Hybrid Seeds Market Industry Analysis, Top Key Players, Driving Factors, and Forecast (2021-2026)
The hybrid seeds market size was valued at $25,191.5 million in 2021, and is estimated to reach $34,877.0 million by 2026, registering a CAGR of 6.7% from 2021 to 2026. The demand for hybrid seeds has increased due to their advantages over traditional seeds. These seeds are easier and faster to grow, and are more resilient to stress and disease. They also have longer lifespan, higher yields, and larger fruits. The growing awareness of these benefits has led to a rise in demand for hybrid seeds from various industries, including food processing, textile, pharmaceutical, and nuclear. As these industries rely heavily on agricultural crop seeds, the use of hybrid seeds plays a significant role in driving economic activities and market growth worldwide.
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Driver: Rise in demand for fruits & vegetables across the globe
With the change in dietary practices globally, the demand for fresh and frozen vegetables has been growing. Consumers have become more conscious related to what to consume to better their health and overall wellness, due to which the production of fruits & vegetables has grown. Several farmers have gradually moved toward the cultivation of industrial crops, which would result in growth in market returns. According to the USDA, farmers are projected to seed approximately 91 million acres of land with soybean in 2018, an increase from 90.4 million acres sowed in 2017. The total acreage of the eight chief crops of the US is expected to rise from 252.3 million acres in 2017 to 253.7 million acres in 2018. This increase in acreage is estimated for crops such as sorghum, corn, barley, oats, cotton, rice, and fruit crops, while that of wheat is expected to decline.
In the US, the most commonly demanded fresh fruit was bananas. Some of the other commonly consumed fresh fruits include grapes, pears, and strawberries. There is also a strong demand for vegetables such as peppers, melons, and lettuce due to the growing focus on salad-based diets in North America. These factors could drive market growth.
The cereal & grains category segment by crop type is projected to achieve the highest CAGR growth in the Hybrid seeds market.
Cereals & grains by crop type accounted for the largest market share in 2021, owing to factors, such as the widespread use of grains as a staple food in many Asian and Southeast Asian countries. Cereal crops provide essential nutrients and energy in the daily human diet through direct human consumption as well as through meat production as cereal & grain crops are major livestock feed. Hence, cereal & grains is accounted have highest market share and projected to grow at higher rates during the forecast period.
The soybean segment dominated the hybrid seeds market with highest CAGR.
Soybeans are regarded as an important crop because they are one of the richest and cheapest sources of protein, and they are a staple food for both human and animal diets. The importance of this crop have impacted as highly demanded segement in hybrid seed market.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia Pacific is the fastest-growing region in the hybrid seeds market owing to the presence of some of the major seed producers in the world such as China, Thailand and India. Countries such as China, which is among the largest players in the global market for seeds, have been focusing on the adoption of hybrid crop varieties to attain yield improvement and disease resistance without using GM technology. Simultaneously, there has also been a growing demand from the export sector for cotton and soybean, which has supported the growth in the cultivation area and had an impact on the hybrid seeds market.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the hybrid seeds market. It includes the profiles of leading companies such as BASF SE (Germany), Bayer AG (Germany), Syngenta Group (Switzerland), KWS SAAT SE (Germany), Land O’ Lakes (US), Sakata Seed Corporation (Japan), Groupe Limagrain (France), Corteva Agriscience (US), UPL Limited (India), DLF (Denmark), Longping Hi-tech (China), Rallis India Limited (India), Enza Zaden (The Netherlands), Takii & Co. Ltd (Japan), and Barenbrug Holding B.V (Netherlands).
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