Zion Research has released a new report titled “Bio Seeds (Soybean, Corn, Sugar Beet, Canola and Others) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.”
According to the report, global demand for bio seeds market was valued at over USD 21.5 billion in 2015 and is expected to reach above USD 36.5 billion in 2021, growing at a CAGR of around 9.5% between 2015 and 2021.
Bio seeds are genetically modified seeds. The desired gene is inserted into the host with the help of vector. Bio seeds consist high yield, and low cost in cultivating.
Ever rising population and shrinking arable land is expected to boost the demand for bio seeds market. Growing urbanization resulted into adoption of bio seeds owing to high yield and optimum desired results. Though, lack of knowledge and awareness among underdeveloped countries for the significance of bio seeds are anticipated to be major restrain for bio seeds market. Nevertheless, increasing preference for healthy diet and rapid innovations in agricultural sector is estimated to open growth opportunities for the market in the near future.
Soybean, corn, sugar beet, canola, etc. are some of the key product segments of bio seeds market. With over 35% share in total revenue generated, corn dominated the bio seeds market in 2015. Corn was the most widely cultivated crop and had highest consumption in 2015. Corn is growing in popularity as a raw material among the manufacturers of ethanol. This is expected to fuel the growth corn bio seeds. Soybean is another important product segment for bio seeds. It accounted for around 30% share of the total revenue generated in 2015. Sugar beets and canola are also likely to experience significant growth during the forecast period.
North America dominated the bio seeds market by 30% of total share in 2015. Growth of bio seeds market was mainly attributed due to technological advancements and highly urbanized. Monsanto accounts for 75% of bio crops cultivation done globally. Genetically modified soybean was first introduced in market in 1994 by Monsanto. In U.S., 90 million hectares was planted with genetically modified soybean in 2014. In 2012, 80% of the total maize produced was genetically modified maize.
The bio seeds market in Europe is growing at a significantly high rate. Countries such as Germany, Switzerland and France hold the largest market share for bio seeds industry in Europe. The demand for bio seeds is growing significantly in Asia Pacific owing to escalating consumption from the rising population and less restrictions for regulations for bio seeds. Practice of different developed agricultural methods is expected to experience fastest growth in near future. Emerging countries like India and China are applying the genetically modified techniques in farming to obtain high yield. Available market for bio seeds, ongoing research and development and government support is likely to boost the bio seeds market. Farmers are gaining profits due to use of bio seeds, as bio seeds produce high yield and low cost expenditure also the awareness among people to accept the genetically modified bio seeds also contributes for the growth of market.
Genetically modified soybeans cultivation was restricted in Brazil up to 2007. Since 2007, Brazil permitted use of soybean bio seeds. Cultivation of soybean is growing at a rapid pace in Brazil due to cost effective cultivation, government initiative and support from agro- industry. Majority of soybean cultivated is exported to Europe and China among others. Middle East and Africa are expected to witness decent growth in years to come.