The global Asian Pacific seed market is expected to reach USD 89.33 billion by 2028 from USD 70 billion in 2023, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2023 to 2028.
The constant increase in the regional population coupled with the extensive demand for food products is the primary factor driving the Asia Pacific seed market. The recent developments in seed technology, like genetically modified seeds and precision breeding, are also fuelling the business in this area. The supportive initiatives and loans offered by the local governments to promote agriculture and implement advanced technologies are further promoting the seed market in this region.
The use of genetically modified seeds to combat harsh environmental conditions and crop diseases is another positive aspect of the Asia Pacific seed market. The modern research and development activities in the agriculture sector along with precision farming techniques, are boosting sales in the local seed business. The ongoing trend of sustainable cultivation and organic farming are pushing the need for new seed varieties, which will create more opportunities for the Asia Pacific seed market in the future.
The major challenge to the Asia Pacific seed market is the strict government regulations against using genetically modified seeds in certain countries of this region. Also, with the increasing global warming situation, there is a switch in the climatic conditions causing floods, droughts, and wildfires, which are negatively impacting the seed business. In addition, the need for resilient seeds is uneven in different parts of Asia Pacific because of the uncertainty and lack of acceptance from farmers. The focus on biodiversity and environmental protection is restricting some of the cultivation practices, acting as a barrier to the Asia Pacific seed market.
Impact of COVID-19 on the Asia Pacific seed market:
The COVID-19 pandemic had an initial negative impact on the Asia Pacific seed market. The lockdown restrictions resulted in supply chain disruptions, transportation limitations, and the distribution of seeds. The shutdown of several companies led to a pause in research and development activities in the agriculture sectors. Also, the temporary shutdowns and contactless conditions led to labor shortages for plantation and harvesting. The lockdown also halted international exports, influencing the trade and production of various seeds. On the other hand, the Asia Pacific seed market is anticipated to witness some positive demand with the changing consumer preference for healthy living.
This research report on the Asia-Pacific seed market is segmented and sub-segmented into the following categories.
APAC Seed Market – By Crop Type:
The grains and cereals segment recorded the dominant share of the Asia Pacific market due to the high demand for wheat and rice as a staple food in several nations of the region. Similarly, fruit and vegetable seeds have increased demand after the COVID-19 pandemic and are expected to occupy a significant share of the regional market in the coming years.
APAC Seed Market – By Seed Type:
Hybrid seeds recorded a prominent portion of the Asia Pacific seed market due to the benefits offered by these seeds, such as more productivity, improved resilience, disease resistance, and increased adaptability. In addition, there is a surging adoption of genetically modified seeds to handle diverse climatic conditions and offer more durability.
APAC Seed Market – By Cultivation Mechanism:
The open field segment dominated the Asia Pacific seed market and is likely to register a steady growth rate in the future. However, with the changing environmental conditions, the protected cultivation segment is estimated to find more opportunities in the future.
APAC Seed Market - By Country:
China dominated the regional seed market owing to the rising government investments in the agricultural sector. The spike in the adoption of hybrid seeds and innovative technologies in farming is promoting the Chinese seed market. India is the second leading nation in the Asia Pacific seed market owing to the changing trends of agriculture and consumer interests towards organic farming. In addition, the rising exports of fruit and vegetable seeds to Western nations are also boosting the sales in the Indian seed market. Also, the use of wheat and rice in daily food intake is promoting more growth opportunities for the seeds business in this area. Similarly, the use of rice and vegetables in Japan and other Southeast Asian countries is likely to promote the regional market in the foreseen period. Nevertheless, Australia also offers lucrative growth potential with the high percentage of row crop cultivation in the nation.
KEY MARKET PLAYERS:
Bayer AG, Syngenta Group, Advanta Seeds – UPL, Corteva Agriscience, East-West Seed, DuPont, Monsanto, Dow AgroSciences LLC, Land O’Lakes Inc, Limagrain, Takiiseed and BASF SE. are some of the major players involved in the Asia-Pacific seed market.
RECENT HAPPENINGS IN THIS MARKET:
The current size of the APAC seed market is USD 70 billion in 2023.
Factors such as population growth, increasing food demand, and technological advancements in seed development are driving market growth.
Bayer AG, Syngenta Group, Advanta Seeds – UPL, Corteva Agriscience, East-West Seed, DuPont, Monsanto, Dow AgroSciences LLC, Land O’Lakes Inc, Limagrain, Takiiseed and BASF SE.
China dominated the regional seed market owing to the rising government investments in the agricultural sector. The spike in the adoption of hybrid seeds and innovative technologies in farming is promoting the Chinese seed market.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org