Growing awareness among the farmers regarding the advantages offered by hybrid and genetically modified seeds has led to an increase in their demand. Further, the policies and plans initiated by the Indian Government, such as National Food Security Mission (NFSM), National Mission on Agricultural Extension and Technology (NMAET), National Policy for Farmers (NPF), etc., are providing a positive thrust to the growth of the industry. The manufacturers are also consistently developing innovative seed technologies with improved nutrition profiles and production yield. Moreover, the presence of a well-established consumer-base including large-scale farmers, government organizations, cooperatives, village societies, etc. maintains a consistent demand for seeds. Some of the other growth-inducing factors include commercialization of agriculture, public-private collaborations, inflating income levels, intellectual rights and patent protection systems. Looking forward, the market is projected to reach a value of US$ 8.1 Billion by 2023, expanding at a CAGR of 14% during 2018-2023.
Want more information about this market? Request a free report sample
- Based on crop, the market has been segmented into wheat, paddy, vegetables, cotton, maize, groundnut, soybean and others. Currently, wheat represents the most popular type of crop as it is a staple food for most Indians and is also used in various processed products, such as raised breads, biscuits and other bakery items.
- On a geographical front, Uttar Pradesh represents the largest market for seeds in India, accounting for around 12% of the total market share. Other major regions are Madhya Pradesh, West Bengal, Rajasthan, Punjab, Maharashtra, Andhra Pradesh, Bihar, Karnataka and Others.
- The competitive landscape of the market is highly fragmented in nature with the presence of a large number of unorganized players. Some of the key players operative in the market are Advanta, DuPont, Kaveri Seeds, Syngenta, Monsanto and J K Seeds.
Browse related reports:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.