by The vegetable seed market comprises seeds of various vegetable crops such as tomatoes, peppers, onions, cabbages and many more. Vegetable seeds are selected and bred to produce enhanced varieties that are resistant to diseases and deliver greater yields. They play an important role in global food security by increasing agricultural productivity.
The Global Vegetable Seed Market is estimated to be valued at US$ 8758.94 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period of 2024 To 2031.
Key Takeaways
Key players operating in the vegetable seed are Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John Wood Group Plc, and Exxon Mobil Corporation. These key players are focusing on new product launches and enhancing their R&D capabilities to capitalize on the growing demand for high-quality seeds.
The growing demand for nutritional vegetables around the world is fueling the demand for vegetable seeds. Consumer preference for healthy diets rich in vitamins, minerals and other micronutrients is encouraging farmers to adopt biofortified varieties. Furthermore, the rise in commercial vegetable production supported by controlled environmental farming is also supporting the market growth.
The international trade of Vegetable Seeds Market Demand is expanding significantly with many international seed companies establishing global supply chains and distribution networks. The market is envisioned to witness higher gains in developing countries where consumption of vegetables is increasing at a quicker pace. Governments are also promoting vegetable cultivation through various initiatives to ensure national food security.
Market Key Trends
One of the major trends gaining traction in the vegetable seed market is biofortification. It is a process of developing nutritious seeds of staple food crops where the nutritional quality is enhanced through agricultural practices, especially plant breeding. Many seed companies are engaged in biofortification research aimed at developing micronutrient-rich varieties of vegetables that are beneficial in fighting malnutrition. Iron, zinc, and vitamin A enriched varieties of vegetables are some examples gaining popularity worldwide. This trend is expected to keep strengthening during the forecast period.
Porter’s Analysis
Threat of new entrants: New regulations make entry difficult for new companies.
Bargaining power of buyers: Large buyers can negotiate lower prices due to high demand.
Bargaining power of suppliers: Few global suppliers exist so they wield pricing power.
Threat of new substitutes: Traditional seeds still popular in some regions despite GM seed innovations.
Competitive rivalry: Intense competition to develop new seed varieties and biotechnology traits.
Geographical regions with highest value concentration:
North America and Europe hold the largest shares in the global vegetable seed market due to high demand for hybrid seeds and introduction of new vegetable varieties. North America alone accounts for over 30% market share currently.
Fastest growing region:
Asia Pacific region is expected to experience the fastest growth during the forecast period. Increasing population and rising health consciousness is driving the demand for vegetables in the region. Countries like India and China are the major markets as they are among the largest producers and consumers of vegetables globally. Advancements in seed technology and availability of high-yielding seed varieties is also supporting the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
