Middle east and Africa Seed Market was worth $3.8 billion in 2021 and estimated to be growing at a CAGR of 8.24%, to reach $5.64 billion by 2026. The Seed market is developing at a significant rate due to the rising demand for food and feed and rapid decline in arable land. 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.
Farmers count on the seed industry to provide seeds that bring high yields and help reduce the cost of production. 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 of governments taking up initiatives to produce biodiesel.
Middle east and Africa Seed Market Drivers:
The growth of the Middle east and Africa Seed market is majorly driven by factors such as the rising population and increasing consumption of animal fodder. Volatile economies and lack of awareness about GM seeds are the major hindrances for the market in this region. Also, GM seeds are relatively more expensive than normal seeds due to higher cost of patented seeds.
Middle east and Africa Seed Market - By Crop Type:
Middle east and Africa Seed Market - By Seed Trait:
The market has been geographically segmented into Middle east and Africa. In terms of revenue, South Africa leads the market in this region. Other major markets for seeds in this region include Zimbabwe, Zambia, Tanzania and Nigeria. The market in this region has the lowest share due to unawareness of the farming community about the uses and benefits of GM seeds.
Existing companies such as Monsanto and Syngenta have been actively involved in the acquisition of regional players to strengthen their market presence.