Changing trend towards the use of organic seeds and rising mechanization along with technological advancements in agriculture practices is further augmenting the growth of the seed industry in the US
GURUGRAM, India, June 12, 2019 /PRNewswire/ -- US Seed industry is expected to register a CAGR of 1.8% in upcoming years. Huge consolidation in the market has reduced the number of major players in the US Seed market to less than five. In future, it is less likely that more consolidation may happen among the existing top players. Many new traits and seed varieties are under development and are expected to be launched in the next five years. Companies are expecting to save million in cost synergy as part of merger. BASF which acquired the seed business of Bayer is expected to become a significant player in the US seed industry as it has managed to acquire many important licenses from Bayer. Demand for organic and non GMO seeds are expected to rise and being sold at premium considering the rising demand for organic vegetables and other food products.
The rate of mechanization including use of drones and sensors for seed planting and monitoring, use of robotics for seed R&D and various other uses, upcoming culture of urban farming, hydroponics and the use of IoT (Internet of Things) in the agricultural based activities. USA is the largest market for organic food and is expected to rise at a rapid rate. Organic sector will continue to increase its penetration into the total food market and will account a major share in the food sold in US retail channels. Organic acreage is increasing in most areas of the US, while transitioning to organic corn and soybean.
The prices of Soybean are increasing and the higher producer returns provide incentives to increase plantings, and producers are expected to plant large number acres by the year 2023. Rising domestic use and export demand support a continuation of a large soybean area. This will eventually result in increased demand for soybean seeds. Corn production is expected to increase by the year 2023. Lower corn prices and increasing corn production suggest that more corn will be used for feed and residual use, fuelled by increasing meat production. The US is forecasted to remain the world's largest corn exporter. Companies are adopting strategies such as forming joint ventures and agreements in order to exploit the emerging crops such as Sorghum. The US domestic wheat seed demand is expected to remain steady, with minor gains in food use and a relatively stable demand for feed.
There is a rising need for sustainable agriculture and integrated pest management guidelines laid by governments in the US that has encouraged farmers to adopt seed coating technologies leading to healthy growth by 2023
The report titled, "US Seed Market Outlook to 2023 - By Type of Seed (Corn, Soybean, Cotton, Wheat, Sorghum, and Vegetables) and By Technology (GM/GE/Hybrid and Open Pollinated)" by Ken Research observed that the innovations in product development and R&D such as launch of various new and improved GM seeds and traits will complement the conventional seed use and it will have positive impact on the overall seed and agriculture market.
Key Segments Covered
- By Type of Crop
- Vegetable and Fruit Seeds
- Based on Type:
- Conventional seed
- GM/ Hybrid seed
- Based on Geography:
- North Carolina
- Other states
Key Target Audience
- Seed Manufacturers
- Associations and industrial bodies
- Agricultural institutes and universities
- Regulatory institutions
- Agricultural Seed Distributors
- Government Agencies
- NGO's Supporting Agricultural Growth and Activities
- Venture Capitalists
- Online Sales and Retailing Agencies
Time Period Captured in the Report:
- Historical Period: 2013-2018
- Forecast Period: 2019-2023
- Bayer Group (Monsanto Company)
- Dow DuPont Inc.
- Syngenta Seeds, LLC
- Agreliant Genetics, LLC
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing
Ken Research Private Limited
SOURCE Ken Research