae is dominating the global vegetable seeds market due to its high presence of widely cultivating vegetables, including tomato and potato, across developed nations and developing nations. China, India, and Japan are the key markets with high demand for seeds in consumption (volume) in this region. Increased demand for food in these regions has surged advances in seed technology to provide high-quality sources with increased productivity.
Market Dynamics
Drivers
- Adoption of Precision Agriculture or Site-Specific Crop Management (SSCM)
- Increasing demand for Hybrid Seeds
Restraints
- Stringent government regulations associated with the use of GM seeds
Market Segmentation
The organic form segment is expected to be the fastest-growing segment in the forecast period due to consumers' increasing interest in safe and chemical-free food products and supportive government programs to reduce environmental pollution. High Mowing Organic Seeds is committed to providing the highest quality, 100 percent organic seed to growers.
When people buy organic seed, they have the assurance that the source was grown without synthetic chemicals. You are supporting farms and companies that are committed to organic agriculture with your purchase. The organic vegetable industry is witnessing a constant growth in most parts of Asia and America regions. The existing organic seed suppliers are unable to meet the present and future demand for various organic seeds. The overutilization of combat pesticides in inorganic farming poses a potential risk to humans and the environment—the U.S's stringent regulations. The Environmental Protection Agency (EPA) towards utilizing pesticides is driving the organic vegetable seed market's growth.
Geographical Analysis
The North American market for Vegetable Seeds was valued at USD 1,053.81 million in 2019, and the market is estimated to grow at a CAGR of 5.82% during the forecast period.
In 2019, the United States accounted for approximately 80% of the market in North America. It is one of the largest seed exporting countries in the world. Rapid innovations in seed technology have improved the quality of sources and resulted in various modified crops. There has been a significant shift in crop breeding from the public to private space. The consumption of vegetables has increased rapidly in North America, especially in the United States. The realization that vegetables are good for human health and the greater availability of vegetables throughout the year.
There are approximately 100 major vegetable crops and more than 350 vegetable crops traded commercially in the US. Vegetable crops are classified in many ways, but the botanical classification system is widely used because it is based largely on flower morphology and uses Latin names that will not change over time. The penetration and demand for seeds with modern traits such as GE corn and soybeans drive the growth of the market in North America. However, consolidation in the industry has reduced seed varieties and increased prices.
Competitive Landscape
East-West Seed International Co. Ltd., Syngenta AG, BASF SE, Bayer, Rijk Zwaan Zaadteelt en Zaadhandel B.V., Groupe Limagrain, Enza Zaden B.V., Bejo Zaden B.V., Takii Seeds, and Sakata Seed Corporation are considered as the top players in the market.
The leading players in the market focus on launching new products, giving satisfactory services, and improving customer company relations to strengthen their presence.
The companies are increasingly focusing on implementing inorganic growth strategies such as mergers, joint ventures, collaborations, and agreements to expand their presence in the market.
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