Global Rice Seed Market - Segmented by Geography - Growth, Trends and Forecasts (2018 - 2023)
The global rice seed market accounted for USD 6276.4 million in 2016. The market is expected to register a CAGR of 7.35% during the forecast period, 2018 to 2023. By market size, Asia-Pacific is the largest in all the regions, with a market share of over 90% followed by Africa, with a market share of 4.95% in 2016. Due to advancements in China and India, Asia-Pacific is also expected to be the fastest growing market during the forecast period
Increasing Trade In Rice Seed
Around 9% of the total rice produced is traded globally. This share has been improving over the years. Rice trade has developed mainly around Asia. Rice in Asia is produced primarily for domestic consumption, but rice deficits are adjusted and supplemented between neighbouring countries. There has been an increase in the number of projects that facilitate rice seed trade. For instance, the project RISTE aims at developing and enabling the environment to promote seeds trade and knowledge – sharing on HYV rice seeds between India and Bangladesh. This is likely to benefit both the countries.
Increased Production Of Hybrid Rice
In most countries, more seed companies and NGOs are now involved in hybrid rice seed production, even though many of them are either distributing imported seeds, or producing hybrid seeds with imported parental lines that they have licensed from foreign companies. DuPont Pioneer worked with local farmers in Vietnam to introduce the PHB71 hybrid seed. The hybrid seed has been found to increase yield per hectare, by 30% - 40% compared to the OPV rice seed.
Asia Pacific to Dominate the Market Growth
About 90% of the world’s rice is grown in the Asia-Pacific, which is endowed with the wet environment suitable for rice cultivation. Rice-based farming is the main economic activity for hundreds of millions of poor rural farmers in the region. China is the largest producer and consumer of rice seeds, followed by India and Vietnam.
Key Developments in the market
September 2017: Kaveri seeds announced that the company has eight new products in pipeline, which are to be released in the coming months. Some of the varieties to be launched are Coastal King, Elito, Glory, and Tino.
April 2017: Bayer CropScience joined hands with ACI Ltd, a local leader in agribusiness in Bangladesh, for improving rice yields during the Amon season. Bayer and ACI will distribute ‘Arize® Dhani Gold’, a hybrid rice variety from Bayer, for the Amon season simultaneously in Bangladesh through their distribution channels.
Major Key Players BAYER, DUPONT, YUANG LONGPING HITECH,CHINA NATIONAL SEEDS,DUPONT
Reasons to Purchase this Report
To understand the growth trends of the rice seed market in key producing countries. Growth forecast is provided for 2018 – 2023. These information are crucial in identifying prospective markets with greater growth potential.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet in excel.
Countries of client’s interest can be included in report based on feasibility of report.
Companies of client’s interest can be included in report based on feasibility of report.
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