The Global market for commercial seeds is expected to reach USD 72.09 billion by 2020, according to a new study by Grand View Research, Inc. Growing population coupled with reduction in arable land is expected to boost the demand for GM/bioseeds which are superior to conventional seeds in terms of disease resistance and yield. However, in spite of the advantages offered by GM seeds, the market faces considerable restraint in the form of government regulations in certain countries against the use of GM seeds
Further Key findings from the study suggest:
• The global biotechnology (GM) seeds market was valued at USD 21.45 billion in 2013 and is expected to reach USD 42.53 billion by 2020, growing at a CAGR of 10.3% from 2014 to 2020
• Soybean was the largest consumed GM seed accounting for USD 9.12 billion in revenue as of 2013. However, GM maize is expected to witness fastest growth at an estimated CAGR of 11% from 2014 to 2020 on account of increasing demand for soybean oil in manufacturing of biofuels.
• North America was the largest regional market for commercial seeds with market revenue of USD 13.96 billion in 2013. Europe is expected to remain a moderate market, owing to the high degree of regulatory intervention persistent in the region. Asia pacific and Latin America are expected to witness significant market growth at an estimated CAGR of over 7% from 2014 to 2020.
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/.
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