The Hybrid Seeds Market is estimated to be valued at USD 25.2 billion in 2021 and is expected to reach a value of USD 34.9 billion by 2026, growing at a CAGR of 6.7% during the forecast period. Factors such as increase in seed replacement rate, availability of hybrid seeds, and increasing demand for fruits and vegetables are the main drivers of the hybrid seeds market.
The cereals & grains segment, by crop type, is projected to grow at the highest CAGR during the forecast period.
The market situation for cereals & grains has been marked by an abundance of supplies and slower growth in demand. However, the growth of cereals & grains segment is driven by improvement in yield and increased use in food-related applications. The developed and few developing countries would continue to remain the chief exporters of cereals, thereby catering to the growing demand from the food and feed industries.
The tomato segment, by key crop, is projected to grow at the highest CAGR during the forecast period.
The consumption of tomatoes is on the rise globally due to the popularity of convenience food products, along with changing preference toward fast food diet. The changing dietary habits of people have caught the attention of tomato processors that are directly procuring tomatoes from farmers. This in turn is increasing the demand for hybrid tomato varieties for better yield and disease resistance.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
Asia Pacific is the fastest-growing region in the hybrid seeds market owing to the presence of some of the major seed producers in the world such as China, Thailand and India. Countries such as China, which is among the largest players in the global market for seeds, have been focusing on the adoption of hybrid crop varieties to attain yield improvement and disease resistance without using GM technology. Simultaneously, there has also been a growing demand from the export sector for cotton and soybean, which has supported the growth in the cultivation area and had an impact on the hybrid seeds market.
Key players in this market include BASF SE (Germany), Bayer AG (Germany), and Syngenta Group (Switzerland). Product innovation, expansions investments, mergers acquisitions, joint ventures, and partnerships were some of the core strengths of the leading players in the hybrid seeds market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios.
Some of the other players in the hybrid seeds industry include KWS SAAT SE (Germany), Land O’ Lakes (US), Sakata Seed Corporation (Japan), Groupe Limagrain (France), Corteva Agriscience (US), UPL Limited (India), DLF (Denmark), Longping Hi-tech (China), Rallis India Limited (India), Enza Zaden (The Netherlands), Takii Co. Ltd (Japan), and Barenbrug Holding B.V (Netherlands).
