The Latin American seed market is expected to reach USD 6.67 billion in 2024 and is anticipated to reach a valuation of USD 9.85 billion by 2029, growing at a CAGR of 8.10% during the forecast period 2024 to 2029.
High-yielding cultivars/seeds along with other agricultural inputs such as crop protection products, fertilizers, and irrigation are being used to attain optimum utilization in the agriculture sector. The global concerns about pollution are driving the increase in the use of biofuels. Biofuel offers various advantages when compared to fossil fuels in terms of reducing pollution, which is one of the primary reasons governments are taking up initiatives to produce biodiesel.
The growth of the Latin American seed market is majorly driven by factors such as the rising population, increasing consumption of animal fodder, and growing need for commodities such as vegetable oil.
Strict regulatory structures, volatile economies, and lack of awareness are the key challenges for companies in the market.
Brazil accounts for 65% of the seed market in this region followed by Argentina. Soybeans are one of the leading crop seeds in Argentina, which come under the oilseeds segment. Other major markets in this region are Uruguay, Paraguay, Colombia, Chile, and Bolivia.
Monsanto, DuPont, Syngenta, AG, Dow AgroSciences LLC, Land O’Lakes Inc. and Bayer Crop Science are some of the major key players involved in the Latin America seed market.
Frequently Asked Questions
As of the latest available data, the seed market in Latin America is estimated to be valued at 6.11 billion in 2023 and is projected to grow at a CAGR of 8.10% during the forecast period.
Brazil, Argentina, and Mexico are major contributors to the seed market in Latin America, with their large agricultural sectors driving demand for a variety of seeds.
In Argentina, the demand for seeds is particularly high for crops such as soybeans, corn, and sunflowers, contributing significantly to the overall seed market.
The prevalence of genetically modified crops in Mexico influences the seed market, with a notable demand for GM seeds in crops like maize and cotton.
The affordability of high-quality seeds varies between Brazil and other Latin American countries and is influenced by economic conditions and government policies supporting the agricultural sector.
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