Seed Sector Analysis - South and Southeast Asia, Growth, Trends and Forecasts (2018 - 2023)
With the emergence of strong scientific and production capacity, seed markets in South and Southeast Asia showcase the ability to meet food security issues in the coming years, owing to the technological developments, such as genetically-modified crops, and hybrids. The main drawbacks for many countries in this region include old seed laws, strict regulatory procedures, and lower incentives for investors. State and public-owned seed companies usually dominate the seed sector in these countries while private companies are facing challenges. The subsidized cost structures made available by the state and public-owned firms are difficult to compete, thus, hindering the growth of private seed sector and investment in private seed production and marketing. However, for the development of agricultural production, the growth of private seed sector is important, coupled with favorable policies.
Major factors limiting the market growth include lack of knowledge regarding the benefits of using improved varieties and lack of access to quality agro inputs, among others. Factors driving the market include growing demand for vegetable seed market and government initiatives to develop seed sector.
The market is segmented by countries from South and Southeast Asia. The South Asian seed market is segmented into Afghanistan, Bangladesh, India, Nepal, and ‘Others’ while the Southeast Asian seed market is segmented into Indonesia, Myanmar, Philippines, Thailand, and Vietnam. The seed sector of Thailand is projected to grow at the fastest pace in the Southeast Asian region, registering a CAGR of 11.5% during 2018-2023 (the forecast period). In South Asian countries, India is projected to record a CAGR of 4.15% during 2018-2023 (the forecast period).
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