Biotech seeds Market Size, Share, Growth, and Industry Growth, By Type (Herbicide Tolerance, Insect Resistance, and Others), By Application (Cotton, Canola, Corn, Soybean, and Others), Regional Forecast To 2028

Updated On: 13 March 2023

REPORT OVERVIEW

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The global biotech seeds market size is expected to be USD 40.15 million in 2022 and the market is projected to touch USD 61.44 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with biotech seeds experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Sustainable development of food crops is now essential due to the growing population and the resulting rise in food consumption. The introduction of biotechnology in seed production and improved agricultural practices have boosted the global bio seeds industry, resulting in disease-free cultivation and higher yields. To support farmers' various demands across the farming industry, agricultural biotech companies like Monsanto, DuPont, and others offer proprietary seeds.

The development of commercial and bio seeds and crops has been prompted by the substantial lack of food caused by the rising global population. Additionally, the demand for bio seeds is growing, which puts more pressure on agricultural lands to produce more crops, such as maize, which is a crucial component in the production of ethanol. Other significant factors that are anticipated to fuel the biotech seeds market growth include rising demand for vegetables and vegetable oil and the increased consumption of animal food to feed the world's expanding herd of cattle.

COVID-19 Impact: Delay in Seed Supply Affected Market Growth

The pandemic made a negative impact on the market as the lockdown had a crippling effect on agriculture. The seeds are the first stage of agricultural production. The lockdown deliveries were not allowed, which affected the cultivation rate in the agriculture sector. The ban on transporting seeds internationally or domestically is backed by the decreased number of flights and other transportation. A delay in seeds supply was noticed, which delayed the production of crops. The production, labor, packaging, and transportation affected the market growth.

LATEST TRENDS

"Steady Adoption of Advanced Farming Technologies to Drive the Market Trend"

The development and steady adoption of advanced farming and cultivation technologies is expected to foster major growth in the market. The launch of new and advanced farming techniques is accounting for major traction in the market. Additionally, using advanced bio seeds prevents pests from harming crops. It also offers protection against fungus and diseases and offers a longer lifespan to the crops. Additionally, to overcome seed dormancy, bio seeds are employed to increase germination rates and provide uniformity. Biotech seeds are soaked in a specific way, supplying enough water to start the germination process' metabolic activities.

Segmentation

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• By Type Analysis

By type, the market is segmented into insect resistance, herbicide tolerance, and others. 

• By Application Analysis

Based on application, the market is classified into cotton, canola, corn, soybean, and others. 

DRIVING FACTORS

"Rising Population and Shortage of Food Supply to Gain Maximum Growth"

Consistently rising population leading to a shortage of food and crops is expected to increase the adoption of biotech seeds in the global market. The increasing demand for bio-fuels is putting pressure on agricultural land to boost crop yields such as canola, cotton, maize, soybean, corn, and others. Additionally, the market growth is anticipated to be backed by the increasing need for commodities such as various crops, vegetable oil, and others. The rising consumption of animal fodder is also increasing the demand for commercial and bio seeds. The population of animals is on a constant rise, which ultimately boosts market growth. Technology is offering higher cultivation of crops in fewer methods, which is attracting the farmers, and thus, the market is estimated to grow. 

"Advantages Associated With the Biotech Seeds to Foster Product Demand"

Utilizing biotech seeds has benefits that include increased crop quality, higher yield, and higher nutritional value. Over the forecast period, the aforementioned factors are anticipated to drive biotech seeds market growth. Additionally, a better rate of regional and international authority permission for the use of biotech seeds is anticipated to promote market expansion globally. The prolonged seed lifecycle and defense against pesticides and viruses are additional benefits of biotech seeds. These factors have made a considerable contribution to the market growth. 

RESTRAINING FACTORS

"Complications Associated With the Cultivation of Biotech Seeds to Impede Growth"

Using bio seeds is associated with complications in consumption and cultivation, which are anticipated to hinder the market growth. The excess use of bio seeds resulted in some health issues, and it damaged the fauna. These factors are forecasted to affect product adoption. 

REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to Various Biotech Crops Benefits "

North America is expected to hold a major part of the biotech seeds market share due to rising growth in biotech crops linked with the positive results of technology on the environment, and human and animal health.

Asia Pacific is anticipated to account for commendable growth owing to the rapid adoption of advanced farming techniques from the region. The presence of developing economies such as India and China is expected to enhance the agriculture yield to overcome the expanding population. Increasing emphasis on improving the seeds and crop quality to incorporate various production methods is estimated to surge growth in the region.

KEY INDUSTRY PLAYERS

"Key Players Must Focus On Product Development for Global Market Growth"

The businesses are working on developing new eco-friendly chemical products that provide customers with better effectiveness and greater value. Companies also use innovation, acquisitions, and investments to try to increase sales. They are raising their production capacity in order to better serve their various markets. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. The main techniques used by industry participants to maintain competition and enhance business performance are agreements and collaborations. For instance, the Monsanto Company and Pairwise Plants collaborated to promote agricultural research and development through the use of gene-editing technologies.

List of Market Players Profiled

• Bayer (Germany)
• DowDuPont (U.S.)
• KWS SAAT (Germany)
• Limagrain (France)
• Syngenta (Switzerland)

REPORT COVERAGE

The report covers various market aspects, such as:

• The product description is added to a brief about the product.
• Impacts of the lockdown followed by the pandemic.
• A driving factor becoming the new trend in the market.
• The factors which are likely to drive growth.
• Factors expected to decline in growth in the market.
• An in-depth regional analysis of the market is performed.
• Key players and their headquarters are also covered in the report.