Market Overview The Indian seed market was valued at USD 2.21 billion in 2018, and it is projected register a CAGR of 6.4% during the forecast period (2019-2024).
- Due to a stagnant growth observed in arable land and a constantly increasing population, the per capita arable land has been declining. These factors, along with poor crop productivity, are likely to put pressure on food supply in the country. - Increasing seed replacement rate in the country and the adoption of hybrid and biotech crops are the major drivers of the market. - Rising concerns over GM seeds, long GM approval timelines, and excessive government regulations are some of the market restraints.
Scope of the Report The report defines the market in terms of end users, who procure seeds for sowing. The end users include farmers and institutional buyers operating in agricultural production. For the purpose of this report, the seeds used for sowing have been considered for market estimations and forecast. The market does not include seeds used for human or animal consumption. The future analysis and segmentation, by crop type, have also been discussed in each of the sub-segments.
Key Market Trends Increasing Adoption of Hybrid Seeds
The adoption of hybrid seeds has significantly increased in the country during and after the Green Revolution, due to the increasing pressure for high crop production for food security. The hybrid seed sector has witnessed a growth of 15%-20% per year over the past decade. The major boost has come from the increased adoption of Bt cotton hybrids, single-cross corn hybrids, and hybrid vegetables. This increased demand for hybrid seeds boosted the market for commercial seeds. The aggressive promotion measures undertaken for the use of hybrid seeds resulted in the increased demand and production of hybrid seeds in the country. Farmers are adopting and using more hybrid seeds, considering the disease- and pest-resistant properties of these seeds, reducing the losses and cost of production.
The India Seed Sector Analysis by Crop Type
Cotton holds the maximum share of revenue, when the market is segmented by row crop. The large scale adoption of Bt cotton seed in India has been the driving force behind this large share. Vegetables and maize are also crops with high hybridization and seed replacement rates, and hence have high shares among all the crops. The Indian seed market is segmented by crop type and further divided into sub-segments, which are by row crops and vegetables. The market share captured by row crops is 80% and the rest 20% is captured by vegetables.
Competitive Landscape The Indian seed market is highly fragmented with the top eight companies accounting for more than 25% of the market, while the rest is accounted by various other small domestic companies. There have been a lot of acquisitions and mergers in the past few years, which have led to changes in the overall market share of the companies in the Indian seed market.
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