The global biotech seeds market is subject to witness a substantial growth due to the growing need for improving overall agriculture productivity to sustain ever-growing population across the globe. Biotech seeds offer higher resistance to insects and fungicides, thus driving market demand in the past few years. Incorporation of biotechnologies in agriculture sector such as seed enhancement technologies is expected to favor market growth over the forecast period.
Seed enhancement technology has led to development of biotech seeds, which are gaining widespread attention for their capability to confer greater disease resistance in seeds. Biotech seeds enhances seed vigor, thus modifying seed emergence capabilities. Globally, market is anticipated to grow at a CAGR of 9.87% in the forecast period, providing numerous opportunities for market players to invest for research and development in the biotech seeds market.
Use of biotech seeds offer advantages such as higher nutritional content, higher yield and improved quality of crops. Above-mentioned factors are expected to fuel market demand over the forecast period. Furthermore, higher approval rate from regional as well as international authorities regarding use of biotech seeds is predicted to favor market expansion across the globe. Increasing adoption of biotech seeds from Asia Pacific region, particularly in developing economies such as India & China for improving overall agriculture yield to sustain ever-growing population is projected to stimulate market growth over the next seven years.
Furthermore, increased number of patents granted by India & China in biotech technology is immensely contributing to market growth in the region over the past few years. Growing importance towards improvements in quality of seeds for incorporating various production methods and crop protection strategies is estimated to drive market expansion over the next seven years. Biotech seeds not only serves as delivery mechanism for plants but also enhances plant genetics.
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Other advantages of biotech seeds include protection against diseases & fungicide, and longer lifecycle of seeds. These actors are significantly contributing to high-end market demand in the recent years. Biotech seed are also used to enhance germination rate and offer uniformity, thus overcoming seed dormancy. Biotech seeds are hydrated in a specified manner, thereby providing enough water to initiate the metabolic processes of germination.
The market is broadly categorized into four major segments based on the product type such as soybean seeds, corn seeds, cottonseeds, and canola seeds. The soybean seeds is considered as one of the rapid growing segment in the biotech seeds market with substantial revenue generation in the last few years. Growing popularity of the soybean seeds segment is attributed to the increasing demand from Asia Pacific region and higher market penetration. The corn seeds segment has also witnessed substantial growth owing to the rise in the demands for biofuels.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, favorable laws & regulation associated with the use of biotech seeds, higher approval rate, rise in the level of awareness among farmers, increase in the number of research & development activities in the region and existence of well-established infrastructure.
Asia-Pacific region is predicted to hold major market share in the biotech seeds market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing agricultural activities to sustain ever-growing population, rising disposable income, growing number of patent regarding incorporation of biotech seeds, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the biotech seeds market are Bayer AG, The Dow Chemical Co., KWS SAAT SE, Limagrain Group, Inc., The Monsanto Co., and Syngenta AG.
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