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(IndustryNews247.Com, November 29, 2019 ) Market Overview
Bio-seeds are also known as genetically-modified crops that have been modified to obtain certain characteristics such as resistance to herbicide and resistance to insects. The key benefits through adoption of GM seeds in agricultural production includes higher crop yield, reduced pesticide consumption and increased profits. Bio-seeds is highly suitable for the farm lands that are inaccessible to tractors, close to water bodies and places with high wind. Growing adoption of sustainable agricultural practices by the farming communities across the globe to improve profits and reduce the capital cost associated with farming is major factor driving the global bio-seed market.
The global bio-seeds market is expected to grow at a CAGR of 10.5% to reach USD YY million by 2026.
Increasing annual acreage of GM crops owing to its technical and economical advantages over conventional seed is primary factor driving the global bio-seed market. The key benefits associated with the usage of bio-seeds include increased productivity, ability to mitigate challenges associated with climate change, and its ability to protect biodiversity sanctuaries. Lack of presence of inherent strength in conventional seeds to fight against various environmental challenges and low-germination rate led farmer to adopt sustainable seed technology to overcome the crisis. Additionally, recent technological innovation and regulatory approvals for new bio-seeds with additional drought tolerance is further boosting the market for bio-seeds globally during forecast period. According to the study published in International Service fir the Acquisition of Agri-Biotech Applications (ISAAA), the annual plantations of GM crops increased from 185.1 million hectares in 2016 to 189.8 million hectares in 2017.
However, high government regulations over usage of bio-seed in cultivation and growing demand for non-GMO foods are major factors driving the global bio seeds market.
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Global bio-seeds market is segmented on the basis of trait type into herbicide tolerant, insect resistant, and others.
Bio-seeds with herbicide tolerant trait has the ability to control wide variety of weeds based on the genes deployed into it. Increased concerns among farmers over weed protections and increased shift in farming practices towards adoption of herbicide traits infused seeds is the primary factor driving the herbicide tolerant segment in global bi-seed market. According to the data published in United States Department of Agriculture, herbicide tolerant cotton acreage in the United States increased from 56% in 2001 to 98% in 2019.
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By region, the global bio-seeds market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.
North America is expected to dominate the global bio-seeds market during forecast period owing to high presence of adoption rate in plantation of bio-seed crops and growing government approvals for advanced bio-seeds. According to the study published in ISAAA in 2018, the annual acreage of bio-seed crops in North America increased from 84 million hectares in 2016 to 88.2 million hectares in 2017. Increasing government and regulatory approvals for utilization of bio-seeds in production activities is further expected to boost the market for bio-seeds globally during forecast period. According to ISAAA, more than 42 single biotech maize events have been approved in the US for food, feed, and cultivation use with herbicide tolerance, insect tolerance and drought tolerance traits.
The key players in global bio-seed market are focusing on improving their market presence and geographical reach through developments & launches of globally accepted bio-seeds.
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