by The Vegetable Seed Market is estimated to be valued at US$ 7603.24 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vegetable seeds are produced through conventional as well as hybrid methods. Vegetables such as tomatoes, peppers, onions, cabbage, broccoli and others are commonly produced from seeds. Vegetable seeds find widespread applications in commercial vegetable production as well as kitchen gardening. Advancements in seed biotechnology have led to the development of hybrid and GMO seeds with improved traits such as disease resistance and higher yields.
Market Dynamics:
One of the key drivers for the vegetable seed market is the rising global population and growing demand for food.According to the UN, the global population is expected to reach nearly 9.7 billion by 2050 which will substantially increase the global food demand. Vegetable seeds play a vital role in meeting this growing demand by enabling higher per acre crop yields.Secondly, the increasing health consciousness among consumers has propelled the demand for organic foods. As organic farming relies more on seeds than fertilizers and pesticides, the demand for organic vegetable seeds is growing at a rapid pace. Shift towards urban living has prompted a rise in kitchen gardening and use of vegetable seeds for households and urban farms.
Segment Analysis:
The vegetable seed market can be segmented by type into tomato seeds, cucurbit seeds, leafy vegetable seeds, brassica seeds, root & bulb vegetable seeds, and other vegetable seeds. Among these, tomato seeds form the largest and dominating segment due to wide cultivation and consumption of tomatoes globally. Tomatoes are one of the most widely consumed vegetables in the world and are suitable for cultivation in varied agro-climatic conditions driving high demand for tomato seeds.
PEST Analysis:
Political: Governments of key nations are supporting vegetable seed producers through favorable policies and initiatives encouraging farm mechanization and sustainable vegetable cultivation practices. This is boosting investment in seed production infrastructures.
Economic: Rising incomes and living standards are fueling higher demand for vegetables and diversified diets globally. This is driving the need for development of high-yielding vegetable hybrid and GM seeds.
Social: Growing health consciousness and preference for fresh/ organic produce is prompting dietary shifts towards increased vegetable consumption. New hybrid seeds are helping address micronutrient deficiencies in populations.
Technological: Advances in biotechnology, genomics, and seed treatment techniques are aiding development of stress-tolerant and pest/disease resistant vegetable seed varieties attuned to climatic changes. This is supporting year-round cultivation and higher yields.
Key Takeaways:
The Global Vegetable Seed Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing consumption of vegetables driven by health and nutrition benefits.
The Asia Pacific region is currently the fastest growing and dominating regional market for vegetable seeds due to large vegetable production areas and rising health awareness. Countries like India, China and Japan are major markets.
Key players operating in the vegetable seed market are Bayer CropScience AG, Groupe Limagrain, Syngenta AG, BASF SE (Nunhems BV), Rijk Zwaan Zaadteelt En Zaadhandel BV, Sakata Seed Corporation, UPL Limited (Advanta Seeds International), Takii & Co. Limited, East-West Seed International Ltd, Enza Zaden BV, Bejo Zaden BV, and Namdhari Seeds. Industry players are focusing on R&D to develop hybrid and GM vegetable seed varieties with tailored traits.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
