Organic Seed Market Worth USD 4.59 Billion by 2022
by Susan Hill Business ConsultantThe global organic seed market is expected to reach USD 4.59
billion by 2022, according to a new report by Grand View Research, Inc. Growing
health consciousness and environmental awareness have resulted in shift in
consumer preferences towards organic food. Such trends are projected to
complement the organic seed market in the near future. Organic food products
are devoid of any chemical exposure and are thus healthier than their
conventional counterparts. Rising disposable income and increasing market
penetration are key factors that are expected to aid the organic seed market
particularly in the emerging markets of Asia Pacific and Central & South
America.
High organic seed cost is
anticipated to act as a major deterrent for market growth and development. Lack
of awareness, high demand-supply imbalance and lower awareness regarding
organic food products are some other challenges faced by market participants.
Unavailability of high quality and certified organic seeds is another prominent
factor that is anticipated to negatively impact the regional as well as global
market over the next seven years. Technological advancements, better value
chain management and wide distribution network are a few areas which offer
ample growth opportunities to the industry participants over the forecast period.
Further key findings from the report suggest:
- Global organic seed market was valued at
USD 1,698.5 million in 2014 and is expected to be valued at USD 4,593.6
million in 2022, growing at an estimated CAGR of 13.6% from 2014 to 2022.
- Vegetable seeds dominated the global
market and accounted for over 30% of total revenue in 2014. They are also
expected to witness the highest growth rate over the forecast period.
- North America dominated the global
organic seed market with demand share estimated at 35.7% in 2014. Asia
Pacific is projected to witness the highest growth of 14.3% from 2015 to
2022. Growing awareness regarding benefits offered by organic seed
particularly in China and India is expected to drive the regional market
over the forecast period.
- The industry is segmented and is
characterized by high industry rivalry owing to the presence of numerous
industry participants. Region specific organic seed producers play a
critical role across the value chain. There is considerable supply-demand
gap which has arisen due to the brisk growth in demand for organic food
products in the recent past.
- Key industry participants operating in
the global market include Seed Savers Exchange, Wild Garden Seeds,
Fleuren, Johny;s Selected Seeds, Navdanya, Maas Plant, Seeds of Change,
Fedco Seeds and Vitalis Organic Seeds.
Access full research report on global organic
seed market:
www.grandviewresearch.com/industry-analysis/organic-seeds-market
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Created on Jun 1st 2020 02:02. Viewed 362 times.