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The seed market is increasing as farmers demand specific seeds for specific crops, which provide distinct features, flavors, and nutritional profiles.
FREMONT, CA : According to the report published by MarketsandMarkets, the seeds market is expected to experience significant growth in the coming years. The market was estimated to be worth $58.8 billion in 2023 and is projected to reach USD 83.3 billion by 2028, with a CAGR of 7.2 percent during the period.
The increasing demand for organic and pesticide-free food is the primary factor in expanding the seeds industry. As customers become more conscious of their food choices, the organic agricultural business has grown significantly. Organic farming relies heavily on certified organic seeds, leading to a higher demand for organic seeds.
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The rise in biofuel production, driven by the transition to renewable energy sources, has also contributed to the growth of the seeds market. Crops such as maize, soybeans, and canola are used as feedstock for biofuel production, leading to an increased demand for seeds suitable for biofuel crops.
During the research, the oilseeds and pulses segment is prominent within the seeds market. The demand for oilseeds is driven by the global increase in demand for edible oils, which is influenced by factors like population growth, urbanization, and changing dietary patterns. High-quality oilseed seeds are required to expand production and meet consumer demands. Pulses, such as lentils, chickpeas, and beans, have also gained importance as plant-based protein sources, further driving the need for high-quality pulse seeds.
Regarding seed types, herbicide tolerance is estimated to be the fastest-growing segment during the review period. Herbicide-tolerant seeds have been genetically engineered to withstand certain herbicides, allowing farmers to effectively control herbicide-resistant weeds. Using these seeds eliminates the need for manual weed control methods, such as hand weeding or mechanical cultivation, saving farmers time, labor, and costs. These factors contribute to the growth of the herbicide tolerance segment within the seeds market.
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