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 Corn/maize was the largest consumed commercial seed, accounting for USD 20.07 billion of revenue in 2013.
The growth in corn can be attributed to its increased use as livestock feed and in ethanol production. Soybean was the next largest commercial seed form accounting for revenue in excess of USD 8 billion in 2013. Soybean is a cheaper source of protein and is being increasingly used in the medical field. Other common commercial seeds include cotton, canola, cereals and rice.
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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 2020Soybean 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.
- Major industry participants include Monsanto Company, DuPont Pioneer, Syngenta International AG and Vilmorin & Cie SA, KWS SAAT AG, Bayer CropScience and DOW AgroSciences
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