Rice Seeds Market Projected to Garner Significant Revenues by 2023

Posted September 3, 2020 by supriya1234

The rice seeds market is estimated to be valued at USD 5.47 billion in 2018 and is projected to reach USD 7.62 billion by 2023, at a CAGR of 6.85% during the forecast period.

The rice seeds market is projected to reach USD 7.62 billion by 2023, from USD 5.47 billion in 2018, at a CAGR of 6.85% during the forecast period. The market is driven by factors such as the increasing technological advances in rice breeding, declining prices of hybrid rice seeds, growing adoption of hybrid rice seeds in the developed and developing countries, and rising seed replacement rate for paddy across Asian countries.

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According to the International Seed Federation (ISF), rice accounted for nearly 5% of the global commercial seeds market in 2014. The major seed manufacturing companies have been expanding their product portfolio in the Asian countries. Strong support from the government in terms of subsidies for hybrid seeds has encouraged farmers to adopt this technology in developing countries as well. The decline in prices of hybrid seeds, to bridge the difference between hybrids and OPV seeds, has also encouraged key players to invest in the market.

Open-pollinated varieties were estimated to dominate the rice seeds market in 2018. Increasing adoption of hybrid seeds and increasing seed replacement rate across the countries of Asia Pacific, particularly in India, Thailand, China, and Vietnam is projected to impact the market growth; however, due to the high prices of hybrid seeds, its adoption has been limited to these developing countries. According to industry experts, even though the consumption of hybrid seeds has been exponentially increasing, particularly in China and India, and hybrid seeds have been increasingly preferred by farmers, the market is dominated by open-pollinated varieties owing to the high price of the hybrids.

The advent of genetically modified rice seeds was projected to boost the rice seeds market, after the success of Bt cotton. Majority of the key players have also invested in the development and support of GM rice projects. The Golden Rice Project supported by Syngenta and the development of GM rice seeds by Mahyco was scheduled to be commercialized in the past few years. However, the stringent regulations against GM technology for edible crops have hindered the commercialization of this technology, and multiple projects got shelved due to the regulatory policies.

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Asia Pacific is a major consumer and producer of rice across the globe, and inadequate arable land in this region has encouraged farmers for better yield from their cultivation. Adoption of advanced technologies such as hybrid and certified seeds is also increasing in this region. According to the recent data of USDA published in 2016, India and China are the two major producers and consumers of rice, not only in the Asia Pacific region but across the globe. The Asia Pacific market for rice seeds is consolidated with two players occupying the largest share, followed by other players. Since rice cultivation in other regions of the world is comparatively low, the growth of the Asia Pacific market is projected to remain steady during the forecast period.

This report includes a study of the development strategies, along with the product portfolios of leading companies. It also includes the profiles of leading companies such as Bayer (Germany), DowDuPont (US), Syngenta (Switzerland), Advanta Seeds (UPL) (India), and Nuziveedu Seeds (India), Mahyco (India), BASF (Germany), Kaveri Seeds (India), SL Agritech (Philippines), Rasi seeds (India), Rallis (India), JK Seeds (India), Hefei Fengle (China), LongPing (China), Guard Agri (Pakistan), and National Seeds Corporation (India).
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Issued By MarketsandMarkets
Country United States
Categories Business , Food , News
Tags Rice Seeds Market , Rice Seeds
Last Updated September 3, 2020