Maize Seed Market - Growth, Trends, and Forecast (2019 - 2024)
Maize or corn (Zea Mays) is the third-largest planted crop, after wheat and rice. The crop is mostly used and traded as a feed crop, but it is also an important food crop. Corn is a versatile cereal crop grown in tropical, subtropical, and temperate regions of the world.
The maize/corn seed market is projected to record a robust CAGR of 5.5% during the forecast period 2019-2024.
The analysis indicates that new product launches and product development are the most adopted strategies by major players in the industry.
Scope of the Report
The present report carries out an in-depth analysis of the maize/corn seed market, providing information on utilization of seeds. Maize or corn (Zea Mays) is the third-largest planted crop, after wheat and rice. The crop is mostly used and traded as a feed crop, but it is also an important food crop. Corn is a versatile cereal crop grown in tropical, subtropical, and temperate regions of the world.
Maize/corn is widely cultivated throughout the world; major producing countries with high demand for corn seeds are the United States, China, Brazil, Argentina, India, Mexico, Indonesia, and France. The Americas form the largest corn seed market, accounting for nearly 65% of the global market share.
Key Market Trends
Expansion of Area under Maize
The global area harvested under corn has grown at a CAGR of 1.5% during the period 2010-2011 to 2018-19. The corn seed sectors, particularly in South America, are promising regions for growth, with overall growing industrial demand for corn. Consumption is expected to be higher, driven mainly by the demand for animal feed. The use for fuel ethanol is projected to rise quite slowly.
Increasing demand for animal feed is expected to pick up pace in the future, owing to the growing demand, economic growth, rise in income, and increasing demand for livestock and consumer preferences.
Asia-Pacific to Dominate the Market
Asia-Pacific holds a share of 27% in 2018-2019, in terms of global area harvested under corn. In the Asia-Pacific region, corn plays a vital role, especially in animal feed, as well as for food and industrial consumption. For industrial use, corn serves as a feedstock for starches and sugars, which further have wider applications. Government support is further encouraging higher sales of corn seeds in the region, as the governments across the region are supplying the farmers with low-cost and high-quality seeds.
The maize seed market is not concentrated, as the agrochemical sector; however, the farmer’s choice is growing, as the stacked trait varieties of crops are increasing. The global seed industry for corn remains fragmented, due to market size and major player influences. Seed companies are investing more resources into R&D to strengthen their progress in the major markets. DowDuPont, Advanta Seeds, Syngenta AG, and Bayer CropScience AG are the some of the main global players in the market studied. Through high investments in plant breeding programs, Dow DuPont has captured a greater share of the North and South American corn seed market.
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