The global Seed Market is expected to witness a CAGR of 6.0% to 7.0% during the forecast period 2019 to 2024. The global seed market has gained sustainable growth owing to the growing global population and scarcity of resources, such as land and water, which leads to food scarcity. Furthermore, rising investment in research and development in agriculture sector and new product innovation has enhanced the market growth. Modernization of agriculture and rising use of waste land for agriculture is another driving factor augmenting the demand for seed market. The major factor hindering the growth of the global seed market includes government restriction and ban imposed on the use of genetically modified seed in certain regions.
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The report analyses the global seed market by type into genetically modified seeds and conventional seeds. Conventional seed segment accounted for the largest market share followed by genetically modified seeds. In the future, the production of genetically modified seed is predicted to boost, due to its characteristics like faster growth, pest & disease resistance and larger seeds. By seed the global seed market is further bifurcated into vegetable, fruits, grain, oil and other. The cereals & grains segment accounted for the largest share in recent year followed by fruits &
vegetables seed type. The fruit and vegetable segment are anticipated to grow at highest CAGR during the forecast period. The global seed market is further bifurcated by seed treatment into treated and untreated. The treated segment is expected to grow at highest CAGR during the forecast period owing to benefits such as, high yield, improve germination rate and protection from fungus and insect damage.
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North America accounted for the largest share in the seed market whereas Asia Pacific region is projected to be the fastest growing market for seed during the forecast period owing to continuous increase in the population and the support provided by the government as well as national and international associations to meet the need of the growing population. However, developing countries like China, Japan and India are expected to grow rapidly in the seed market in near future.
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Some of the key participants in the global seed market: Bayer crop science, Monsanto, DuPont, China National Seed Group Co., LTD., Syngenta, S & W Seed company, Dow Chemicals, Emerald Seed, Inc., Gansu Dunhuang Seed Co., Ltd., Henan Goldoctor Seeds Co., Ltd., Jiangsu Dahua Seed Group Co., Ltd., Kaveri Seed Company, etc. Mergers & acquisitions are the strategies adopted by top companies to increase the share in the seed market. Furthermore, new product development through research and development and expansions were the key growth strategies adopted by major players to reinforce their positions in the international market.
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