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 &