July 21, 2024
Vegetable Seed Market

Vegetable Seed Market Poised to Yield Lucrative Growth Opportunities

The global Vegetable Seed Market is estimated to be valued at US$ 7603.24 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Vegetable seeds are the embryonic plants grown commercially to produce edible parts such as leaves, seeds, and roots. Common vegetables grown are tomatoes, peas, carrots, cabbage, pumpkins, spinach, etc. Vegetable seeds are an important source of vitamins, minerals, proteins and dietary fibers. They help in maintaining heart health, weight management, controlling blood sugar levels and digestive health. Vegetable seeds provide various advantages like ease of handling, high yields, longer shelf life and improved resistance to diseases and pests.

Market key trends:

One of the key trends in the vegetable seed market is the rising demand for hybrid seeds. Hybrid vegetable seeds are produced by cross-pollinating two inbred parent lines. They exhibit the hybrid vigor or heterosis effect which leads to higher yields, stronger plants and greater resistance to pests and diseases. For example, hybrid seeds for tomatoes can deliver 25-30% higher yields compared to open-pollinated varieties. Technological advancements have also enabled precision breeding techniques like genome editing which helps develop new traits in less time. Furthermore, the vegetarian population and health consciousness is driving consumption of vegetables globally thereby increasing demand for vegetable seeds. Sustainable farming practices are also gaining relevance in the market.

Porter’s Analysis:

Threat of new entrants: The vegetable seed market requires large investments in R&D for new product development. Strict regulations also act as a barrier for new companies.

Bargaining power of buyers: Buyers have high bargaining power due to the availability of a wide range of vegetable seed brands. Buyers can negotiate on price with different suppliers.

Bargaining power of suppliers: A few major companies dominate the supply of vegetable seeds globally. This gives them significant bargaining power over buyers.

Threat of new substitutes: Alternative seeds from different vegetable varieties pose a threat. However, investment in new technologies reduces the threat from substitutes.

Competitive rivalry: Being an agricultural commodity, competition is high based on price and quality. Major companies focus on new product launches and acquisitions to sustain in the market.

Key Takeaways:

The Global Vegetable Seed Market Growth is expected to witness high, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand for nutritious and high-yielding vegetable varieties.

Regional analysis: Asia Pacific dominates the global vegetable seed market and is expected to continue its dominance in the coming years. China, India, and Japan are the major markets in the region owing to the large cultivable land and growing population. Europe is another significant regional market driven by increasing health awareness.

Key players operating in the vegetable seed market are Bayer CropScience AG, Groupe Limagrain, Syngenta AG, BASF SE (Nunhems BV), Rijk Zwaan Zaadteelt En Zaadhandel BV, Sakata Seed Corporation, UPL Limited (Advanta Seeds International), Takii & Co. Limited, East-West Seed International Ltd, Enza Zaden BV, Bejo Zaden BV, and Namdhari Seeds. Key players focus on new product launches catering to regional demands.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it