The global commercial seed market was valued at USD 40.70 billion in 2017 and is anticipated to grow to USD 54.81 billion by 2032, reflecting a CAGR of 2.5%, according to our analysis. In 2017, North America led the market, accounting for 39.82% of the global share.
The rising industrialization is reducing arable land in emerging nations thus adversely impacting the production of crops. However, with government support and increasing awareness about modern farming techniques, it is possible for farmers to increase their crop yield. Such initiatives taken by governments are driving the global commercial seed market. Additionally, crop producers are getting increasing subsidies in order to promote commercial seed production, subsequently ensuring smooth production cycle and seamless crop management. A smooth supply-demand balance ratio is maintained by low initial cost for crop production and this will propel market to grow exponentially in the coming years.
Another major factor fueling the demand for commercial seeds is that farmers are encouraged to use biotech or hybrid crops for better crop production. This was possible because of various initiatives conducted to spreads awareness among farmers on the modern ways of improving crop yield. Crop cultivated using advanced technologies are both insect and abiotic stress tolerant. The rising adoption of innovative farming practices will pave way for the growth of the global commercial seed market.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/commercial-seed-market-100078
Increasing Use of High-yielding Crops to Increase Demand for Commercial Seeds
The increasing disposable income of consumers is expected to drive higher and unchecked resource consumption, further boosting the demand for commercial seeds to enhance crop yields compared to traditional farm seeds. Advancements in molecular biology, including faster and more cost-effective genetic mapping of plants, are poised to accelerate commercial seed production.