Global Sorghum Seed Market - Trends, Sector Analysis and Forecasts (2018 - 2023)
The global sorghum seed market is projected to register a CAGR of 4.3% during the forecast period and the market value will reach USD 2,545.50 million in 2017. The crop is the fifth largest cereal grain in the world. Sorghum plantation is increasing continuously as the crop is gaining importance as a versatile plant that can tolerate drought, soil toxicities, a wide range of temperatures, and high altitudes.
The increasing sorghum seed demand in the Chinese market changed the entire demand and supply scenario for the sorghum market, owing to a huge difference between the import prices versus the local price. This huge demand added great value to the sorghum seed farmers and the American economy also. The non-traditional markets have found sorghum seed market attractive due to better price opportunities and the availability and knowledge of its use.
China Dominates the Market in Production and Use
China is one of the largest producers of sorghum seeds in the world and accounts for around 4% of the global production. Sorghum is used mainly for feed consumption and China is expected to remain as the key driver of the world’s supply and demand, over the next five years. This spike in demand from China is being driven mainly by the country’s feed industry, which is increasingly turning toward sorghum, looking at it as a cheaper substitute for corn. Over 80% of the sorghum imported into China is used to produce feed.
US Dominates the Market in Exports
Sorghum constitutes the third largest cereal grain in the US and most of the sorghum produced in the United States is exported. Most of the grain sorghum for sowing is imported by Mexico, followed by France, Italy, Korea, and Brazil, as sorghum is a major input to the Mexican feed industry representing 60% - 80% of mixed feeds that are used in animal feed. The US-Mexico sorghum trade is expanding rapidly due to the proximity between the countries and the low costs of transportation. With the implementation of NAFTA, almost 70% of the US exports belong to Mexico and one fourth of Mexico’s total consumption is imported from the United States. The export volume was 28,064 tons in the year 2016, with a CAGR of 4% during the forecast period.
Reasons to Purchase this Report
To have an understanding of the fastest growing regions in the global sorghum seed market and their growth trends during forecast period
The report outlines drives, restraints and trends that are currently affecting the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The report covers in-detail insights about the competitors overview, company share analysis
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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