Global Cereals and Grains Seed Market - Segmented by Type, Traits, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global seed market for cereals and grains is projected to reach USD 73.6 billion by 2023, witnessing a CAGR of 9.2% during the forecast period (2018 – 2023). Asia-Pacific is the largest market for cereals and grains seeds and is expected to remain dominant during the forecast period. The growing demand from the food and animal feed industries, the shrinking farmland, and the increasing biofuel demand are driving the global cereals and grains seed market.
Increasing Demand for Animal Feed
The international demand for cereals and grains seed is increasing due to a significant increase in animal feed demand. Production of crops like maize, soybean, and wheat has significantly increased due to an increasing demand from the feed industry. In 2017, the global usage of maize in the animal feed industry was 613 million metric ton, which was a 2% increase from the previous year. In 2017, the global usage of soybean and wheat in the animal feed industry was 20 million metric ton and 144 million metric ton, respectively.
Asia-Pacific to Dominate the Cereals and Grains Seed Market
Asia-Pacific is the largest market for cereals and grain seed, accounting for more than 30% of the global demand. The growing population in Asian countries, mainly in China and India, has a continuously increasing demand for food production and is driving the seed market for cereal and grains in the region. North America is expected to have a comparatively faster growth rate due to the rising demand for biofuel in the region.
Maize is the Most Important Seed Traded Internationally
In global cereals and grains seed market, maize is the major crop seed traded and its market comprises more than 35% of the global cereals and grains market share. More than half of the global maize production is concentrated in the US and China. The global demand for maize seeds is expected to register a CAGR 9.4%, driven by a 3% gain in consumption related to animal feed. The European Union and Brazil are also huge maize producing markets. Globally, corn emerges as the major GM crop for which the growth prospects are expected to be high during the forecast period.
Major Players: DOWDUPONT, MONSANTO, SYNGENTA, DOW AGROSCIENCES, BAYER CROPSCIENCE AG, INC., KWS SAAT AG, DLF-TRIFOLIUM A/S, VILMORIN & CIE SA, RALLIS, SAKATA SEED CORPORATION, AND GROUPE LIMAGRAIN HOLDING SA, among others.
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